Capital Market Outlook

IN THIS ISSUE

• Macro Strategy — Likely Not There Yet: We expect risk-asset rallies to remain on shaky ground until signs of an upturn in the global economic outlook start to emerge.
  
• Global Market View — Global Population Trends: 8 Billion and Rising: Demographic changes over the coming years should have long-term implications for the contours of the global economy and markets.
  
• Thought of the Week — COP27 — Slow Progress in the Right Direction: The conversation and the increasing focus on the transition to a low-carbon economy are steps in the right direction.