Recent de-escalation signals in the Middle East have offered some relief to markets, but the economic aftershocks from the earlier escalation are still feeding through—particularly via energy prices and heightened geopolitical risk. Crucially, these shocks are not hitting a clean cyclical backdrop. Instead, they are amplifying a set of pre-existing supply-side pressures—fragmented trade, strained supply chains, and a more complex policy environment—that have been building for some time. The charts this week pick up that theme. Forward-looking sentiment indicators suggest global growth has lost...