Q2 2023 equity market outlook: Five key charts on equity market drivers
Equity markets do not appear to be reflecting fair value due to top-down factors. See our five charts on the key trends driving equity markets right now.
Difficult times for stock pickers, better times ahead
Difficult times for stock pickers, better times ahead
![% of global stock return variability coming from macro factors](/global/en/assetmanagement/insights/asset-class-perspectives/equities/articles/q2-2023-equity-market-outlook/_jcr_content/mainpar/toplevelgrid_copy_31/col1/textimage/image.580.png/1681908366490.png)
Short-term options dominating the option volumes
Short-term options dominating the option volumes
Tenor-distribution of SPX volume
Distribution of SPX notional volume by maturity
![Tenor distribution of SPX volume, from 2011 to Q1 2023.](/global/en/assetmanagement/insights/asset-class-perspectives/equities/articles/q2-2023-equity-market-outlook/_jcr_content/mainpar/toplevelgrid_copy_31/col1/textimage_copy/image.580.png/1681908366134.png)
Meaningful liquidity boost by central banks
Meaningful liquidity boost by central banks
Cumulative change in central bank liquidity since 2009 (USD trillion)
![Cumulative change in central bank liquidity since 2009 (USDtn)](/global/en/assetmanagement/insights/asset-class-perspectives/equities/articles/q2-2023-equity-market-outlook/_jcr_content/mainpar/toplevelgrid_copy_31/col1/textimage_584279985/image.580.png/1681908365830.png)
Global central bank liquidity change, rolling 6m (USD trillion)
![Global central bank liquidity change, rolling 6 months (USDtn)](/global/en/assetmanagement/insights/asset-class-perspectives/equities/articles/q2-2023-equity-market-outlook/_jcr_content/mainpar/toplevelgrid_copy_31/col1/textimage_copy_1792681986/image.580.png/1681908369505.png)
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