Full coverage: Markets

Although inflation data and commodity markets point to less severe price hikes than initially feared, central banks are now on a tightening trajectory and equity markets are predicting a textbook recession.

The stocks of tech giants and start-ups alike are taking a beating. Some hire freezes will affect Ireland, but the type of multinationals operating here are least exposed to the crunch – for now.

For the past three years, many US tech multinationals have been paying their shareholders more money than they earn. The difference came from Ireland, thanks to tax incentives devised by the Trump administration. That cash is now running out.

Oil prices may easily decline below $30 per barrel in the weeks ahead. Covid-19 could spread materially beyond Italy, meaning that a whole range of new quarantine measures may be undertaken by the likes of France, the UK and Germany. If this comes to pass, oil prices may decline to the mid-20s.

The rise in gold prices is set to continue, unless we see higher real interest rates combined with a large improvement in global risk appetite and international trade around the world. Neither scenario looks plausible at the moment.