December marks the end of quite a difficult year for economies and markets, both in the Nordics and globally. The year has seen stubbornly persistent high levels of inflation, a war in Europe and ensuing supply shocks, all dancing to the tune of weakening economic growth. On a positive note, earnings estimates are holding up fine. With stable fundamentals and fewer surprises from interest rates, Nordic bonds had a month of smooth sailing to end the year at about even.
Much needed progress has been made on defining, classifying, and reporting on sustainability in European legislation. We applaud this development. We do, however, believe in working it out for ourselves. After all, that’s what active management is all about.
Learn what Monty Python's movie Life of Brian has to do with all of this in our latest report on responsible investing, no. 2-2022. Or you may just work it out for yourself.
In 2021, bouncing back from the depths of the pandemic, we got a lot of good news. But not good enough for the stimulative policies to be pulled back. We also got an indisputable reminder of what really drives financial market returns.