Russia has begun maintenance work on the key Nord Stream 1 gas pipeline. Although a routine overhaul, the move has sparked concern that the shutdown could become permanent.

“While we believe that a cessation of Russian gas supply to Europe is a real possibility, one that would cause a Eurozone-wide recession with three consecutive quarters of economic contraction, there are also good reasons to assume that gas supplies will resume after the maintenance.” – Mark Haefele, Chief Investment Officer, UBS Global Wealth Management

We recommend investors position for all eventualities, as well as focus on the long-term effects of the crisis.

These topics further caught our attention:

· Recession fears kick up FX volatility.

· Indo-Pacific mulls era of security.
Source: UBS