Sector roundup

The commencement of war, while clearly nothing to celebrate, appears to have come as a touch of a relief to investors. That the war always looked inevitable meant that shareholders and bondholders were anxious that it should start as soon as possible and of course be resolved as quickly as possible.

However, despite the relief, credit – unlike equities – is responding very little to the war. Investors appear to be focusing first and foremost on credit fundamentals. The accounting

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