Lessons from past conflicts and crises

The onset of other major conflicts and military-related crises have often seen global equity indices tumble, while moves in developed market government bond yields have depended on how energy prices and central banks responded. This suggests to us that the war in Ukraine could plausibly put further pressure on equity markets, and that yields may still rise if central banks move ahead with tightening as we expect. In view of the wider interest, we are making this Global Markets Update available to clients of our Asset Allocation service.