Russia’s economy did remarkably well after Vladimir Putin invaded Ukraine in 2022. A fiscal splurge, high commodity prices and the militarisation of the economy propped it up. Until now, that is. Growth has fallen to close to zero. Three factors explain the sudden slowdown. 

And investors in American stockmarkets have had a bumpy ride in recent weeks. But plenty of other markets have provided strong returns. The best performers have two things in common: low exposure to American tariffs and strong domestic growth.