Dear Investor:
The third quarter of 2022 has been particularly negative for world stock markets, with three quarters of declines, causing most indices to hit their lowest levels of the year. This is one of the worst market performances in the last 20 years.

The main reason for this market situation remains high inflation, which is at its highest level in decades. This has prompted central banks to start raising interest rates to try to keep inflation at bay. However, the rate hikes are leading
to a slowdown in the world’s major economies and, worse, a likely economic recession

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