Monthly Coffee Break

European equities have rebounded since our last Equity Committee meeting on 10 March, thanks to a significant easing of geopolitical tensions, driven by a temporary ceasefire between the US and Iran in early April.

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.