Review of 2022: Fighting on all fronts

Macro headlines unleashed micro-horrors, as margins soared, correlations cracked and crypto markets imploded

A year that began with hopes of a return to normality instead produced destruction and disorder. Russia’s invasion of Ukraine heaped misery onto its neighbour, torched international norms and presented financial markets with a host of terrifying new scenarios.

Western governments hit Russia with successive volleys of sanctions, cutting off its access to global financial markets. Russia responded by choking off Europe’s gas supplies, contributing to energy volatility.

Central banks, which had