Here, two things are important. First, yes, stock markets have taken a knock following this weekend’s bombing of Iran by the US and Israel. But at this stage — and at the risk of speaking too soon — it is a mild wobble. European stocks shed around 2 per cent, US stocks opened about 1 per cent lower, oil shot up but only to $79 a barrel — the highest point only since June. This is, Deutsche Bank points out, the 38th-biggest spike in oil prices since 1990.