'War and Markets', by Saxo Bank Chief Economist Steen Jakobsen

Saxo Capital Markets Australia

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'War and Markets', by Saxo Bank Chief Economist Steen Jakobsen. The price of energy is the simplest way to 'measure' geopolitical risk according to Jakobsen, as it is effectively a tax on the economy when high, and a discount when low. Jakobsen ponders the growing risk of wars and their impact on macro outlook, and warns of less growth and certainty in markets: The escalation of turmoil in the world is yet to play a role for the market, but be warned: everything economic has a delayed reaction of nine to twelve months - whenever there is an action there will be a reaction. If the present state of alertness continues through the summer you can bet on higher energy prices having a serious impact on not only world growth but also on markets. But don't ever forget that the real losers are the individual families losing loved ones. (VIEW LINK)


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