Investors got lucky the attempted coup in Russia is over before it began, but it’s yet another reminder of how markets are ignoring risk.
How convenient. While it may be some time before we know exactly why the bizarre would-be coup in Russia, investors around the globe should be relieved the drama has been concluded before markets reopened after the weekend.
The Vix rose 4 per cent on Saturday night and may push higher in the coming days as the world digests what this episode means for Vladimir Putin’s rule and his war on Ukraine.Threatening to wipe out an old friend who has turned on you one day, and then suddenly letting him scuttle off the next isn’t your typical strongman move, but how much skin Putin may have lost remains to be seen.
Even leaving aside Russia’s baffling weekend of drama, Matt Gertken, chief geopolitical strategist at BCA Research, argues the equity risk premium is too low, particularly on Wall Street, for the instability that remains around the world.
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