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Ukraine war divides global markets

Commodity producers and more self-reliant nations will do better

| Russia & Caucasus
A well head and drilling rig in the Yarakta oilfield in the Irkutsk region, Russia, pictured in March 2019: nowhere is the transformation in national fortunes more dramatic than in Russia.   © Reuters

Henny Sender is a managing director at BlackRock in Hong Kong and a former Financial Times correspondent.

Before Russia invaded Ukraine, financial markets were pricing in up to nine interest rate hikes in the U.S. this year, taking rates from deeply negative territory to neutral and beyond in real terms. Investors saw shares swoon with each ratcheting up of inflation and ever more urgent responses from central bankers.

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