Equities

Equities were hit hard, with European markets taking the brunt of uncertainty over events in Ukraine. US indices were buoyed in part by the energy sector, but dragged lower by financials and consumer discretionary sectors. Japanese indices weakened, as the yen firmed. Chinese markets were subdued ahead of the week-long annual meeting of parliament, where lower growth targets are expected.

Bonds

US Treasury bonds displayed their safe haven attractions, as yields reversed their recent gains as prices rose. Core eurozone bond yields also declined in volatile trading. Investment grade bond markets saw some buying interest, providing support for new issuance, while high yield bond markets slipped lower in quiet trade.

Currencies

The US dollar outshone all majors except the yen, which was stronger across the board. The euro weakened significantly, while sterling was only able to make ground against the euro. 

Commodities

Commodity prices spiked at the sharpest weekly rate for five decades, driven by energy prices, as future supply from Russia came into question. Gold continued its recent positive trajectory, rising 4.3% on the week.

Responsible investing

European leaders looked to move rapidly to wean their economies off Russian gas, turning their focus to renewable energy sources, as the International Energy Agency urged the EU not to sign new supply agreements.