Uranium sector sensitivity to financial and geopolitical risks
研究了2010年以来全球铀行业对股市、金融指标和地缘政治风险的敏感性，发现2022年后地缘政治风险成为极端回报的主要驱动因素。
This study examines the sensitivity of the global uranium sector to equity markets, financial indicators, and geopolitical risks since 2010, with a particular focus on the Russia–Ukraine war which has significantly disrupted uranium supply chains, pricing, and geopolitical alliances, amplifying the sector’s exposure to macroeconomic and geopolitical forces. The findings highlight the strong influence of global equity and oil markets, intensified in the last three years, while economic policy uncertainty remains relevant at high return quantiles. The impact of geopolitical risks is identified as a significant driver since 2022, at both the right and left tail of the uranium sector return distribution. • Uranium sector shows strong links to global equity and oil markets since 2010. • Geopolitical risks drive extreme uranium returns, especially post-2022. • Sensitivity to macro-financial forces has intensified in recent years.