Carmignac's Note

Financial markets are being influenced primarily by macroeconomic factors, and only to a lesser extent by company fundamentals.

What are the economic and financial consequences of the war in Ukraine for investors?

Persistent inflation throughout 2022 will increase uncertainty about interest rates and consequently make financial markets volatile.

Though unlikely to materialise at this point, there is an alternative scenario: stickier inflation accompanied by a broad upward trend in interest rates.

Gergely Majoros calls investors’ attention to their complacency regarding central-bank policy and their skittish attitude towards China.

Investors will have to prepare for gradual withdrawal of the emergency crisis-fighting support measures

The dollar itself is highly sensitive to changes in risk appetite and, due to its global role, it is a particularly complex.

Rising interest rates could usher in a period of instability in the financial markets despite the economic growth forecasts for 2021