Investors think the Russia-Ukraine war will end soon

War and peace are notoriously difficult to price. Just now they are even harder to ignore. Three years ago Russia’s invasion of Ukraine sent a wave of disruption through financial markets, yanking up commodity prices, choking off gas supplies and fuelling inflation. As the conflict ground on, that wave dissipated. Now America is attempting to force a resolution to the war, investors must try to gauge the consequences of its success or failure.