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

• While crude seems to stabilize around the $100 mark, food prices have become a primary worry, notably in important depending Emerging Economies, as the UN’s March food price index jumped by 34% y/y.
• As the war in Ukraine is becoming more brutal, new sanctions have been implemented, such as Japan’s announcement to abandon Russian coal imports. But, at the same time, it becomes clearer that the approach towards Russia is dividing the world as its condemnation is far from unanimous.
• Volatility increased again this year, with U.S. and European benchmark yields and credit spreads edging higher while broad market indices retraced outside of Europe.
• Gold and Defensives outperformed in this environment while Momentum and Growth stocks lost ground.
• Polls point to an increasingly close race between Macron and Le Pen in the upcoming French elections.

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