The models are broken
The market is trying to get back to the pre-Covid and pre-war times, but that model is broken. A new dawn is here and the financial world needs to adapt.
Steen Jakobsen,
Chief Investment Officer
Chief Economist & CIO
Summary: Yesterday saw a muted session in equities as new local highs in the US did not hold in most places and saw some gentle further consolidation lower in Asia that likewise failed to hold into early European hours. Safe haven fixed income has perked up overnight and the JPY did at times as well, but jumpy market action makes sustaining a narrative difficult.
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