This week is the five-year anniversary of covid really kicking off and today Deutsche Bank looks back at the performance of a broad range of assets and how they’ve performed since. They also highlight performance since the Ukraine war, which looks like it’s winding down.

It’s no surprise that the Nasdaq is at the top of the list but that’s more of an AI story than covid or Ukraine. Italian stocks are a surprise near the top of the list followed by gold, silver and copper.

At the bottom of the list are sovereign bonds of the US, eurozone and UK. That’s worrisome but not a surprise given inflation and government spending. There will be a price to pay on that front.

“Looking forward, we wonder whether in five
years’ time we’ll look back on this coming weekend as a landmark moment in
Europe. Germany goes to the polls on Sunday and this is the standout election
of the year and one that could help shape Europe for years to come, both
positively or negatively,” writes DB.