The financial markets have displayed something of a Maginot Line mentality... the real threat comes from elsewhere.
There are two other sources of potential trouble: the Middle East and China. Far too little attention is being paid to the risks that the war in Gaza escalates into a full-scale conflict between Israel and Iran.
One reason rising tension in the Middle East has not been reflected in commodity markets is that China's growth prospects have taken a turn for the worse.
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