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The oil majors reported record earnings in 2022, as energy markets were driven higher by the invasion of Ukraine and sanctions on Russian oil & gas exports. BP, for example, generated profits that were the highest in its history.

China’s vice premier Liu He declared to World Economic Forum delegates in Davos this year that “China is back”. Following the pandemic, the Chinese economy reopened in late 2022 and since then has surprised forecasters with the speed of its recovery.

February proved disappointing for markets, as stronger economic data crushed expectations of falling inflation and an early pivot in interest rates. Central bank rhetoric has become more hawkish and higher terminal interest rates are now forecast.