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
Summary: Market direction changes have been frequent and seem to lack conviction across assets over the last few days, perhaps a reflection of the general uncertainty on "What is next?" after the intense US Treasury sell-off last week traumatized markets. Today we wonder what comes next and look at key equity, FX and commodity developments and slap a huge question mark over the market pricing of Sea (reported yesterday) and really its entire business model. On today's call were Peter Garnry on equities, Ole Hansen on commodities, and John J. Hardy hosting an on FX.
Listen to today’s podcast and have a look at today’s slide deck.
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