The global economy is likely entering a “war-cession,” according to veteran investment strategist David Roche, and markets are underestimating it.
, including a full embargo on Russian coal imports. Europe is also considering additional measures including a full embargo on imports of oil, coal, nuclear fuel and gas.
Ukrainian officials have warned that further atrocities are likely to be uncovered in towns recaptured from retreating Russian soldiers, and Roche argued that investors will no longer be able to separate politics from markets. "In a normal recession, output and demand go down, inflation goes down. In this sort of a recession, a 'war-cession,' you actually have output which falls at the same time as costs and inflation rise," he explained.
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