How Michael O’Leary can stop the flying blame game

Stock markets are tumbling, but given the tide of economic news, that’s hardly surprising. The S&P 500 index dived into bear market territory – 20 per cent down since January – after a rise in US inflation for May. Our own FTSE indices reacted badly to an unexpected 0.3 per cent drop in UK GDP for April. Interest rate rises predicted on both sides of the pond this week will make investors jumpier still.

So expect further falls in markets that have been driven by weight of cheap money to stay unnaturally high despite an increasingly bleak backdrop. And wait for the turn. When might that be? When investors think they can see beyond the inflation spike and pick value among depressed stocks. And when central banks look commanding again – and government looks at least minimally competent. On the timing of that last factor, I won’t even hazard a guess.