Fidelity International

Fidelity International’s investment team sets out the three themes it expects to dominate the second quarter as the global order is redefined and stagflation risks intensify.

Russia’s invasion of Ukraine and new lockdowns in Asia signal more months of disruption for corporate supply chains, just as companies had thought they were resolving the tensions generated by Covid-19.

Is selling clothing and food to Russians fulfilling their human rights or funding a war? This is just one example of the kind of complex ethical issues companies now face.

Amid rising investor uncertainty over China - including both foreseeable risks and surprises - we assess what’s changed and what hasn’t in the outlook for China’s markets and macro policy.

Russia’s war in Ukraine has raised fears of profound fissures in the global economic and geopolitical balance, while casting scrutiny on China’s stance in the unfolding crisis.

Higher inflation and reduced growth will be among the global economic impacts of the tragedy unfolding in Ukraine. We discuss the options for investors looking to build resilience into their portfolios

The main global economic fallout of war in Ukraine is likely to be a stagflationary shock, as a result of severe disruption to commodity markets.

While we are not in entirely uncharted territory for equities, Vladimir Putin’s launch of military operations in the Ukraine fundamentally challenges the market environment and de-anchors most of the current parameters.

The speed of equity market moves in January have been violent. At one point in the month, global value stocks were outperforming growth stocks by over 10%. But shifts are happening throughout the financial markets.

Hawkish pivot gives the Governing Council more policy flexibility.