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Daily Maverick
an hour ago
- Business
- Daily Maverick
Stocks tumble, oil soars as Israel's strike on Iran roils investors
Crude surges 9% on supply risks, gold less than $100 from record Wall Street futures slump 1.7%, Japan's Nikkei drops 1.3% Iranian media confirms killing of Revolutionary Guards chief By Kevin Buckland TOKYO, June 13 (Reuters) – Stocks dived in Asian trade on Friday, led by a selloff in Wall Street futures, while oil prices surged after Israel conducted a military strike on Iran, sending investors scurrying to 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 US President Donald Trump's aggressive and erratic trade policies. Market reaction was swift. Crude oil jumped about 9%, with Brent futures rallying $6 to $75.36 per barrel and WTI futures $6.16 higher at $74.20 per barrel by 0228 GMT. Gold climbed 1.5% to about $3,434 per ounce, taking it closer to the record high of $3,500.05 from April. US S&P E-mini futures slumped 1.7% and Nasdaq futures kidded 1.8%. Pan-European STOXX 50 futures tumbled 1.6%. Japan's Nikkei lost 1.3%, South Korea's KOSPI dropped 1.1% and Hong Kong's Hang Seng declined 0.8%. '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 stocks 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 it was declaring a state of emergency in anticipation of a missile and drone strike by Tehran, after what it called a 'preemptive strike' over Iran's nuclear programme. Iranian state media confirmed on Friday the killing of Iran's Revolutionary Guards Commander Hossein Salami in the Israeli strike. An Israeli defence official had earlier said members of Iran's general staff, including the chief of staff and several senior nuclear scientists were likely killed. USSecretary of State Marco Rubio called Israel's strikes against Iran a 'unilateral action' and said Washington was not involved. Tensions had been building as Trump's efforts to reach a nuclear deal with Iran appear to be deadlocked. USand Iranian officials were scheduled to hold a sixth round of talks on Tehran's escalating uranium enrichment programme in Oman on Sunday, according to officials from both countries and their Omani mediators. Treasuries were bought in the rush for safer assets, sending the yield on 10-year notesto a one-month low of 4.31%. The Swiss franc gained about 0.4% to 0.8072 per US dollar, and fellow safe haven the yen appreciated 0.3% to 143.12 per dollar. Some traders were also attracted to the dollar as a haven, with the dollar up 0.5% to 98.131. The euro eased 0.4% to $1.1538, giving back a little of its 0.9% overnight jump to the highest since October 2021. Sterling slipped 0.5% to $1.3554, after marking a fresh high since February 2022 at $1.3613 early in the day. 'While we await further news and a potential response from Iran, we are likely to see a further deterioration in risk sentiment as traders cut risk seeking positions ahead of the weekend,' said Tony Sycamore, an analyst at IG.
Time of India
4 hours ago
- Business
- Time of India
Asian stocks slide, oil and gold jump after Israel strikes Iran
Stocks dived in early Asian trade on Friday, led by a selloff in U.S. futures, while oil prices jumped after Israel conducted a military strike on Iran, sending investors scurrying to safe havens such as gold and the Swiss franc. The Israeli attack raises the risk of a fresh escalation in tensions in the Middle East, a major oil producing region, and comes at a time of heightened pressure on the global economy and financial markets from U.S. President Donald Trump's shakeup of trade policies. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Undo Market reaction was swift, with U.S. S&P E-mini futures slumping 1.5% as of 0055 GMT and Nasdaq futures skidding 1.7%. Japan's Nikkei lost 1.4% and South Korea's KOSPI slipped 1.2%. Brent crude jumped more than 6% to $73.56 per barrel. Gold climbed 1% to about $3,419 per ounce. Live Events Israel said it was declaring a state of emergency in anticipation of a missile and drone strike by Tehran, after what it called a "preemptive strike" over Iran's nuclear programme. Explosions were heard northeast of Iran's capital Tehran early on Friday, the state-run Nour News said. Two U.S. officials who spoke on condition of anonymity said Israel had begun carrying out strikes on Iran and there was no U.S. assistance or involvement in the operation. CNN reported that Trump was convening a cabinet meeting. "Traders are scurrying for safety as reports of a strike on Iran cross the wires," said Karl Schamotta, chief market strategist at Corpay in Toronto. "But details on the scale and magnitude of the attack remain scarce and moves have been relatively limited thus far." 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, according to officials from both countries and their Omani mediators. The Swiss franc gained about 0.4% to 0.8072 per U.S. dollar, and fellow safe haven the yen appreciated 0.3% to 143.06 per dollar. The euro eased 0.3% to $1.1553, giving back a little of its 0.9% overnight jump.
Straits Times
4 hours ago
- Business
- Straits Times
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 Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
5 hours ago
- Business
- Yahoo
Stocks slide, oil and gold jump after Israel strikes Iran
By Kevin Buckland TOKYO (Reuters) -Stocks dived in early Asian trade on Friday, led by a selloff in U.S. 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. U.S. S&P e-mini futures slumped 1.1% as of 0018 GMT and Nasdaq futures skidded 1.3%. Japan's Nikkei lost 1% and South Korea's KOSPI slipped 0.6%. Most other regional markets had yet to open. Brent crude jumped about 5% to $72.76 per barrel. Gold added 0.8% to $3,410 per ounce. The Swiss franc gained about 0.5% to 0.8060 per U.S. dollar, and fellow safe haven the yen appreciated 0.4% to 142.89 per dollar. Israel has begun carrying out strikes on Iran, two U.S. officials told Reuters on Thursday, adding there was no U.S. assistance or involvement in the operation.
Hamilton Spectator
7 hours ago
- Business
- Hamilton Spectator
Canada could gain as global investors rethink U.S. emphasis: BNP economist
TORONTO - Canada stands to gain as global investors rethink their focus on the United States, the chief economist at one of Europe's largest banks says. BNP Paribas chief economist Isabelle Mateos y Lago said in an interview that the volatility in the U.S. is making investors regain an appreciation of the value of stable returns and predictability, even if it means giving up some of the outsized gains it has offered in recent years. 'The general situation is every investor on the face of the planet has been very overweight (the) U.S. economy, and is now going through a thought process of thinking, maybe I shouldn't be so overweight the U.S. economy, and I need to diversify and find alternatives,' she said. 'So every other geography is going through a bit of a beauty contest right now in the eyes of global investors, and has an opportunity to shine, and I think Canada is one of those.' Mateos y Lago, who was in Toronto this week visiting clients, said Canada's recent election helps give the country some momentum, while efforts to address structural barriers like internal trade will also help growth. 'It's a moment of opportunity and so I would be shocked if Canada didn't benefit from it.' The effects of investors shifting away from the U.S. can already be seen in Canada's main stock index, as the S&P/TSX composite hit record highs this week. Mateos y Lago, who was chief markets strategist at U.S. investment manager BlackRock before taking the top economist job at BNP last year, said the focus on the U.S. in recent years has also meant other markets are relatively cheap, helping make them opportunities worth looking at. European countries are looking to Canada as a source of trade diversification, just as Canada is looking across the Atlantic. Geography does present challenges, but otherwise there's much going for increased ties including language, culture and regulations, she said. 'There are obvious complementarities, and things that should make this easier than with some other potential trade counterparts,' said Mateos y Lago. 'There's a renewed momentum on both sides to try and diversify from the U.S. market, and so this mutual interest, I'm sure the talks will be fruitful.' While Canada already has free trade deals in place with Europe, along with many other partners, Mateos y Lago said there's room to be more ambitious by further reducing tariffs and trade barriers between partners. Prime Minister Mark Carney will have an opportunity to talk directly with his European counterparts as G7 leaders, which include France, Germany, Italy and the United Kingdom along with Japan and the U.S., are set to meet next week in Alberta. As chair of the G7 this year, Canada has an important role to play in trying to save and preserve the rules-based global order that has benefited so many, said Mateos y Lago. 'Canada is one of the countries that can help emphasize the interests that all the key economies have in common, and keep working together and trying to safeguard as much of the existing system of rules as can be because that will be to the benefit of all,' she said. 'The more we see that there is common ground still across all the members of the G7, and maybe on some issues with the broader invited guests, I think the more that will be a sign to economic agents everywhere that it's OK, that the house is still standing.' This report by The Canadian Press was first published June 12, 2025.
