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Decoding the Global Macro Environment
4Q 2022 Strategy Outlook

Looking forward, it is hard to imagine an immediate lifting of the global growth, policy and liquidity clouds. The same goes for geo-political uncertainties, the impact of which has also been to contribute to changing globalization. As such, the analytical focus remains centered for now on the continuation of a bumpy journey to a better destination. It is a process in which markets, with time, should better differentiate between credits, thereby providing attractive investment opportunities for long-term investors.

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