US stocks moved lower over another week of extreme volatility on the back of the Russian invasion of Ukraine. At its intraday low for the week on Tuesday, the Nasdaq Composite fell to a level that was 22% below its recent peak, i.e in bear market territory. At its low point, the S&P 500 Index was roughly 14% off its high, still in correction territory. Consumer staples stocks underperformed as companies such as Coca-Cola or PepsiCo announced that they were suspending business in Russia. Meanwhile, commodity prices surged as oil prices reached $139 per barrel —a 14-year high— on Monday amid reports that the US was weighing a possible embargo of Russian crude. Oil prices fell back some at midweek on Supply response hopes. Nickel surged more than 80% during a single day before trading was halted on the LME, as the unprecedented rise threatened the ability of the world’s largest producer, China’s Tsingshan Holding Group, to meet margin calls on its short positions. On the Macro front, US CPI surged 7.9% y/y, the most since January 1982. In Europe, stocks rebounded on hopes that a diplomatic solution to the Russia-Ukraine conflict might emerge. Core eurozone bond yields climbed after inflation expectations strengthened and the ECB surprised markets with the announcement that it could wind up its bond-buying program sooner than expected. Chinese equity markets – and dual-listed stocks in particular – tumbled.