WATCH: Animal Spirits

In February, we started the animal spirits by saying that the standoff over Ukraine remained a thorn in the market's side, with concerns a Russian invasion would also cut vital gas supplies to western Europe.

Those concerns and worst fears were realised and have dominated moves in asset prices for the past week, especially with oil and gas prices spiking along with gold and PGMs and other agricultural commodities.

The rouble crashed harder than a Russian tank outside Kyiv and so did the Russian stock market as the scale of unprecedented Western sanctions start to bite. And today we see Putin bombing civilian targets as the nuclear threat he issued on Sunday looms horrifically over this entire sorry mess.

Let’s find out what the animal spirits are telling us with Chris Holdsworth, chief investment strategist at Investec Wealth and Investment.

Or listen to full audio