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02/18/2022

Global Markets Review & Outlook Q4 2021

Inside, you will find a summary of market activity and our market outlook.

After a flat Q3, global markets rose 6.7% in 2021’s final quarter, putting the MSCI All Country World Index (ACWI) up 18.5%—and confirming our expectations of a great 2021 for equities. While Emerging Markets (EM) equities overall disappointed in 2021, several constituent countries had good returns.

  • Expect the Bull Market to Continue in 2022: Global markets have abundant room to run and we expect persistent economic growth and political gridlock to help deliver double-digit gains in 2022.
  • Moderated Investor Sentiment: Increased pessimism—partly tied to the Omicron variant—likely proves temporary, while reducing the likelihood that investor sentiment reaches a euphoric peak in the near term.
  • Global Markets Typically Reward US Political Gridlock: The incumbent party routinely loses power during the midterm year, limiting the opportunity for extreme legislation. Increased gridlock likely acts as a tailwind for global markets in the back half of the year.
*The foregoing information constitutes the views of Fisher Investments based on information believed to be reliable. There can be no assurances that Fisher Investments will continue to hold these views. These views may change at any time based on new information, analysis, or reconsideration.
About Fisher Investments

Founded in 1979, Fisher Investments is an independent, fee-only investment adviser with $205 billion under management.* Fisher Investments maintains four principal business units, Fisher Investments Institutional Group, Fisher Investments Private Client Group, Fisher Investments 401(k) Solutions Group and Fisher Investments Private Client Group International, which serve a global client base of diverse investors. The clients of Fisher Investments and its affiliates include over 140,000 clients. Founder and Executive Chairman Ken Fisher’s “Portfolio Strategy” column for Forbes ran from 1984 through 2016, making him the longest continually running columnist in the magazine’s 90+ year history. He has also authored several New York Times bestsellers on finance and investing. (*As of 9/30/2023)