War and asset prices

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After the events of the past few days, the world seems dangerous and confusing, and it is natural to seek clarity from every available source. But, I argue below, markets provide little insight at moments like this

Article originally published by The Financial Times. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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10 Oct 2023

Good morning. After the events of the past few days, the world seems dangerous and confusing, and it is natural to seek clarity from every available source. But, I argue below, markets provide little insight at moments like this. Disagree? Send me an email: robert.armstrong@ft.com.

To start with a brief statement of the obvious, the movements of markets are of trivial importance compared with the value of human life. Financial commentary is therefore a small sidebar to the story in Israel and Gaza. But it is what we do here at Unhedged.

With that said, the geopolitical risk environment changed over the weekend in a significant way. As many commentators have pointed out, the implications of the war between Israel and Hamas could well reach far beyond the region, to the US, China, Ukraine and Russia. All of this could make