Markets witnessed a sharp rebound over the past month (since March 7) following the sharp drawdown that followed Russia’s invasion of Ukraine.

At the beginning of 2022, economic activity returned to its pre-pandemic level and the omicron wave had less of an impact on activity than previous ones.

Exiting the pandemic, entering the war and tightening monetary policies around the globe are acting together as a formidable business cycle accelerator.

The global economic outlook is foggy, and the start of the year has kept on adding additional layers of complexity.

The past few weeks have been volatile for the markets, following a series of unusual financial and geopolitical events.

Armed conflicts have not historically had a lasting effect on financial markets, unless they led to an energy crisis – which is the outcome at stake today.

Markets moved into a risk-off mode as a result of the ongoing geopolitical turmoil that culminated in Russia’s assault and invasion of Ukraine

There is a lot of dust in the air for the moment

The war in Ukraine has added new uncertainties for investors