It’s been a volatile week for global markets, with the Dow Jones Industrial Average suffering its worst day of the year Thursday, as investors continued to be on edge about the ongoing tensions between Russia and Ukraine.Addressing the United Nations Security Council on Thursday, U.S. Secretary of State Antony Blinken made an urgent appeal against a Russian invasion, after Western leaders rubbished the Kremlin’s claims of a drawback of troops and Ukraine accused pro-Russian separatists of shelling a civilian village.Some selling pressure looked to be easing on Friday morning, on hopes that a meeting between Blinken and Russian Foreign Minister Sergey Lavrov next week may yield a diplomatic solution to the standoff.But there remains a lot at stake, with Western leaders and NATO cautioning against taking Moscow at its word and President Joe Biden warning that Russia could be involved in a “false flag” operation.Assets across the spectrum have been affected by the geopolitical tensions, including oil and natural gas, wheat, the Russian ruble and safe havens such as gold, government bonds, the Japanese yen and the Swiss franc.Philipp Lisibach, chief global strategist at Credit Suisse, told CNBC earlier this week that any confirmed de-escalation would give a boost to risk assets after a period of uncertainty and volatility.“If we have, let’s say, a resolution in terms of the geopolitical issues that we currently face, I would imagine that the global economy takes a breather, risky elements of the market can certainly recover, the cyclicality and the value trade should probably do well, and European equities particularly that have come under pressure, we assume that they can continue to outperform, so we would certainly look into that angle specifically,” Lisibach said.cnbc.com