Energy crisis tearing through global stock markets leaves a trail of losers

The inflation surge has also prompted an aggressive response from the world's major central banks

The energy crisis that’s sent inflation soaring across the world is getting worse each week, leaving stock traders with a challenge to figure out where to put their money.

The nightmare scenario that’s developed this year has already walloped equities, which suffered a bruising first half. A rally over the summer helped to reduce losses, but the worsening crisis, which appears nowhere near over, is putting up a huge hurdle to further gains. The surge in power prices, along with threats to supply, is affecting businesses from China to Germany to the US.  

Germany’s heavy reliance on Russian fuels has left its