LONDON (Reuters) – Fractious geopolitics doesn’t always move world markets – but the summer of 2021 may give us some glimpse about exactly where and how it does.

Melted gold flows out of a smelter into a mould of a one kilogram bar at a plant of gold refiner and bar manufacturer Argor-Heraeus SA in the southern Swiss town of Mendrisio November 13, 2008. REUTERS/Arnd Wiegmann (SWITZERLAND)

With the new U.S. administration of President Joe Biden asserting its foreign policy priorities, this month has seen a rise in tensions with the United States’ most powerful rivals – China, Russia and even Iran.

For many investors, the sharpened, bellicose rhetoric around flashpoints such as Taiwan, Hong Kong and Xinjiang or eastern Ukraine or Tehran’s resumed uranium enrichment are predictable attempts to test of the mettle of Washington’s new broom.

But if Biden’s ambition is to rally neglected Western-led alliances that push harder for…

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