Darius McDermott: The five-year laggards - can they revive?

Markets have moved a long way, with double digit gains in 2023, 2024 and 2025, but the outbreak of war has proved a more meaningful test of that resilience. Energy supply chains are under strain, with the continued closure of the Strait of Hormuz pushing oil and liquefied natural gas prices sharply higher and raising concerns over inflation and consumer demand. The market response has been notably different from previous crises. Rather than a brief setback, the escalation has triggered broad-based weakness across equity markets. European sectors have borne the brunt of the sell-off, w...