Why the global markets are ignoring the global turmoil | Nouriel Roubini

Stock markets can deal with crisis but have trouble pricing the 'black swan' unknown unknowns such as 9/11. None have surfaced " yet

With Emmanuel Macron's defeat of the rightwing populist Marine Le Pen in the French presidential election, the EU and the euro have dodged a bullet.

But geopolitical risks are continuing to proliferate. The populist backlash against globalisation in the west will not be stilled by Macron's victory, and could still lead to protectionism, trade wars, and sharp restrictions to migration. If the forces of disintegration take hold, the UK's withdrawal from the EU could eventually lead to a breakup of the trade bloc - Macron or no Macron.

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