The war has triggered a global geopolitical realignment alongside a wave of new defence and industrial policies in the US and across Europe. Danny will address the global impact before focusing on the outlook for European politics and markets. Meanwhile, risk has migrated from energy costs and inflation to concern over the damage that Putin might do as his war aims collapse and his kleptocratic regime weakens. None of this is easy to think about but it must be considered as it will be a major – possibly decisive – factor in the global outlook with broad ramifications for Asia’s markets.

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