Russia’s invasion of Ukraine is shocking. It is Russia’s first military engagement in Europe since 1945. Sadly the early signs are that the fighting will be bloody.
Russia’s effrontery clearly emphasises the world has become a much more fractious place and geopolitical shocks are on the rise. That said, whilst the human cost of the Ukraine invasion is tragic, we expect the economic cost will most likely be contained and the market’s current heightened concerns will ease.