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Investment Update: Russia/Ukraine: Time to Worry?

Last Updated: July 22, 2025

Most geopolitical crises of recent years have hit local markets hard, but at worst done only fleeting damage to global indices. However, there are three events that buck this trend: the 1973 Yom Kippur War/OPEC oil embargo; the 1979 Iranian Revolution; and the 1990 Iraqi invasion of Kuwait. All centre on the price of energy. A similar oil and gas shock in Eastern Europe as a result of fighting in Ukraine would exacerbate the already sizeable risk that high inflation becomes endemic, which would then require tighter monetary policy to get it under control.

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Is the Chinese dragon losing its appetite for industrial metals?

Last Updated: July 22, 2025

For many years the fortunes of the FTSE mining sector have been linked to developments in China. Rapid growth in demand for commodities like iron ore and copper in the late 2000s led to what became known as the first mining supercycle. That was followed by a downturn from 2011—15 as slowing demand from China combined with overexpansion of mining production.

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