Binance says it is now available to Syrian residents
Crypto currency exchange Binance on Thursday said it has granted full access to Binance products and services to Syrian residents.
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CNA
an hour ago
- CNA
Stocks tumble, oil prices jump after Israel attacks Iran
LONDON :World stock markets tumbled on Friday and oil prices surged as Israel launched a military strike on Iran, sparking a rush into safe havens such as gold, dollar and Swiss franc. An escalation in the Middle East - a major oil-producing region - adds uncertainty to financial markets at a time of heightened pressure on the global economy from U.S. President Donald Trump's aggressive and erratic trade policies. Market reaction was swift. Crude oil jumped as much as 14 per cent at one point to almost $79 a barrel, before pulling back to around $74 - still up more than 5 per cent on the day and set for the biggest one-day jump since 2022. U.S. oil futures rose over $5 t0 $73.14. Gold, a classic safe-haven at times of global uncertainty, rose to $3,416 per ounce, bringing it close to the record high of $3,500.05 from April. The rush to safety was matched by a dash out of risk assets. U.S. stock futures fell over 1.5 per cent, European shares dropped 1 per cent at the open and in Asia, major bourses in Japan, South Korea and Hong Kong fell over 1 per cent each. "Clearly the big question is how far does this go?," said Chris Scicluna, head of economic research at Daiwa Capital Markets in London, referring to the Middle East tension. "The market has got it right in terms of stocks down, oil and gold up." Israel launched wide scale strikes against Iran, saying it targeted nuclear facilities, ballistic missile factories and military commanders during the start of a prolonged operation to prevent Tehran from building an atomic weapon. Iran had launched about 100 drones towards Israeli territory in retaliation, which Israel is working to intercept, an Israeli military spokesman said. Washington said it was not involved in the Israeli offensive. The developments mean another major geopolitical tail risk has now become a reality at a time when investors are wrestling with major shifts in U.S. economic and trade policies. "The geopolitical escalation adds another layer of uncertainty to already fragile sentiment," said Charu Chanana, chief investment strategist at Saxo, adding that crude oil and safe-haven assets will remain on an upward trajectory if tensions continue to intensify. The Israeli shekel fell almost 2 per cent and long-dated dollar bonds for Israel, Egypt and Pakistan slipped. SAFE-HAVEN RUSH U.S. Treasuries were bought in the rush for safer assets, sending the yield on 10-year notes to a one-month low of 4.31 per cent. Bond yields move inversely to prices. Germany's 10-year bond yield touched its lowest level since early March at around 2.42 per cent. Daiwa's Scicluna said a further push higher in oil prices could dampen expectations for central bank rate cuts. "The ultimate response in bond markets to geopolitics is going to depend on how sharp the rise in energy prices is going to be," he said. Some traders were attracted to the dollar as a haven, with the dollar index up 0.6 per cent to 98.277, retracing most of Thursday's sizeable decline. Still, the dollar is down 1 per cent for the week in a sign that sentiment towards the greenback remains bearish. The Swiss franc briefly touched its strongest level against the dollar since April 21, before trading 0.2 per cent lower at around 0.8118 per dollar. Fellow safe haven the Japanese yen edged down 0.2 per cent to 143.79 per dollar, giving up earlier gains of 0.3 per cent. The euro was down 0.4 per cent at $1.1534, after rising on Thursday to the highest since October 2021. Sterling slipped 0.4 per cent to $1.3556, after marking a fresh high since February 2022 at $1.3613 early in the day. "Traders are now on edge over the prospects of a full-blown Middle East conflict," said Matt Simpson, a senior market analyst at City Index.
CNA
3 hours ago
- CNA
Stocks tumble, oil soars as Israel's strike on Iran jolts markets
TOKYO :Global stock markets dived on Friday and oil prices surged after Israel conducted a military strike on Iran, rattling investors and sparking a shift towards safe havens such as gold and the Swiss franc. The escalation in hostilities in the Middle East - a major oil-producing region - adds a fresh layer of uncertainty for financial markets at a time of heightened pressure on the global economy from U.S. President Donald Trump's aggressive and erratic trade policies. Market reaction was swift. Crude oil jumped as much as 14 per cent at one point, with Brent futures up $5.43 at $74.79 per barrel at 0541 GMT, and WTI futures up $5.55 at $73.59 per barrel. Gold climbed as high as $3,444.06 per ounce, bringing it close to the record high of $3,500.05 from April. U.S. S&P E-mini futures slumped 1.6 per cent and Nasdaq futures dropped 1.7 per cent. Pan-European STOXX 50 futures tumbled 1.7 per cent. Japan's Nikkei lost 1.1 per cent, South Korea's KOSPI dropped 1.3 per cent and Hong Kong's Hang Seng declined 1 per cent. "The geopolitical escalation adds another layer of uncertainty to already fragile sentiment," said Charu Chanana, chief investment strategist at Saxo, adding that crude oil and safe-haven assets will remain on an upward trajectory if tensions continue to intensify. Global stock markets had been poised for a fall following an almost unbroken rally since early April that took the MSCI All-Country World index to an all-time high this week, according to Jessica Amir, a strategist at MooMoo. "There's room for fat to be taken off the table," she said. "It just appears that this is the catalyst that will probably send equities down lower." Israel said its "preemptive strike" targeted Iranian nuclear facilities, ballistic missile factories and military commanders to prevent Tehran from building an atomic weapon. Iran had launched about 100 drones towards Israeli territory in retaliation, which Israel is working to intercept, an Israeli military spokesman said. Iranian state media confirmed on Friday the death of Iran's Revolutionary Guards Commander Hossein Salami in the strikes, with six nuclear scientists also killed. U.S. Secretary of State Marco Rubio called the Israeli offensive a "unilateral action" and said that Washington was not involved. Tensions had been building as Trump's efforts to reach a nuclear deal with Iran appear to be deadlocked. U.S. and Iranian officials were scheduled to hold a sixth round of talks on Tehran's escalating uranium enrichment programme in Oman on Sunday. The latest flare-up in fighting in the Middle East comes as investors have been wrestling with major shifts in U.S. economic and trade policies, as Trump has shredded the playbooks that have governed international trade and the world order for decades. U.S. Treasuries were bought in the rush for safer assets, sending the yield on 10-year notes to a one-month low of 4.31 per cent. Some traders were attracted to the dollar as a haven, with the dollar index up 0.6 per cent to 98.277, retracing most of Thursday's sizeable decline. The Swiss franc was also in demand, but was flat against the dollar at 0.8107. Fellow safe haven the yen edged down 0.1 per cent to 143.71 per dollar, giving up earlier gains of 0.3 per cent. The euro sank 0.6 per cent to $1.1521, retracing most of its 0.9 per cent overnight jump to the highest since October 2021. Sterling skidded 0.6 per cent to $1.3540, after marking a fresh high since February 2022 at $1.3613 early in the day. "Traders are now on edge over the prospects of a full-blown Middle East conflict," said Matt Simpson, a senior market analyst at City Index.
CNA
5 hours ago
- CNA
Financially independent but still working? It's a possibility worth exploring
Over the past decade, the FIRE movement (Financial Independence, Retire Early) has been gaining widespread popularity online, inspiring and motivating more people to manage their money better in order to retire sooner. Some fantasise about how they can 'fire' their boss once they retire early. Others dream of being able to stop working entirely to spend time on family or passion projects. There's nothing wrong with FIRE as a goal, but true financial freedom can look very different from the picture this ethos paints. NO LONGER TRAPPED BY OUR NEXT PAY CHEQUE The relationship between our work and finances is a tightly entwined one – most of us need our next pay cheque in order to cover our living expenses and bills, so we keep working. As such, it can be easy to equate the idea of 'financial freedom' with that of 'freedom from work'. But in reality, financial independence and early retirement are two distinct, different things. Not everyone wants to stop working. Studies show that purpose and productivity are essential for our long-term happiness – even post-retirement. Many who reach financial independence continue working, not because they have to but because they want to. But what financial freedom really gives us is the power to make decisions about how we work without worrying too much about financial repercussions. It allows us to choose roles that align with our values, take breaks when needed, or say no to toxic work environments. When we're no longer trapped by the need to rely heavily on our next pay cheque, we gain the freedom to work for our own growth and purpose. WHAT IS YOUR VERSION OF FIRE? The original FIRE ethos called for saving aggressively (usually more than half your income) and investing wisely so you can retire early. It sounded great in theory, but for most, it often required high income and extreme frugality. Today, the FIRE movement has evolved to encompass varying definitions of financial independence. It is no longer about reaching an end goal, but more about the type of lifestyle we desire and the level our finances will need to hit in order to support our aspirations. For instance, 'Lean FIRE' refers to a minimalist lifestyle where you retire with a lower budget. There's also 'Barista FIRE', describing a point where withdrawing from your savings and investments can cover your major expenses and bills, while you supplement the shortfall with part-time or passion-based work (such as being a barista). These newer variations of FIRE may seem like dilutions or compromises – but in reality, they are just as true to the core essence of financial freedom. True financial freedom empowers us with choice rather than demanding retirement. It should mean more options, not less. This shift in mindset can be liberating. Instead of chasing a retirement date or age, we can focus on building a lifestyle where money supports flexibility, purpose, and well-being rather than escape. Perhaps you might decide to stay in your current job, but negotiate fewer work hours that would allow you to care for your children or ailing parents. You might explore part-time roles, start a small business, or pull a Jeremy Tan and pursue advocacy for change (even if it's not as an independent candidate in a general election). ARE WE LOOKING FOR ESCAPE, OR A BETTER BALANCE? Out of all the people I know who've successfully achieved financial independence, the happiest ones are those who never quit working – but it's not because they particularly love slogging. A friend downsized his role to two days a week to spend more time looking after his mother after her cancer diagnosis. Another stopped chasing yearly pay increments and started mentoring juniors instead, finding deeper fulfilment in growing the next generation than a fatter pay cheque. Clearly, the real problem isn't work itself – many people find meaning, identity, and purpose through their work. Rather, it is the lack of control over what, how, when, and why we work that has us dissatisfied. Financial freedom can still mean not working at all, but it's important for us to understand that this isn't the only version of true freedom. Maybe it'll mean a smaller pay cheque, but while it may look to others like you're settling for less, you're in fact gaining more in time, autonomy, and peace of mind. Ironically, when we do work that we're passionate about – work that energises us instead of draining us – we are much more likely to stay the course. WE DON'T HAVE TO WAIT Even so, I get why FIRE remains so popular not just in Singapore but around the world. Trying to achieve financial security is getting trickier and trickier, especially in a world where inflation only seems to keep climbing and job stability is quickly vanishing in the face of repeated layoffs and the proliferation of artificial intelligence. That's why the FIRE movement appeals to millions of people around the world, because it seems to offer a solution. A way to regain control. But the core tenet of financial independence was never about never working again – it was about never needing to work out of fear or survival. So instead of running towards an arbitrary finish line, consider the path you're on instead. Is there a way to redesign the way work fits into your life now? We don't have to wait until we retire, whether it's early or not.
