Eighteen days into the war in Iran, and the scorecard for global equity markets makes for uncomfortable reading.
European benchmark indices have shed around 7% since hostilities began — the Euro STOXX 50 down 6.5%, Germany's DAX off 7%, France's CAC 40 down 7.2%, and Italy's FTSE MIB lower by 6.4% — dwarfing the more modest 2.5% decline in the US S&P 500, which benefits from America's status as the world's largest oil producer and its relative insulation from the energy shock.
