Ukraine war, a year on: Equity markets see negative second-order impact

Though the Russia-Ukraine war had little direct impact on global equity markets, there was a significant second-order hit. Even as most markets corrected immediately after the Russian invasion of its western neighbour on February 24, 2022, they rebounded in a month. 

Still, one-year equity returns globally, since the war began, have been subdued and marred by intense volatility. 

This is partly because of the war’s impact on global economic growth and the inflationary pressure caused by it. In the immediate aftermath of the war, oil surged over the $134 per barrel (bbl)-mark, most since 2008, on the back of the West’s coordinated