We need to be aware of the consequences of political failure and populism. What’s happening in the Middle East is a warning of how politics go wrong. We should pay close attention.

Macron’s victory has been hailed as a market plus, a win for Europe and common purpose, but it’s likely just a crisis averted, perhaps, for a few more years. Around the globe populism will likely be fanned by inflation, food and energy insecurity and become an increasingly destabilising force on markets.

Just how vulnerable are markets to an escalating distrust of politics, the death of democracy, populism, and authoritarianism, and how much of it is due to deliberate manipulation by bad actors and fake news? Uncertain in uncertain markets isn’t helping.