Equity and bond market outlook

In the fourth quarter, the majority of the share markets continued on their upward trend. TheMSCI World Index strengthened by 9% in dollar terms (11.7% in forint terms), with this goodresult primarily down to the low valuation levels, the high degree of liquidity, and a resurgence ofM&A activity. Although fears of a slowing in Chinese growth triggered a negative marketcorrection in November, this decline proved to be short-lived.

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