Market Compass March 2022

In Short

Edited by the Macro & Market Research Team. The team of analysts based in Paris, Cologne, Trieste, Milan and Prague runs qualitative and quantitative analysis on macroeconomic and financial issues. The team translates macro and quant views into investment ideas that feed into the investment process.
Market Compass

Highlights:

  • Russia’s invasion of Ukraine adds  to the  series  of tectonic shifts from  Covid,  the  return  of inflation and  central banks’ search  for a smooth exit.
  • Energy  supply  is  the   key   vulnerability.  Sanctions  have   thus far  largely  spared  Russia’s  energy  sector,  but  actions against the   Russian  Central  Bank   and   selected  financial  institutions may gravely hamper trade  while  sending Russia deeper into recession.
  • We see no rush  to buy  the dips,  waiting for more  stability in the geopolitical and  energy complexes. We further trim  our prudent pro-risk bias, reducing both the Equity  exposure in favour of Cash and the Cyclicals and Value  bias.
     

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Market Compass March 2022
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