‘What turmoil in Ukraine?’

​This is the question posed by David Bakkegaard Karsbøl in his latest monthly macro-economic comment for March. Why are markets are treating this Cold War-like conflict with such apparent calmness, while over-reacting to every new indication that China’s growth is slowing.

David also considers disappointing macro data, Japan’s record trade deficit, the EUR/USD exchange rate, Europe’s road to reform and – against this macro background - the prospects for equities, credit and government bonds. Read more here.