Iran Attacks Israel: Asian Stock Markets Tumble, Oil Extends Gains
Iran Attacks Israel: Iran launched a missile attack on Israel on Tuesday in a major escalation in the raging conflict in the Middle East. According to state media, more than 180 missiles were launched towards Israel. The Times of Israel reported that sirens continue to sound across Israel amid the attack. Iran’s state media has also confirmed the Iranian attack towards Israel.
Oil advanced after tensions in the Middle East flared up. However, Most of the Asian stock markets sank on Wednesday.
Japan's Nikkei slumped 1.5% whereas while South Korea's KOSPI dropped approximately 1.3% during the trade. MSCI's broadest index of Asia-Pacific shares also slipped about 0.5%. Indian stock market is closed today on account of Gandhi Jayanti.
Meanwhile, Hong Kong share markets extend gains. Investor sentiment continues to be buoyed by Beijing’s aggressive policy push, with mainland markets closed for China’s weeklong National Day holidays. Hong Kong’s benchmark Hang Seng Index is up 6.0%.
Australia's benchmark also lost 0.3% during trade. Trading in Taiwan was suspended due to a typhoon and Mainland Chinese markets are shut for the week-long Golden Week holiday.
On the other hand, crude oil pushed higher on the risk of supply disruptions. Investors flocked to safer assets, pushing US Treasury bond yields down in Asian time, while gold hovered near an all-time high. The dollar traded near to its strongest in three weeks versus the euro.
