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Investment Outlook: Sustained momentum despite headwinds

We are approaching the end of 2021, which we can summarise as a year of strong recovery. The adaptability of the corporate sector has been impressive, since it has successfully dealt with many troublesome bottlenecks and disruptions and has still delivered profits well above the forecasts made early in the year. This, in turn, has resulted in very strong gains in the world’s stock markets.

The outlook for 2022 is less clear. It is important to reduce bottlenecks and ensure that today’s high inflation rate will fall, so that central banks do not have to step in and slam the brakes on inflation by hiking key interest rates faster and phasing out ongoing stimulus programmes earlier than investors expect. In addition, it is important that the omicron variant of the coronavirus does not create a new wave of lockdowns.

“The underlying growth picture looks robust, but there are definitely some disruptive factors that will affect our risk-taking. We have taken a few steps to reduce risk in our portfolios but remain overweight in both equities and corporate bonds,” says Fredrik Öberg, Chief Investment Officer, SEB Private Banking. 

A more climate-friendly economy does not mean that the world can do without metals. Our first theme article, in which we analyse the paradigm shift that the world’s metalworking mills will undergo, is titled "A glittering transition". Our second theme article, which takes an in-depth look at the opportunities that will arise when we can be constantly connected, is titled “5G –Talk is cheap, but data is golden".

Investment Outlook can be read in its entirety or as a two-page summary at seb.se/investmentoutlookreport where you will also find a web video.