JP Morgan’s trading guru says the market is underappreciating the risk of a conflict with Iran


The U.S.-Iran conflict appears to be in the rear-view mirror as stocks soar to record highs and the phase one signing of the U.S.-China trade deal takes center stage, but some are warning that tensions in the Middle East continue to simmer, and may soon reach a boiling point.

“A significant change to our outlook is the new geopolitical tail risk that emerged in the Middle East,” Marko Kolanovic, global head of macro quantitative and derivatives strategy, said in a note to clients Wednesday. “We believe this tail risk is under-appreciated by the market and should be hedged.”

Tensions between the U.S. and Iran escalated after the U.S. conducted an airstrike on Jan. 2 that killed top Iranian…


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