Airlines are cutting flights, consumers are tightening their belts and companies are warning of price rises as the Iran war upends global business.
Yet, a little over two months after US-Israeli attacks on Iran sparked the conflict, the world’s biggest companies have added more than $5.4tn in value, an increase of 4.2 per cent.
Tech groups have held global equity markets aloft as investors hunt for the sectors least exposed to the Middle East conflict. Huge share price gains for chipmakers such as Intel and TSMC and a blistering recovery in Big Tech valuations, helped by bumper first-quarter profits, have outweighed the falls in other sectors.
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