Global financial markets tumbled due to Russia – Ukraine crisis. Escalating conflict between Russia and Ukraine sent broad stock indexes to lows for the year. In February, the Dow Jones and S&P 500 dropped 3.3% and 3.1%, extending their YTD declines to 6.7% and 8.2%, respectively. Also, the MSCI Frontier Markets Index (MXFM) and MSCI Emerging Markets Index (MXEF) sank 4.4% (-7.8% YTD) and 3.1% (-4.9% YTD), respectively, as of end-February.

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