Glass half full
• Holding on. Despite Russia/Ukraine developments a ‘risk on’ vibe prevailed in markets. Equities higher, oil rose, & the AUD ticked up.• European struggles. EUR & GBP weaker. Steady stream of ECB rate cuts anticipated as Eurozone economy navigates downside risks.• AUD trends. AUD outperforms on the crosses. We think this can continue given diverging policy trends between the RBA & others. Geopolitical risks intensified overnight after Russia launched a ‘new’ kind of ballistic missile for the first time in its war with Ukraine, a clear signal to the Western world that it is unlikely to take recent provocations lying...