You are currently viewing the United States website Institutional website. You can change your location here or visit other RBC GAM websites.

Welcome to the RBC Global Asset Management site for Institutional Investors

In order to proceed to the site, please accept our Terms & Conditions.

This RBC Global Asset Management (U.S.) Website is intended for institutional investors only.

For purposes of this Website, the term "Institutional" includes but is not limited to sophisticated non-retail investors such as investment companies, banks, insurance companies, investment advisers, plan sponsors, endowments, government entities, high net worth individuals and those acting on behalf of institutional investors. The Website contains information, material and content about RBC Global Asset Management (collectively, the “Information”).

The Website and the Information are provided for information purposes only and do not constitute an offer, solicitation or invitation to buy or sell a security, any other product or service, or to participate in any particular trading strategy. The Website and the Information are not directed at or intended for use by any person resident or located in any jurisdiction where (1) the distribution of such information or functionality is contrary to the laws of such jurisdiction or (2) such distribution is prohibited without obtaining the necessary licenses and such authorizations have not been obtained. Investment strategies may not be eligible for sale or available to residents of certain countries or certain categories of investors.

The Information is provided without regard to the specific investment objectives, financial situation or particular needs of any specific recipient and does not constitute investment, tax, accounting or legal advice. Recipients are strongly advised to make an independent review with an investment professional and reach their own conclusions regarding the investment merits and risks, legal, credit, tax and accounting aspects of any transactions.

Accept Decline

As investors chart a course through choppy economic waters, the strength in commodity prices and equities tied to them continues to be a bright spot for the Canadian equity market. We note that the geopolitical backdrop in Europe could dampen consumer sentiment or delay interest-rate increases in North America.

Russia’s attack on Ukraine in late February has made the investment backdrop even more complicated. The conflict in Ukraine presents a risk to U.S. stocks principally through its impact on the oil price (higher inflation) and, more specifically, the price of gasoline (lower consumer spending).

Europe’s markets are particularly bountiful in large-cap defensive stocks, which offer direct exposure to the continent’s strong economic backdrop and some offset to the negative impact of rate hikes. Geopolitical risks have climbed dramatically in the past few weeks and it may be that they overshadow fundamentals in the short term.

Asian equities pulled back during the latest three-month period amid a wide divergence in performance among countries, with declines accelerating in late February after Russia’s invasion of Ukraine created concern that the conflict would inhibit economic growth and lead to skyrocketing fuel prices.

China was the main contributor to the poor performance during 2021, notably as a stricter regulatory environment hit the large internet sector. A major risk for 2022 is the zero-COVID policy pursued by the Chinese government. Finally, the situation in Ukraine brings the prospect of even higher inflation and the risk that more countries could be involved in the conflict.

Executive summary

The two-week-old war between Russia and Ukraine and the global response to the conflict are evolving rapidly, and in a way that suggests the trajectories of economic growth and financial-market performance have been significantly altered from just a month ago.

Stack of papers


Global growth is set to decelerate to 3.6% in 2022 from 6.2% in 2021.

Fixed income

War-related risks to economic growth could temporarily limit the increase in yields but we expect higher nominal yields.

Equity markets

Despite stock-market volatility, economic growth and earnings are forecast to continue rising.

Additional resources