Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It's called the graph.

Quick recap

• Risk assets and crude retraced this week in view of increasingly strong warnings of a Russian invasion in Ukraine.
• Not surprisingly, gold rallied while credit spreads rose given increased uncertainty. Short-term government rates declined, notably in Germany this week, and Defensives slightly outperformed Cyclicals as volatility indicators surged.
• Equity investors sold Energy stocks and Industrials in favour of Consumer Staples, and Quality was the winning style of the week on both sides of the Atlantic while Value and Momentum got hit.
• Isabel Schnabel from the ECB’s executive board pointed to rising house prices in another comment on inflationary risks that the bank can no longer ignore.

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