Is inflation dead or just resting? Are rates likely to remain higher for longer, or are we poised on the edge of a bond bull market? Everyone is watching energy and tensions around the Middle East. I suggest we worry about wages as well.

It’s too easy to write off Europe to the multiple threats of recession, low-growth, energy and inflation, but it has previously surprised us by its’ resilience! How will it fare with potential energy dislocation, fiscal and monetary risks and Russian disinformation? Can the Energy war be won?

The news looks bleak. A cataclysm of gloom is set to sink Europe and the UK – but, maybe things aren’t as bad as we think. Good news and a realisation things can get better could stabilize sentiment, and build a recovery base. Maybe?

Winter is coming as soaring gas prices are set to bite across Europe. Putin’s energy insecurity strategy has proved his major success and could yet win him the Ukraine War. Stagflation is nailed on it Europe.