Market volatility, yields and bond spreads have risen significantly as a result of the Russian invasion of Ukraine and subsequent sanctions against Russia, said the European Securities and Markets Authority (ESMA) in its second Trends, Risks and Vulnerabilities Report 2022, published on Thursday 1 September. In addition, uncertainty remains very high, given the normalisation of monetary policy, the Russian invasion of Ukraine and the ongoing lockdowns in China due to the Covid-19 pandemic.