Possible scenario
Black Sea Escalation
20% Chance
The rejection of linked truces could be followed by sharper attempts to impose costs on Ukraine's export route or Russia's refining network. This remains less likely than continued calibrated strikes, but the military incentives for escalation are real.
Initial impacts
- Market volatility Up
- Riskier companies' borrowing costs Up
- Oil prices Up
- 10-year Treasury yield Down
- US dollar Up
Secondary impacts
- Energy +1.2%
- Industrials
Portfolio impact
S&P 500-0.7%
Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.
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