Updated: Jun 2


Global Matters | Monthly

Global Market Review & Outlook

The benign conditions enjoyed by financial markets in the 18 months since the depths of the pandemic were well and truly shattered in the first quarter of 2022, driven by two powerful hocks, both largely unexpected and each with huge consequences globally: Russia’s invasion of Ukraine and the Fed’s very sharp hawkish shift in policy. The immediate consequences of the war produced surges in energy prices and further disruptions to key commodity markets and supply chains, adding to the damage inflicted by the pandemic. But away from commodities, there were few markets that could withstand the heightened risk of a significant slowdown in global growth and much higher interest rates than anticipated only a few months earlier.

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Monthly Market Outlook – Pandemic-induced inflation coupled with war in Europe leaves the little question: an economic slowdown looms.

Inflation can’t stop climbing; energy prices are through the non-solar-paneled roof; even sovereign bond prices are lying low. There’s no doubt that things look bad. Let’s dig a little deeper into the causes of the slowdown and the nerves pervading markets. MORE...



The Russian invasion of Ukraine dominated investors’ minds in the first quarter of 2022, with its implications reverberating across financial markets. Concerns surrounding key international

supply chains sent several commodity markets soaring, adding additional upwards pressure to inflation metrics that were already running hot and exacerbating the challenges currently facing central banks. That said, the outsized initial knee-jerk reaction in most of the effected markets faded during March, laying the foundations for a solid rebound of nearly 5% in global stock markets for the month, led by the resurgence of US equities.




Dented, not derailed

Russia/Ukraine adds to near-term growth risks for the global economy and will keep inflation elevated for longer. Uncertainty is high, but equity markets are oversold and should recover if tensions ease in the coming months.



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