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Hardy on Ukraine, Russia and real market risks
The crisis in Ukraine is a wake-up call to the markets. So says Saxo Bank’s Head of FX Strategy, John Hardy. He says it’s one of the biggest geo-political risks we’ve seen in years. The Russian rouble has fallen to new record lows and its stock market lost some ten per cent on Monday. John says this is a big deal for Russia, the markets, Europe and the euro. Russia hiked its interest rate by 1.5% to try to defend its currency.
On Monday, G7 leaders condemned Russia’s latest moves into Ukraine’s Crimean peninsula. The Ukrainian response is key for John. There are real risks of energy supplies being disrupted and there are now “big unknowns” for Europe. Ukraine has a large external debt and most of that is held by European banks. In the longer run, this could influence ECB policy. European stock markets are down sharply, gold and oil are strongly up.
02:13 minutes
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