Skip to main content Skip to site footer

You are using an outdated browser. Please upgrade your browser to improve your experience.

Archinomics Weekly - Monday 28th February 2022

one year ago



Equity markets fell sharply on Thursday, as Russia invaded Ukraine, before recovering some ground as the week ended. US indices whipsawed, with the Nasdaq experiencing its biggest intraday move (6.8%) since the pandemic was declared in March 2020. European indices fell sharply, reflecting Europe’s significant economic ties with the conflict zone. Japanese indices showed negative returns on the week, as the prime minister offered reassurance on oil and gas reserves. Chinese markets fell in response to declining risk sentiment.


US Treasury bonds were in demand as safe haven assets and yields fell, as prices rose, before the trend reversed somewhat. Both core and peripheral eurozone bond yields fell. Investment grade bonds traded lower for much of the week, with subdued appetite for new issuance. High yield bond markets struggled with risk off sentiment, although there were bargain hunters for higher quality paper.


The US dollar was in demand, rising sharply against the Russian rouble and some other emerging market currencies. The yen, also viewed as a safe haven, weakened against the dollar, while the Chinese yuan gained slightly in response to foreign inflows.


Oil briefly topped $100 per barrel, in anticipation of a supply shock, given that Russia is the world’s second largest oil producer. Gold was sought after as a safe haven, as volatility levels rose.

Responsible investing

German fund manager Allianz Global Investors, with over $670 billion under management, will vote against large European and UK companies failing to link executive pay to ESG metrics from next year.


Global sanctions were imposed on the Central Bank of Russia, freezing $630 billion of foreign currency reserves and sending the rouble into freefall.

Germany halted the approval of the Nord Stream 2 gas pipeline in response to Russia’s actions in Ukraine, prompting fears of further energy price spikes.

US January PCE inflation data, the Fed’s preferred target measure, rose 5.2% in line with expectations.

on the

The response of President Putin to concerted and far-reaching Western sanctions will be closely monitored.

US February non-farm payrolls are expected to show another strong month, following the positive surprise of January.

Listen to our weekly podcast for more information and our experts’ insights.


Latest investment news


Archinomics Monthly - February 2023

Article | Investments | 06/03/2023

Tensions between the US and China rose after the US shot down a balloon, which it alleged that China was using for the purposes of espionage. The US also warned China against supplying Russia with weapons, saying it could risk escalating the war in Ukraine.


Archinomics Monthly - January 2023

Article | Investments | 06/02/2023

The headline rate of inflation continued to fall across most economies. US consumer prices rose at an annual rate of 6.5% for December, the lowest rate since October 2021, while headline eurozone inflation eased to 9.2% compared to a peak of 10.6% in October 2022. 


Archinomics Monthly - December 2022

Article | Investments | 09/01/2023

China pivoted away from its zero-Covid policy, with the authorities refocusing on consumption and industries such as technology and property. Infection levels surged as testing and quarantine requirements were removed.

We use cookies to give you the best possible experience of our website. If you continue, we'll assume you are happy for your web browser to receive all cookies from our website. See our cookie policy for more information on cookies and how we manage them.