00:00We do see that a higher oil price, of course, will have inflationary effect,
00:04and that's one additional negative when it comes to the market.
00:07I mean, markets are remarkably stable, I would say, given this backdrop.
00:12Are they too complacent?
00:13Well, it's difficult to say, but we are surprised that they are so stable
00:18and that they have not really reacted so much,
00:22because when we do scenario analysis and we look at some of the threats to markets,
00:30that include things like fragmentation of markets, increased geopolitical risks, and so on.
00:35And so a lot of the things that we are seeing playing out,
00:37we would have expected to have a more negative effect on the market.
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