Many media outlets missed it.
Indonesian President Joko Widodo warned on Friday that ‘Winter is coming’ for global markets.
In a ‘Game of Thrones’ themed speech, the Indonesian president’s warnings were ominous.
Indonesia is certainly not to be ignored, with a population of 267.6 million, it’s a member of the G20 and the 16th largest economy in world.
As a newly industrialised country, it stands to lose more than others from rising trade tensions.
Global markets threatened by trade war
Like the warring factions in the HBO series, Widodo warned against a greater threat:
‘Are we so busy fighting with each other and competing against each other that we fail to notice the things which are increasingly threatening, all of us alike, rich and poor, large and small’.
Ominously, he went on to say that ‘the situation could be more critical compared to the global financial crisis 10 years ago.’
Indeed, it will be a big week for global markets with two critical moments to come out of Europe.
Critical events for global markets coming this week
The first of these moments will come when Italy releases the final draft of its budget in the next 24 hours.
The next will come on Thursday in Europe, where the EU will hold talks aimed at stopping a ‘no-deal’ situation occurring with Brexit.
These two events could add greater economic tension in an environment that is looking increasingly volatile.
Keep your eyes peeled for updates on these events this week.
For Markets & Money