Offering documents 

Uncertainties surround financial markets at every turn. Whether from the Ukraine crisis, a slowdown in China or more aggressive central bank policy. And as inflation soars and growth slows, the risk of contagion is rising.

In China, the lockdown in Shanghai entered a second month and fears grew that Beijing could also be placed into lockdown. China’s zero-Covid policy could mean further supply chain disruption and might threaten the country’s 5.5% growth target for 2022.

As the year began, the world’s economies had a plan: normalise policy, head off inflation and allow growth to continue to recover. Then came the dual shock of war in Ukraine and soaring food and energy prices.