The macroeconomic backdrop has remained uncertain this month, and investors continue to face several headwinds, such as inflationary pressures and equity market weakness.

Markets have continued to navigate a myriad of headwinds this month, such as inflationary pressures; changing monetary and fiscal policy; and the war in Ukraine; to name a few.

Russia’s invasion of Ukraine, and the tragic events which have followed, have dominated headlines and weighed on markets this month. The Russia-Ukraine crisis comes at an already difficult time for the global economy and adds new uncertainty into the economic outlook.

Markets have had a difficult start to 2022. Inflationary concerns and increasingly hawkish central banks have been the dominant factors driving market volatility and weakness over January.

Global stock markets finished 2021 with double-digit gains, for a third year in a row, thanks to supportive monetary and fiscal policy that has countered persistent Covid headwinds over the last year.