Why are global markets so quiet?

为何全球市场如此平静?

World Business Report

2025-06-21

26 分钟
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Global markets, including the US, have been quietly calm, although there have been warning signs of looming risks and uncertainty after Donald Trump’s “liberation day” tariffs announcement. What’s behind such market “silence”? Roger Hearing hears from Gillian Tett, the chair of the Editorial Board of the Financial Times and the Provost of Kings College Cambridge, who has been writing about this. And how are businesses navigating global sourcing and supply chain risks and disruptions? A Global Sourcing Risk Index, produced by Proxima and Oxford Economics, shows how much business leaders still need to do. Also, a group of economists, backed by the Vatican, are calling for a reshaping of the international financial system to help developing countries that are heavily in debt and struggling to finance important social issues in their countries like healthcare and education.
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  • Hello, and welcome to World Business Report from the BBC World Service.

  • I'm Roger Hearing, and on this edition,

  • the strange calm of global markets, despite the upheavals of recent months.

  • What's going on?

  • Also, a group of economists, backed by the Vatican,

  • calls for a reshaping of the international financial system to help indebted countries.

  • But why do those nations keep taking on new debt?

  • Basically, you don't have enough resources to allocate to your priority spending.

  • That's actually sort of crowd out all the resources that are needed for all the priority,

  • whether it is health care, whether it is education, whether it's infrastructure.

  • Well, how secure are international supply chains?

  • We've got a new survey to inform you about and the push to turn urban waterways into lucrative tourist attractions.

  • But first, no one could dispute that a lot's been happening in the world over the last few months.

  • Wars, natural disasters, and a man in the White House who almost defines unpredictability.

  • Yet global markets have remained remarkably, perhaps worryingly, quiet.

  • As in the Sherlock Holmes story Silver Blaze, they're the dog that didn't bark in the night.

  • Stock prices haven't collapsed, energy prices haven't rocketed,

  • and although interest rates on US treasuries have risen,

  • everyone, everything has been within normal parameters.

  • But should the calm in the markets actually be a reason for concern?