Consumer

A benign disinflation will support equities over the next few quarters. Stocks will fall next year as a recession begins when investors least expect it.

The consumption outlook remains solid thanks to households’ sizable excess savings, incomes that will be boosted by a tight labor market and ample capacity to add debt to augment their buying power.

Consumer discretionary shares have led European markets higher this year. While long-term drivers remain positive, can the same be said for the remainder of 2023?