Stocks enter the killing fields

Monday 26 October 2026

TME has a fantastic wrap today.

One horseman short of an apocalypse

Three horsemen are already riding through global markets. Each brings a different threat, and none is particularly welcome at this stage of the cycle. One horseman short of an apocalypse — but three may be more than enough.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.