Markets Are Saying Putin Will Get What He Wants

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It’s not often a day starts with quite such a jolt. I have many opinions about Russia’s invasion of Ukraine. The impact on markets is, personally, well down my list of concerns. But it’s my job to cover them, and this can be expected to have a big effect. Within Europe, this is the greatest negative shock to the international order since the end of the Second World War, and it will have profound consequences.