Bonds sell off, inflation fears; oil backwardation, Iran war timeline

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Mark Tinker, Managing Director and CIO of Toscafund Hong Kong, says the market is currently reacting to the Iran war with a new “inflation pulse” driven by supply chain bottlenecks, similar to the shock seen during the outbreak of the Ukraine war. He adds that the backwardation in oil prices is a signal that markets don’t expect the Iran war to last 12 months.