The 2022 investment year was truly challenging for investors. Rising interest rates and falling equity prices dominated large parts of an extraordinarily difficult year. Developments around the world were shaped by high inflation – a knock-on effect from the pandemic, which was exacerbated further by the war in Ukraine.

The last two months have been characterised by solid company results, a healthy labour market and stable consumer spending. Equity markets have recovered. And now US inflation data for October has supplied a further dose of good news.