Putin's Nuclear Saber-Rattling Sparks Safe-Haven Demand

Putin rattles global markets with nuclear threats

Highlights

• Putin rattles global markets with nuclear threats

• Walmart earnings in focus for U.S. markets

• Outside of AI chips, Semiconductors are underperforming

• Our de-risking advice is tactical, not fundamental

Key Takeaways

Geopolitical Tensions Spark Risk-Off Mood

• Early trading is being defined by a sharp risk-off move in response to President Putin’s nuclear threats as Russia/U.S. tensions rise — stocks are down in Europe while U.S. futures are tumbling, oil and industrial metals are lower. Traditional safe havens — yen, U.S. dollar, Treasuries, and gold — have all made gains.