Asia stocks declined as tensions in the Middle East escalated after Iran's attack on Israel, leading to a shift in investors seeking safer assets. Oil prices fell despite the conflict. The U.S. dollar rose against the Japanese yen. Chinese equities faced challenges after a miss in trade data. Market volatility is expected as uncertainty looms over potential regional war. Gold and Treasury yields rose as investors sought safe havens. Bitcoin rallied after initial losses. Stock markets in Saudi Arabia and Qatar posted modest losses. Brent crude traded around $90 a barrel.
Cryptocurrency prices fell Saturday evening after Iran launched a wave of drones at Israel, marking an early indication of the turmoil that could hit markets as investors start to price in the threat of a broader Middle East war. Bitcoin was down 5% from its price on Friday, while ether sank more than 7%, and XRP tumbled 13.5%, according to CoinMarketCap . That's a sign risk assets will be under pressure. A fuller picture of Wall Street's reaction to Iran's first-ever, full-scale military assault on Israel will come on Sunday evening, when futures trading opens in the U.
Gold prices increased while Asian stocks declined on Monday as Iran's attack on Israel heightened geopolitical tensions in the Middle East. Japan's Nikkei 225 and South Korea's Kospi dropped over 1%, while Hong Kong's Hang Seng Index fell by 0.8%. However, China's Shanghai Composite Index rose by 1.2%. Spot gold reached $2,358 per ounce, rising by 0.6% and hitting an all-time high of $2,431 per ounce on Friday. US gold futures also rose by 0.1%. Oil prices, although settling higher on Friday, slightly retreated during Asian trading hours after Iran's attack which caused minor damage.
Asian stocks were mostly lower after U.S. stock indexes rebounded with Big Tech gains following a previous slide. The KOSPI and foreign exchange rates were monitored at KEB Hana Bank in Seoul, South Korea. Meanwhile, shares in Europe and Asia declined due to U.S. stocks falling from unexpected inflation data.
US stocks ended the week with gains after a two-day rally fueled by the Federal Reserve's March meeting. The S&P 500, Nasdaq, and Dow Jones Industrial Average all saw increases. The Fed's dot-plot predicts three interest-rate cuts for 2024. Bitcoin ETFs experienced significant outflows totaling $836 million. Nasdaq reached a new record high amidst optimism for a reversal in interest rate hikes. FedEx shares rose by 7% following improved operating margins.
Bitcoin surged to over $72,700 driven by approval of spot bitcoin ETFs and anticipation of a halving event limiting new supply. The total crypto market cap reached $2.71 trillion, with bitcoin comprising 52.7%. The CoinMarketCap Crypto Fear & Greed Index is at 89.12 points signaling extreme greed. Bitcoin attracted $2.6 billion inflows in a week. Ether's inflows are down while bitcoin's momentum is also boosted by US spot Bitcoin ETFs and expectations of Federal Reserve interest rate cuts. Gold prices are also surging due to expectations of global rate cuts.
Bitcoin has suffered a sharp pullback from record highs. The world's biggest cryptocurrency fell to $66,885 in the early hours of Friday - down 9%. Only yesterday, the digital asset had been touching an unprecedented price of $74,000. It is difficult to pinpoint a single reason for Bitcoin's sudden contraction, as several are at play. For one, many crypto traders will be taking profits off the table after an extraordinary bull run that's seen BTC surge by 175% over the past 12 months.
Bitcoin reached a new all-time high above $70,000, with a 59% increase this year after the SEC's approval of the first spot bitcoin ETF. Galaxy Digital's Michael Novogratz predicts more growth, mentioning $100,000 as a potential target. Multiple Bitcoin ETFs, including BlackRock's iShares Bitcoin Trust, have made investing in the digital asset more accessible. Global stock markets soared amid hopes of interest rate cuts, with Bitcoin and gold hitting record highs. In the UK, some companies like Just Group and Informa reported strong profits, while Currys plans to sell its Greek and Cypriot business.
Iran launched a barrage of missiles and drones at Israel, with most intercepted, following an attack on its consulate in Damascus. Israeli Prime Minister Benjamin Netanyahu stated that Israel has been preparing for such attacks and will defend itself. Hamas rejected truce proposals in Gaza, leading to ongoing conflict. Iran's allies like Yemen's Huthi rebels and Lebanon's Hezbollah also joined the attack. The UK, France, and Egypt condemned Iran's actions, while Saudi Arabia urged restraint. Egypt placed its air defense on high alert and voiced concern over the escalating tensions.
Iran's attack on Israel on Saturday could have negative implications for Russia's war in Ukraine as it deepens fault lines between Moscow and Tehran, impacting Russia's reliance on Iran as a key arms supplier. The broader conflict in the Middle East could also bolster China's regional influence at Russia's expense, potentially affecting Russia's role as a power broker in the region.
Iran's missile and drone attacks on Israel caused chaos in the aviation industry, leading to the cancellation and rerouting of flights by at least a dozen airlines, including Qantas, Lufthansa, United Airlines, and Air India. This was the most significant disruption since 9/11. Middle East airlines like Emirates, Qatar Airways, and Etihad Airways have resumed operations after the attacks. Lufthansa suspended flights to several Middle Eastern destinations, and United Airlines canceled a Tel Aviv flight. Other airlines like American and Delta are monitoring the situation closely.
Israel cancels school trips and youth activities, places armed forces on full alert due to potential Iranian attack. President Biden cuts short weekend trip to discuss Middle East events after predicting Iranian attack against Israel. Tensions escalated after Iran vowed retaliation for Israel's attack in Damascus. Biden meets with national security team in response to ongoing airborne attack from Iran.
Iran launched a large-scale attack with over 300 drones and missiles at Israel, resulting in some damage and injuries. The attack was in response to an airstrike that hit Iran's consulate in Damascus. Tensions remain high in the Middle East as Israel contemplates its response to the escalation, with approved operational plans for both offensive and defensive actions.
(Bloomberg) -- Aluminum surged by a record on the London Metal Exchange as traders responded to new US and UK sanctions that banned deliveries of Russian supplies produced after midnight on Friday. Most Read from Bloomberg Israel Versus Iran What All-Out War Could Look Like Texas Warns of Possible Power Emergency Next Week Irans Missile Barrage Was an Error Israel Can Gain From Israel Grapples With New Phase in Its Multi-Front War With Iran Apples iPhone Shipments Drop 10% as Android Rivals Rise The restrictions on key industrial metals aimed at curbing President Vladimir Putins ability to fund his war machine are unlikely to stop Russian sales but inject significant uncertainty into commodities markets that have already been reshaped in the aftermath of Russias invasion of Ukraine. Aluminum jumped as much as 9.4%, the most since the current form of the contract was launched in 1987, while nickel rose as much as 8.8%, suggesting brokers are bracing for major supply chain disruption.
Bitcoin reached an all-time high of $70,136.33, only to drop below $67,000 within an hour, showcasing its extreme volatility. The rise was attributed to increased interest from financial firms after the US SEC approved several Bitcoin ETFs. Australian cryptocurrency enthusiasts are optimistic after the price surge, with expectations of further growth. The upcoming halving event, reducing the daily Bitcoin generation to 450, is anticipated to impact the market positively. Speculation surrounds the potential approval of Ethereum ETFs by the SEC, with uncertainties about its complexity compared to Bitcoin.
Bitcoin prices surged to over $72,000 after the UK's Financial Conduct Authority allowed exchanges to list cryptocurrency-linked exchange-traded products for professional investors only. The FCA highlighted the risks associated with crypto assets, maintaining a ban on retail investors from buying crypto-linked ETNs. The London Stock Exchange will accept applications for bitcoin and ether ETNs, aligning with the FCA's decision. This move follows the US approval of spot bitcoin exchange-traded funds from major firms like BlackRock and Fidelity, signaling increased institutional interest in cryptocurrencies.
President Biden's policies of appeasing Iran and withholding consequences for its actions have emboldened Tehran to launch a massive attack on Israel, including ballistic missiles, cruise missiles, and suicide drones. The US pressure on Israel to show restraint against Iran's proxies and the lack of severe consequences for Iran-backed groups like Hezbollah and the Houthis have normalized their attacks. Meanwhile, the US continues to provide sanctions relief to Iran, allowing its oil to flow freely to destinations like China.
MicroStrategy stock is falling after a short seller said Thursday the company is overvalued. The hedge fund Kerrisdale Capital said it is long Bitcoin and short MicroStrategy, whose shares have rallied largely due to the soaring value of cryptocurrency owned by the company. Our thesis is not predicated on a bearish view of bitcoin or MicroStrategy, but rather a belief that the relationship between the two has grown distorted, wrote the hedge fund, who said the stock trades at a premium of more than two times the value of its bitcoin..
Chinese stocks gain as Beijing provides regulatory support; Asian markets mixed with tensions in the Middle East; Indian stock indices close unchanged with realty and banking stocks leading gains after RBI rate decision.
The U.S. military has shot down dozens of ballistic and cruise missiles, along with attack drones, launched by Iran towards Israel. Leaders from countries like the UK, Canada, Germany, and the U.S. have condemned Iran's actions and expressed support for Israel's right to defend itself. President Biden announced a G7 meeting to coordinate a diplomatic response, and China expressed deep concern over the escalating situation, calling for calm and restraint to prevent further conflict.
The Asian Development Bank has raised China's growth forecast to 4.8% in 2024, expecting fiscal policies to drive investment in manufacturing and infrastructure, while also predicting a strong performance in high-tech sectors and foreign direct investment. In India, the ADB increased the GDP growth forecast for the current fiscal to 7%, attributing it to public and private sector investment and improved consumer demand. The bank projected India's growth at 7.2% for 2025-26, emphasizing the country's importance in the Asia-Pacific region.
Israeli antigovernment protesters gathered in Tel Aviv and other parts of the country demanding the government to secure the release of captives held by Hamas in Gaza and calling for early elections. Demonstrators expressed anger at Benjamin Netanyahu's government for its inability to secure the release after six months of fighting. The protests included confrontations between security forces and protesters, with scenes of fires being started and chants against the government's handling of the situation. Ceasefire negotiations in Cairo involving Qatar, Egypt, and the United States are ongoing.
Israel faced an unprecedented attack by Iran, leading to school and university closures for security reasons. The attack on October 7th has heightened a sense of vulnerability and fear among Israelis. The nation is facing a pivotal moment as it is directly attacked by Iran for the first time in history. Israelis feel trapped and are anxious about potential retaliation and the possibility of a broader war in the region. The next 48 hours are crucial as Israel stands on the brink of war with a major regional power.
Winnie Hsu
ABC News
https://www.theguardian.com/profile/graemewearden
Yahoo! News
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