Summary
Global Investment Views
Hot inflation and geopolitical tensions: cool down risk
The geopolitical escalation at month’s end marks a further rise in volatility. Credit spreads (IG, HY and Euro peripherals) continued to widen while equity markets corrected further...
Global Investment Views - March 2022
This Month's Topic
Special Ukraine
The invasion of Ukraine by Russian troops has caught Europe off guard, reminding it of the darkest hours before the Second World War. NATO countries and European leaders have so far ruled out direct military confrontation because of the risk of escalation between nuclear powers...
Special Ukraine
Market Scenarios and Risks
March 2022
We amend the narrative of our scenario to take into account the consequences of the war in Ukraine. We increase the probability of our downside scenario to 30% (from 15%) to reflect the rising risk of stagflation...
Market Scenarios and Risks - March 2022
Macroeconomic Picture
March 2022
Macroeconomic Picture by area and Macro and Market forecast.