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Stocks Plunge on Iran Escalation; Gold, Oil Surge: Markets Wrap
(Bloomberg) -- U.S. stock futures slumped along with Asian equities and oil prices surged after Iran started an attack on military facilities in Iraq hosting American troops, escalating tensions in the Middle East. Treasuries and the yen rose as haven assets caught a bid.Futures on the S&P 500 Index dropped more than 1%, though moves did ease somewhat with benchmark U.S. Treasury yields off their session lows. Iran fired several rockets at two joint U.S.-Iraqi bases early Wednesday morning in retaliation for the killing of a top Iranian military leader by the U.S. Japanese shares headed for the biggest slide since March, with equities also lower in Hong Kong and Sydney, while shares in Shanghai outperformed. Gold advanced to the highest since 2013.“Markets will likely remain nervous,” Mitul Kotecha, a strategist at TD Securities, said. “Much now depends on the U.S. reaction and whether there is further escalation.”Caution is returning to markets after a bumper 2019 for a range of asset classes amid signs hostilities are moving on to the next stage following the airstrike that killed General Qassem Soleimani last week. Meantime, investors continue to weigh developments on the trade front with the first phase of the U.S.-China trade deal expected by many to be signed on Jan. 15.Read here for more on the ongoing market impact:On Second Thought, Markets Look at U.S.-Iran Risk More SeriouslyGlobal Market Reaction to Iran Rocket Attack in Four ChartsGold Surges Above $1,600 as Iran Attacks Spark Flight to HavensHere are some events to watch for this week:Federal Reserve officials Richard Clarida, John Williams, James Bullard and Charles Evans speak on Thursday.The U.S. monthly employment report is due Friday.These are moves in major markets:StocksFutures on the S&P 500 Index declined 1.3% as of 10:20 a.m. in Tokyo. The underlying gauge fell 0.3% on Tuesday.Japan’s Topix index lost 2.2%.Hong Kong’s Hang Seng retreated 1.1%.The Shanghai Composite Index dipped 0.3%.Australia’s S&P/ASX 200 Index was down 0.9%.South Korea’s Kospi index fell 1.3%.MSCI Asia Pacific Index dropped 1.1%.CurrenciesThe yen rose 0.7% to 107.71 per dollar.The offshore yuan traded at 6.9600 per dollar, down 0.3%.The Bloomberg Dollar Spot Index dipped 0.1%.The euro bought $1.1164, up 0.1%.BondsThe yield on 10-year Treasuries declined nine basis points to 1.73%.Australia’s 10-year yield fell about seven basis points to 1.14%.CommoditiesWest Texas Intermediate crude jumped 4.4% to $65.46 a barrel.Gold rose 2% to $1,605.75 an ounce.\--With assistance from Cormac Mullen.To contact the reporters on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net;Chester Yung in Singapore at kyung33@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Andreea Papuc, Joanna OssingerFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stock-futures-mixed-p-214037773.html?.tsrc=rss
(Bloomberg) -- U.S. stock futures slumped along with Asian equities and oil prices surged after Iran started an attack on military facilities in Iraq hosting American troops, escalating tensions in the Middle East. Treasuries and the yen rose as haven assets caught a bid.Futures on the S&P 500 Index dropped more than 1%, though moves did ease somewhat with benchmark U.S. Treasury yields off their session lows. Iran fired several rockets at two joint U.S.-Iraqi bases early Wednesday morning in retaliation for the killing of a top Iranian military leader by the U.S. Japanese shares headed for the biggest slide since March, with equities also lower in Hong Kong and Sydney, while shares in Shanghai outperformed. Gold advanced to the highest since 2013.“Markets will likely remain nervous,” Mitul Kotecha, a strategist at TD Securities, said. “Much now depends on the U.S. reaction and whether there is further escalation.”Caution is returning to markets after a bumper 2019 for a range of asset classes amid signs hostilities are moving on to the next stage following the airstrike that killed General Qassem Soleimani last week. Meantime, investors continue to weigh developments on the trade front with the first phase of the U.S.-China trade deal expected by many to be signed on Jan. 15.Read here for more on the ongoing market impact:On Second Thought, Markets Look at U.S.-Iran Risk More SeriouslyGlobal Market Reaction to Iran Rocket Attack in Four ChartsGold Surges Above $1,600 as Iran Attacks Spark Flight to HavensHere are some events to watch for this week:Federal Reserve officials Richard Clarida, John Williams, James Bullard and Charles Evans speak on Thursday.The U.S. monthly employment report is due Friday.These are moves in major markets:StocksFutures on the S&P 500 Index declined 1.3% as of 10:20 a.m. in Tokyo. The underlying gauge fell 0.3% on Tuesday.Japan’s Topix index lost 2.2%.Hong Kong’s Hang Seng retreated 1.1%.The Shanghai Composite Index dipped 0.3%.Australia’s S&P/ASX 200 Index was down 0.9%.South Korea’s Kospi index fell 1.3%.MSCI Asia Pacific Index dropped 1.1%.CurrenciesThe yen rose 0.7% to 107.71 per dollar.The offshore yuan traded at 6.9600 per dollar, down 0.3%.The Bloomberg Dollar Spot Index dipped 0.1%.The euro bought $1.1164, up 0.1%.BondsThe yield on 10-year Treasuries declined nine basis points to 1.73%.Australia’s 10-year yield fell about seven basis points to 1.14%.CommoditiesWest Texas Intermediate crude jumped 4.4% to $65.46 a barrel.Gold rose 2% to $1,605.75 an ounce.\--With assistance from Cormac Mullen.To contact the reporters on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net;Chester Yung in Singapore at kyung33@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Andreea Papuc, Joanna OssingerFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stock-futures-mixed-p-214037773.html?.tsrc=rss
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