Markets Swoon, Lost In A Fog Of War And Recession Fears.

War does not run to a script. Not least because all parties have a say about what happens next. Mohamed El-Erian said on X: “Consensus is shifting, and rightly so: This third week of the war has fuelled a shift from a short-term energy disruption to long-term structural damage. With that, the broader fallout—also marked by the non-linear risks associated with tipping points and multiple equilibrium dynamics—poses an increasing threat to global economic wellbeing and financial stability.” While the Americans and Israelis will not stop until they are confident that all of Iran’s ballistic and nuclear weapons capabilities are permanently […]