Stock markets continued to rise into the new year. After a few days, however, the mood changed, and markets dropped. An escalating conflict between Russia and NATO with the risk of an invasion of Ukraine, higher inflation figures and a more hawkish FED all contributed to concerns resulting in declining stock markets and rising interest rates. At the same time, a lot of companies reported figures for the fourth quarter. In short, they showed strong order intake but higher costs and thus lower margins and profitability – partly due to rising energy prices and a continued shortage of components. The spread of Omicron continued at a high pace, but despite this, more countries continued their reopening. With more people getting immune and vaccinated combined with relatively mild symptoms, spring could mean a return to a more normal situation, something that could ease bottlenecks and halt a further rise of inflation.