As further hard data trickles out amid the ongoing Iran conflict, it appears the European economy is suffering most from the impact outside the immediate Middle East region.
US markets have benefited from the economy's relative insulation to geopolitical risks and solid corporate earnings, which have underpinned stocks.
This week's final reading of S&P Global Eurozone Composite PMI confirmed business activity contracted for first time in almost a year-and-a-half as inflation continued to rise in April.
These fiscal pressures are now crystallising in rising sovereign bond yields.
