German bOSSES can’t catch a break. Since Russia’s invasion of Ukraine nearly three years ago their firms have been pummelled by surging energy prices, slowing demand in China, stiffening competition, fractious workers and a dysfunctional (though soon to be ousted) government. Shares in German companies have risen by just 3% since the start of 2022, compared with 16% for those in rich countries as a whole (see chart). Now the country’s CEOs are wringing their hands over Donald Trump’s return to power.