On paper, the set-up sounds toxic. An ongoing war on Europe’s eastern border, a new conflict in the Middle East that could turn into a regional battle, and sharply higher interest rates to combat inflation. It doesn’t sound like the conditions that are conducive to robust gains, but year-to-date results for global portfolios suggest otherwise.

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* US launches more strikes on Iran-linked groups in Syria
* House GOP unveils plan to avoid a government shutdown
* Moody’s cuts US credit outlook to ‘negative’ despite reaffirming AAA rating
* China consumption rebound slowed, business confidence lost momentum in Oct
* US and Indonesia discuss possible deal on electric-vehicle minerals
* Foreclosures surge in risky corner of commercial property market
* Renewable energy firms suffering a rough earnings season
* US Consumer Sentiment Index falls for fourth straight month in November:

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