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Sliding stockmarkets used to scare off retail investors. But if they were fazed by the fallout from President Donald Trump’s tariffs in recent weeks, they had a funny way of showing it: piling in to
“buy the dip”.
These contrarian instincts are helping to stabilise markets.
And after Indian missiles streaked into Pakistan last night, the question is how Pakistan will respond. The strikes were an escalatory choice, but appear to have been calibrated to minimise the risk of a full-scale war.
We explain
how Pakistan can restore some deterrence without deepening the crisis further. | 
