At this halfway point of the year, it looks like business as usual in markets.
The war in Iran proved to be a blip for investors, the threatened invasion of Greenland (remember that?) didn’t leave any obvious mark, and all the big, broad measures of stock market performance have trundled higher, powered as ever by the miracle that is Big Tech. Everything is hunky-dory and markets are always more resilient than you think.
For most of us, this is great news. I’m aware I’m afflicted with a sarcastic tone of voice but I’m being serious — most ordinary humans’ interaction with financial markets is limited to index-tracking passive investment in our pensions, so a near 10 per cent ascent in US and global stocks will do nicely, thanks very much. Don’t worry, sleep easy.