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ICICI Securities Report
2022 began with the Omicron scare, followed by the sudden escalation of Russia-Ukraine conflict in March 2022, thereby pushing the world into an unprecedented phase of nuclear brinkmanship.
This impacted the ‘equity risk premium' (reflected in spike in VIX). It also resulted in a surge in commodity prices, especially crude oil, thereby triggering an inflation scare.
This was followed by the more than expected hawkishness of the U..S Federal Reserve and India's Reserve Bank of India resulting in an increase in the ‘risk free rate' as sovereign bond yields spiked and acted as a double whammy for equity valuations.
However, post the initial spurt, Omicron has receded sharply while commodity prices and bond yields have started to stabilise.
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