Investor optimism spread over the second quarter as economies around the world continued to reopen and many aspects of our lives returned to normal. Successful vaccination programmes and stimulus measures across the developed world improved the global outlook.

The final quarter of 2021 proved to be an eventful one for the global economy, with surging inflation and ongoing concerns about supply shortages. Yet markets performed relatively well over the period despite the new Omicron strain adding to the uncertainty. As we look ahead to 2022, economic indicators suggest the post-COVID recovery should continue, and so too should earnings growth.