Israel-Iran tensions fuel fears in global markets
THE latest escalation of geopolitical tensions in the Middle East, caused by Israel's airstrikes on Iran, overshadowed optimism in global markets brought about by US-China trade talks, while concerns over further escalation heightened risk sentiment, Anadolu Ajansi reported.
While a new US deal with China, its most important trading partner, and growing expectations of compromise with other countries supported equity markets, investors shifted their focus to geopolitical risks after Israel's latest attack on Iran.
Following the attack, sharp movements were seen in Brent oil. Amid supply concerns, the price of Brent oil rose to $76.3 a barrel, its highest level since February. The barrel price of Brent oil is currently trading at $73.44, up 5.4 per cent as of 0620GMT.
After the ounce price of gold rose to $3,445 on Friday, it stabilised at around $3,425, up 1.1 per cent.
Index futures contracts in Europe began the new day negatively amid rising war concerns. The FTSE 100 futures index in the UK lost 0.3 per cent, the CAC 40 futures index in France and the DAX 40 futures in Germany lost around 1.6 per cent, and the FTSE MIB 30 futures in Italy lost 0.7 per cent.
In Asia, the Nikkei 225 index in Japan fell 1.2 per cent, the Kospi index in South Korea 1.3 per cent, the Shanghai Composite index in China 0.7 per cent, and the Hang Seng index in Hong Kong 0.8 per cent.
The Israeli strikes began around 3 a.m. local time (2330GMT) and targeted both military and nuclear facilities, as well as residential areas, according to Iranian media reports.
In response, Iran launched over 100 drones towards Israel in recent hours, and interception efforts are ongoing.
Both countries have been preparing for potential military confrontation, with Iran reportedly developing counterstrike plans involving ballistic missiles targeting Israeli territory.— BERNAMA-ANADOLU
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