Investment bank UBS has identified global stocks to buy in what could be a year of "slowflation" — its term for the combination of sluggish growth and sky-high inflation. The Swiss bank's strategists said they expect global growth to be a weak 2.6% in 2023, below the 50-year average of 3.5%. They added that progress on bringing core inflation nearer to central bank targets has been slower than expected. Latest headline inflation figures show that euro zone inflation dropped to 6.
After analyzing market history for patterns common to past periods of slowflation, the bank named a handful of stocks that could beat the market under similar conditions. The table below shows 10 stocks in the Stoxx Europe 600 index with the highest composite score assigned by UBS. UBS strategists identified seven distinct periods of slowflation in the U.S. since 1970, lasting an average of 12 months each on average. In Europe, there were five periods identified over the same period.
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