Asks if the ~12% pullback in Asian equities means market complacency is over.
Joumana Bercetche
Mark Cudmore
Argues no, complacency is deeper because analysis relies on AI models using flawed precedent (Trump always de-escalates), which doesn't apply as Iran is a key protagonist.
Asks why gold is falling in a risk-off environment.
Joumana Bercetche
Mark Cudmore
Predicts more downside for gold. The conflict's escalation has already happened, and the key drivers are now a stronger dollar and higher yields due to inflation shock.