We look forward to seeing global equities deliver a positive performance in 2022. Gains, however, are expected to moderate markedly in comparison to the levels achieved in 2021. Markets are likely to be driven higher by positive earnings and economic growth, and robust corporate fundamentals. Additionally, we continue to have a principal strategic liking for equities compared to fixed income. As central banks shift their policies from accommodation to stabilization, the low-rate environment is expected to extend even further.