Larry Fink says globalization is over — Here’s what it means for markets
BlackRock founder Larry Fink declared that the Russia-Ukraine war is bringing the era of globalization to an end, but investors should keep in mind that the global economy and the financial system can’t turn on a dime, analysts say.
So what is Fink, one of the founders of the world’s largest investment management firm, Blackrock BLK , with $10 trillion under management, talking about when he talks about the end of globalization? Sanctions imposed by the U.S., E.U. and allies have largely expelled Russia from the global financial system while numerous Western companies have left or suspended operations in the country as punishment for its invasion of Ukraine. The “economic war” shows what can be achieved when companies, supported by their stakeholders, unite in response to violence and aggression, Fink said.
In the short run, the simplest trade this year has been to look at areas that have seen underinvestment for years, including energy and other materials and infrastructure, he said. U.S. stocks overall have stumbled to start 2022, but have bounced back from the lows. The S&P 500 SPX rose 1.8% over the past week, while the Dow Jones Industrial Average DJIA eked out a 0.1% rise and the Nasdaq Composite COMP advanced 2%. It was the second consecutive weekly gain for the major indexes.
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