How will Putin’s war pan out? These are the two main narratives
Many of the suppositions about the war have already collapsed. These two scenarios, however, remain plausible
As of the end of last week, markets were in an emphatic “risk-on” phase. After the initial shock of Russia’s invasion of Ukraine, the S&P 500 had regained a stunning 6.6% in two days’ trading. The market was working on the assumption that Vladimir Putin would get what he wanted, and that the world could live with this.
What could possibly go wrong?
After this logic, these are the risks to worry about:..