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Jakobsen: Are the markets counting down to global recession?

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Global stock markets have seen around 6 trillion USD wiped off their value since the start of 2016. It's been a terrible new year for some very established companies, traders and investors, but is this crisis or correction?

The banking sector has taken a 40% hit since the recent peak while energy stocks have tumbled as the oil price falls and the sector goes through a contraction cycle.    
Saxo Bank's Chief Economist Steen Jakobsen gives us his analysis of the financial downturn and explains why, in his view, it is not time for panic and he points out that there are opportunities to buy undervalued stocks in the current climate.