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Instead of erasing Iran’s civilisation Donald Trump went for a ceasefire, a turn of events that feels both astounding and unsurprising. Here’s
our first take
on what it means for the Middle East and for the world.
And Buttonwood, our markets columnist, looks at the
performance of “Trump trades”,
ie, bets that the president’s policies would help some companies’ shares more than others. The high point of a “long Trump, short Biden” basket, he finds, was in the middle of last year. | 
