There are market phases when one risk dominates. Then there are phases like this, when risks arrive from every direction and refuse to stand in a queue. The AI trade, which was treated as the one story strong enough to carry global equities, has started to wobble. US macro numbers are no longer giving the comfort investors wanted. Valuations, especially in the most loved parts of the market, are still not cheap. And now, over and above all this, comes the fresh geopolitical risk around Iran. Bad news, it seems, rarely arrives alone. It comes as a mob.