Quarterly Multi Asset Discretionary Reports

Events in Ukraine have brought about unprecedented geopolitical collaboration ranging from humanitarian to energy policies. As a result, a move towards protectionism as countries reset post Covid may have slowed. In contrast, the climate-driven energy transition will hasten and this will bring both new challenges and opportunities for innovation.

An increasing caution on the outlook for risk assets follows naturally after three years of rising equities. Inflation has risen sharply recently and how central banks react will be crucial for markets this year. Long term investors are having to select from a reducing list of investment options.

As governments look forward, we are seeing a return of domestic politics and international brinkmanship - US debt ceiling, Polexit, China/Taiwan for examples; could this be back to normal or evidence of a rise in protectionism?

Half way through 2021 and the pandemic – certainly in the UK – seems to have entered a new phase. How policy makers deal with this remains to be seen, but at the moment it seems that re-opening of our economies will continue as planned.