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‘Fear and confusion’ just seized global markets. Here’s why

The Australian Financial Review (AFR) •
October 22, 2026 • 11:58 PM
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Investors and central bankers are waking up to the fact world leaders and business heavyweights will no longer act in the “rational” ways markets expect.

‘Fear and confusion’ just seized global markets. Here’s why

Macquarie strategist Viktor Shvets says two overwhelming emotions dominate his discussions with investors right now: fear and confusion.

“Fear of the unknown, and confusion as to the best responses to a myriad of risks,” he says.

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