Asia stocks tumble, oil jumps over 6% and gold rallies after Israel strikes Iran
Japan's Nikkei lost 1 per cent and South Korea's Kospi slipped 0.6 per cent. Most other regional markets had yet to open. PHOTO: AFP
Asia stocks tumble, oil jumps over 6% and gold rallies after Israel strikes Iran
TOKYO - Stocks tumbled in early Asian trade on June 13, led by a sell-off in US futures while safe havens like gold and the Swiss franc climbed along with crude oil prices on news that Israel had conducted a military strike on Iran.
US S&P e-mini futures slumped 1.1 per cent as of 0018 GMT and Nasdaq futures skidded 1.3 per cent.
Japan's Nikkei lost 1 per cent and South Korea's Kospi slipped 0.6 per cent. Most other regional markets had yet to open.
Oil prices jumped on concerns that escalating conflict in the Middle East may affect crude supplies.
West Texas Intermediate, the US benchmark, jumped US$4.35, or 6.4 per cent, to US$72.39 a barrel at 0029 GMT, while Brent crude futures were up US$4.02, or 5.8 per cent, at US$73.38
Gold added 0.8 per cent to US $3,410 per ounce.
The Swiss franc gained about 0.5 per cent to 0.8060 per US dollar, and fellow safe haven the yen rose 0.4 per cent to 142.89 per dollar.
Israel launched airstrikes on Iran, in a major escalation in the standoff over Tehran's nuclear programme that risks sparking a new war in the Middle East.
Explosions were heard in Tehran, according to local media. Iran had previously vowed to respond to any attack.
Israeli Defense Minister Israel Katz said in a statement he's declaring a special state of emergency due to Israel's 'preemptive strike against Iran.' Israel is anticipating a retaliatory drone and missile attack, Mr Katz said in a statement. REUTERS, BLOOMBERG
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