Russia attacks Ukraine: Markets will have to readjust to the shock

Market reaction: The worst-case scenario of a full blown attack to Ukraine has materialised. It’s risk-off on Russian assets; global risk assets are under severe pressure.

The worst-case scenario of a Russian attack on Ukraine with the aim of demilitarising the country is now a reality. The probability of escalation had clearly risen in recent days, and this explains why we have recently increased the focus on hedges and turned even more bearish on Russian assets in a cautious move.

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