THERE SEEMS to be no end to Iran's suffering. It has struggled with one of the world's worst outbreaks of covid-19. As it opens back up there are signs that it is being hit by a powerful second wave. Last year the economy shrank by almost 8%. It may do worse this year. American sanctions had largely cut if off from the global market. The coronavirus has just about finished the job. Yet, somehow, the Iranian stockmark-et is booming. Its main index, the Tedpix, has soared tenfold in two years in local currency terms, and doubled since Iran declared a lockdown on March 27th. Even when measured in hard currency it is the world's best-performing index. "In three years we've tripled our euro value," says Maciej Wojtal, who manages Europe's only fund focused on Iran's market.
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