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Russia’s tragic invasion of Ukraine has whip-sawed markets.
Initial ‘risk-off’ was followed by stabilization as global impacts
were seen as more limited.
– Russia is only 2% of global GDP and under 1% of equity
markets.
– It does supply 10% world’s oil and dominates European
natural gas. But disruption here has been low so far
These events add to the uncertainty. But we think fundamentals are
secure, with growth strong, economies reopening, and
valuations cheaper.
3 things to watch this week:
1) Ukraine crisis will dominate, with potential further
sanctions, Russia retaliation, and OPEC meeting
2) Friday’s US payrolls report set the scene for a Fed rate hike on
March 16
3) Earnings see big-tech Salesforce and Broadcom and
retailers Costco and Target
source
