Monday Macro – Doom-mongering, China’s covid problem, collapsing sentiment and recession risks

Apologies for a gloomy Monday macro, but the challenges are stacking up. The odds on a significant sell off beyond current levels are growing by the day

The Ukrainian situation will surely get much, much worse

Now I don’t want to turn into a gloomy doom-mongerer but please shout if you think the following concurrent/consecutive chain of actions seems improbable:

-          Russia isn’t going to win the Ukraine war easily

-          Russia can’t be seen to back down overtly so needs to raise the stakes

-    …