It's strangely apt that the Five Star Movement is part of the populist Italian coalition; the stars can help cover the expletives that Macron and Merkel are likely uttering as they realise the impacts for Europe. On the other side of the pond, markets are focussed on flatter yield curves and whether they are forecasting a future recession. If they're worrying you as much as they are us, then my recent interview with Marcus Karlsson and Caroline Hepker on Bloomberg Radio is an opportunity to hear our latest thoughts.

 

Listen here or download here.