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The escalating Ukraine crisis drove sharply weaker markets, led by Europe, alongside soaring commodities, and a rush to safer havens like the USD.
We think global fundamentals are secure and markets spring-loaded to perform with any easing of this high uncertainty.
Developed Europe assets have been especially weak. But we think have 4 unique buffers: 1) a weak euro, 2) zero-bound ECB, 3) rising fiscal spending, and 4) cheap valuations.
3 things to watch this week
1) Ukraine crisis will dominate, with hopes for some movement in ceasefire talks
2) The ECB will address the risks to Europe at its meeting Wednesday, and keep policy dovish
3) The US Fed will see February inflation rise to a new high around 7.7% as it prepares to raise rates on March 16
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