Shares wobble as Middle East strife fuels gains in oil, gold
© Reuters. A passerby walks past an electric monitor displaying various countries' stock price index outside a bank in Tokyo, Japan, March 22, 2023. REUTERS/Issei Kato/File photoLONDON - Global shares steadied on Wednesday, while unease among investors about the risk of a widening conflict in the Middle East translated into a rise in the price of oil and gold.
Bond markets took a battering the previous day, after U.S. retail sales increased more than expected last month, cementing expectations that economic growth picked up more than expected in the third quarter. Investor sentiment was fragile, as Israeli and Palestinian authorities traded blame for the blast that killed hundreds at a Gaza hospital, complicating U.S. President Joe Biden's already fraught trip to the region.
"The dominant force remains this reality of inflation and what it means for central banks and how U.S. exceptionalism keeps alive the risk of upsetting the Fed down the road," Lombard Odier chief economist Samy Chaar said.
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