The reasons for a prudent allocation have not changed in recent weeks.

The performance of the fixed income asset class was impacted by geopolitics, the rise in inflation and the generally hawkish stance of central banks.

The first quarter of the year was difficult for investors and April proved no different. The war in Ukraine, lockdowns in China and the prospect of substantially tighter US monetary policy all weighed on sentiment.

There are currently so many headwinds to the economy that it is difficult to isolate THE driver that is having the biggest impact on deteriorating economic fundamentals in only a small paragraph.

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.

Las últimas semanas han estado marcadas por la volatilidad en los mercados, tras una serie de acontecimientos financieros y geopolíticos inusuales