Global macro conditions remained broadly constructive in February, although the backdrop was increasingly shaped by policy uncertainty and a more uneven regional growth mix.

Market dynamics continue to be dominated by geopolitical developments and the evolution of the conflict in the Middle East, primarily via its impact on oil prices.

Financial markets have entered a phase where geopolitics, commodities and monetary policy are interacting more directly than at any point in recent years.

European equities have fallen significantly since our last Equity Committee held on 10 February.

As the war in the Middle East enters its third week, investor attention will remain firmly on the Strait of Hormuz and its implications for global energy flows.

The war in the Middle East will dominate investor attention, as energy price dynamics will shape the outlook for inflation, growth and policy responses.

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