Asks for his take on the conflict so far and market implications.
Yvonne
George Efstathopoulos
Market moves are about positioning. Underlying fundamentals are resilient: strong global growth, easy financial conditions, fiscal spending worldwide.
Asks if spike in oil prices could reignite inflation concerns, given metals also strong.
Annabelle
George Efstathopoulos
Initial reaction is inflationary, but it's a short-term shock. Action is focused on the front end of energy markets; beyond that, things are calmer.
Asks which Asian economies are most vulnerable as net oil importers.
Yvonne
George Efstathopoulos
China is biggest importer but has diversified energy (coal, wind). Southeast Asia may be more vulnerable.
Asks about gold strategy given they sold before a crash.
Annabelle
George Efstathopoulos
Sold gold after fast move to take profits, used correction to buy back. Long-term structural theme for gold is intact.
Asks if Asia looks vulnerable now and if opportunities are opening up.
Yvonne
George Efstathopoulos
Asia selling is about positioning, not fundamentals. US AI capex is still flowing to Korea/Taiwan, fundamentals remain attractive; this could be a buying opportunity.