The Hemmingway quote about the two ways to go bankrupt; “first slowly, then all at once” springs to mind when looking at the situation in Ukraine.

Right now, with Western Media relentlessly beating the war drum on Ukraine, we feel it worth considering Cui Bono? over any invasion. The conclusion? The only winner would be the US – which is probably why they are talking so much about it.

With the US 10-year bond yield briefly breaking up through the 2 per cent level last week, it’s worth noting that global bond markets in general just completed an absolutely terrible month for performance in January, following on from an equally terrible year in 2021.

The sharp bounce back in early February for the headline indices on Equities will have come as a relief for many – although not for those forced to close positions or buy protection at the end of the month.

Today is New Year’s Day for Greater China and much of South East Asia and so a wish for health and prosperity for all friends and colleagues who are celebrating (as best they can).