Relevant:
- Albert Edwards: Markets face Freddy Krueger-like nightmare
- Albert Edwards: Central banks to blame for impending disaster
- Albert Edwards: Global economy to roll over in six to nine months’ time
- The Buyback Party Is Over; Market Running on Fumes - Albert Edwards
- Italian bourse CEO says there are 'colossal' short positions on Italy in advance of referendum
2016-12-09 — marketwatch.com
The chart by Guy Stear, head of emerging markets and credit research at Société Générale, shows credit spreads holding steady even as political uncertainty spikes to an unprecedented level... According to Edwards, that cognitive dissonance is all wrong.
"Markets shrugged off the Brexit vote in a couple of days. They shrugged off Donald Trump's election in a single day. They shrugged off the Italian referendum result in a couple of hours. Heck, in this mood they would shrug off an alien invasion of planet Earth," he said. "But global political risk is now at such elevated levels that investors must surely be on another planet."
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