AIVL - Equity Outlook: War Intensifies Inflation Test For Investors

• Stock markets fell in the first quarter as Russia’s invasion of Ukraine destabilized the growth outlook, amplified concerns about rising interest rates and unleashed geopolitical risks.
• While the conflict has created many uncertainties, we believe the impact of persistent inflation will be the dominant influence for equity investors through the remainder of 2022 and beyond.
• Seven straight quarters of gains for global stocks came to an abrupt end in early 2022. The MSCI World Index fell by 4.6% in local currency terms, but recovered all its losses since the invasion by quarter-end.

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