How rapidly the temper turns. Barely a fortnight in the past stockmarkets have been on a seemingly unstoppable bull run, after months of hitting new all-time highs. Now they’re in free fall. America’s Nasdaq 100 index, dominated by the tech giants that have been on the coronary heart of the growth, has fallen by greater than 10% since a peak in mid-July. Japan’s benchmark Topix index has clocked losses effectively into the double digits, dropping by 6% on August 2nd alone—its worst day since 2016 and, following a 3% decline on August 1st, its worst two-day streak since 2011. Share costs elsewhere haven’t been bludgeoned fairly so badly, however panic is sweeping by markets (see chart 1). Wall Road’s “concern gauge”, the VIX index, which measures anticipated volatility by the costs merchants pay to guard themselves from it, has rocketed to its highest since America’s regional-banking disaster final 12 months (see chart 2).