The global situation may be getting graver with the huge possibility of sovereign default happening. "The US and Europe are already in a recession and there is a risk of collapse in the European banking system. Markets are worried about insolvency in the global financial system," Russell Napier, strategist, CLSA told CNBC-TV18 in an exclusive interview.
Napier advises investors to focus on safe haven assets and avoid equities. "Commodities are more vulnerable than equities at this point," he pointed out. Here is the edited transcript of his interview. Also watch the accompanying video. Q: What would you attribute to the violence of the last couple of days in various markets post the Fed
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