Latest news with #safeHavenAssets
Yahoo
11 hours ago
- Business
- Yahoo
TSX futures fall as Middle East concerns grip markets
(Reuters) -Futures tied to Canada's main stock index fell on Tuesday as the Iran-Israel conflict entered its fifth day, with investors fleeing to safe-haven assets on fears that the tensions could spiral into broader regional unrest. June futures on the S&P/TSX index were down 0.2% 06:49 a.m. ET (1049 GMT). U.S. President Donald Trump said he wanted a "real end" to the nuclear problem with Iran after departing early from the Group of Seven summit in Canada, but clarified that it had "nothing to do" with working on a ceasefire. The G7 has struggled to find unity over conflicts in Ukraine and the Middle East as Trump overtly expressed support for Russian President Vladimir Putin and has imposed tariffs on many of the allies present. Oil prices climbed as analysts said uncertainty would keep prices elevated, despite no concrete signs of production losses from the conflict. [O/R] Meanwhile, gold prices also edged higher as investors flocked to traditional safe-haven assets amid heightened uncertainty. [GOL/] In a surprise move on Monday, Canadian Prime Minister Mark Carney said he had agreed with Trump that their two nations should try to wrap up a new economic and security deal within 30 days. Toronto's S&P/TSX composite index rose on Monday and briefly touched an all-time high, as information and technology shares drove a broader rebound from the previous session's losses when the Middle East tensions first erupted. Investors now await Wednesday's Federal Reserve interest rate decision. Markets widely expect the U.S. central bank to leave rates unchanged, and will focus on hints about potential rate cuts in coming months. In corporate news, women's clothing retailer Groupe Dynamite beat analysts' estimates for first quarter profit and revenue. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report [.TO] Canadian dollar and bonds report [CAD/] [CA/] Reuters global stocks poll for Canada Canadian markets directory
CNA
4 days ago
- Business
- CNA
Dollar gains, buoyed by safe-haven demand amid rising geopolitical tensions
NEW YORK :The U.S. dollar gained against major currencies, including the euro and yen, on Friday as markets sought safe-haven assets amid rising geopolitical tensions following the outbreak of an Israeli-Iranian conflict. Israel launched a barrage of strikes across Iran on Friday, attacking nuclear facilities and missile factories and killing a swath of military commanders. Iran responded with an armada of drones against Israeli targets. U.S. President Donald Trump, Israel's main ally, urged Iran to reach a deal on its nuclear program, suggesting that Tehran had brought the attack on itself by resisting a U.S. ultimatum in talks to restrict its uranium enrichment. The dollar gained 0.62 per cent to 144.36 against the Japanese yen and rose 0.39 per cent to 0.813 against the Swiss franc, with the greenback on track to snap two straight sessions of losses against safe-haven currencies. The dollar, however, is still poised for a weekly loss against both the yen and the franc, with markets worried about Trump's tariffs. Juan Perez, director of trading at Monex USA in Washington, said the U.S. dollar tends to gain in times of physical uncertainty and chaos including the Israel-Iran conflict, although tariffs remain the main concern among investors. "This (Israel-Iran conflict) just landed on us but the main concern remains tariffs and obstacles to global trade," Perez said. "When you actually have a physical situation and potential for armed conflict to be prolonged and to escalate, the U.S. dollar and gold jump into safe-haven assets. It's a bit of a psychological reaction." The euro was down 0.67 per cent at $1.1505, on track to snap four straight sessions of gains. It is on track, however, for the second consecutive weekly gain against the dollar. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.82 per cent to 98.48, snapping two straight sessions of losses. It is still set for a second consecutive week of losses. Gold prices jumped amid safe-haven demand. Spot gold rose 1.68 per cent to $3,441.04 an ounce. Oil prices jumped 7 per cent to multi-month highs, buoyed by the Israeli-Iran conflict. Brent rose 7 per cent to $74.23 per barrel. "It's difficult to fix every single item that we are facing this year that has crushed the market's ability to believe in the U.S. dollar," Perez added. "But at the same time, when it comes to the military and physical aggression or armed conflict, it seems like globally there's still a consensus that you should jump towards historically the safest assets, which is the U.S. dollar as a currency and gold as a commodity to hold on to."
