Geopolitics Driving Markets Again | Macro Mondays

Jun 16, 2025

Andreas Steno and Mikkel Rosenvold dive into how geopolitical tensions, like the Israel-Iran conflict and Ukraine-Russia war, are reshaping global markets. They discuss the implications of these conflicts on market volatility and investment strategies, while touching on the mixed signals from the Federal Reserve regarding interest rates and inflation. The conversation also highlights the impact of cultural events like Token 2049 on the crypto landscape, blending serious analysis with light-hearted commentary. Perfect for anyone intrigued by the intersection of politics and finance!

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INSIGHT

Fear Dislocations in Equity Markets

Initial equity market drops from conflict risks often lead to risk reductions by asset managers.
These 'fear dislocations' can cause volatility, but markets may rebound if escalation doesn't worsen.

ANECDOTE

Cuban Missile Crisis Trading Anecdote

Mike Epstein faced a dilemma during the Cuban missile crisis when nuclear missiles threatened each other.
His boss said, "Why don't we just buy?" since a war would nullify contracts anyway.

INSIGHT

Gold and Bitcoin as Safe Havens

Gold and Bitcoin often perform well during geopolitical turmoil due to their ungoverned nature.
These assets offer investors alternatives beyond government-controlled currencies.

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Andreas Steno, founder and CEO of Steno Research, is back with Mikkel Rosenvold, partner and head of geopolitics for Steno Research, to break down the latest news and trends driving global markets. From escalating Ukraine-Russia tensions and the Israel-Iran standoff to the latest twists in U.S.-China trade talks, they unpack how geopolitics is driving market volatility, shaping risk assets, and influencing macro positioning.

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