The effects of the Iran war are increasingly being seen in the real economy, not just the stock market.

Goldman Sachs warned that it was seeing less enthusiasm for mergers and IPOs from big corporate clients, and that rising commodity prices alongside falling consumer demand were a “headwind.”

Other large firms will report first-quarter earnings this week, and are likely to be “quizzed by investors on the effects of the war,” The New York Times reported.

It’s not just big business feeling the squeeze: US mortgage rates are up and consumer confidence is down, “knock-on effects” of the war, one analyst told the BBC. The result is slower real-estate trades, with home sales at their lowest for nine months.