Iran Israel war turning into World War 3? Global stock markets, dollar rate today show shocking hints
World War 3
fear seems to grip the prominent stock markets today even though President Donald Trump is yet to take the final decision as concerns mounted over possible US involvement in the Iran-Israel air war. Global stocks fell and the dollar rose on Thursday and the strikes and counter strikes between Tehran and Tel Aviv have ignited a rally in the oil price this week.
Gold Price, USD Dollar Rate
Gold, which tends to struggle when the dollar gains, pared earlier losses to trade at $3,372 an ounce, up 0.1 per cent on the day. The US dollar itself rose broadly, leaving the euro down 0.1 per cent at $1.1466 and the Australian and New Zealand dollars - both risk-linked currencies - down 0.7 per cent and 1 per cent, respectively.
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Much of the recent nervousness in markets has been centred around crude supply shocks from the Middle East, which has driven the price of crude oil up by 11 per cent in a week. Brent crude rose by as much as nearly 1 per cent to $77.40 a barrel, close to its highest since January.
US Stock Market, Share Market in Europe
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U.S. S&P 500 futures fell 0.5 per cent, although most U.S. markets - including Wall Street and the Treasury market - will be closed on Thursday for a public holiday. In Europe, stocks fell for a third day, leaving the STOXX 600 down nearly 2.5 per cent on the week, set for its biggest week-on-week decline since the tariff-induced turmoil of April.
Central Banks
On the geopolitical front, President Trump kept the world guessing about whether the United States would join Israel's bombardment of Iranian nuclear sites, telling reporters outside the White House on Thursday; "I may do it. I may not do it." A flurry of central bank decisions in Europe highlighted how Trump's erratic approach to trade and tariffs has complicated the job of central bankers in setting monetary policy, Reuters reported.
Overnight, the Federal Reserve delivered mixed signals to markets. Much to Trump's displeasure, policymakers held rates steady as expected and retained projections for two quarter-point rate cuts this year.
The Bank of England left UK rates unchanged, as expected, and policymakers said trade policy uncertainty would continue to hurt the economy, triggering a drop in the pound.
The Norges Bank surprised markets with a quarter-point cut that weighed on the crown currency, while the
Swiss National Bank cut interest rates to zero, as expected, but the fact it did not go below zero gave the franc a lift, leaving the dollar down 0.1 per cent at 0.8184 francs.
FAQs
Q1. Who is President of USA?
A1. President of USA is Donald Trump.
Q2. Are US Stock Markets closed today?
A2. Most U.S. markets - including Wall Street and the Treasury market - will be closed on Thursday for a public holiday.
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