The good news, sort of

But financial markets have mostly been subdued in reaction to the conflagration brewing in Gaza. The benchmark US S&P 500 index has barely budged since the Hamas attack on October 7. Even stock markets closest to the battle zone, from Saudi Arabia to Egypt and the Gulf states, have experienced moderate pullbacks. There has been no rush to safety in bond markets, where prices have been falling, and little drama in oil prices either.

That is from Ruchir Sharma in the FT.