One year on from Russia’s invasion of Ukraine: how global financial assets have performed since the start of the war?
A year after Russia invaded Ukraine and set off the bloodiest conflict in Europe since World War II, global financial markets seem to no longer carry on the lasting shocks on a daily basis, but the full consequences and implications are yet to come, said a strategist at Deutsche Bank.
Meanwhile, bonds wrapped up their worst year on record in 2022. Instead of holding up as stocks tumble, almost every type of bond — from the U.S. and European government bonds to top-rated corporate bonds — posted double-digit losses in the past year. “With regards to the last year since the Ukraine invasion, most of the negative bond returns of the last three years have occurred in this period,” wrote Jim Reid, a strategist at Deutsche Bank, in a note to clients on Friday.
Since February 2022, global investors have pulled a total of $135 billion from bond funds, according to analysts at BofA Global Research, citing EPFR Global data in a weekly note. Meanwhile, investors have allocated $354 billion to cash since Russia’s invasion of Ukraine. Equity funds have witnessed a total of $40 billion of inflows, and gold has seen $12 billion of outflows, said Michael Hartnett, chief investment strategist at BofA Global Research.
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