Markets look beyond the conflict in Ukraine

This monthly commentary gives a roundup of global markets and trends.

In this edition:

• Stock markets have now moved above the pre-invasion levels, as hopes for a ceasefire between Russia and Ukraine have grown
• However, Russian sanctions and commodity market volatility continue to prove disruptive for the global economy. Nickel and wheat, for example, have seen troubling price spikes as supply has squeezed
• Equities rallied after the US Federal Reserve and Bank of England raised interest rates in March and guided markets to expect more rises through the rest of 2022
• Despite significant challenges, our base case remains that the global economy should still see solid growth in the year ahead

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