Prices for energy, raw materials and transport have surged as economies emerge from lockdowns and supply chains come under pressure. UBS’s wealthy clients are turning away from risky assets as they seek ways to protect their fortunes from accelerating inflation.

While higher interest rates could provide support for bank lending, they may also become a headwind for stock markets. Overall, changing market conditions may benefit banks because they prompt clients to trade more. DBS is the largest lender in Southeast Asia.

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