An Iranian missile attack on U.S. forces based in Iraq has sent markets into turmoil and investors racing for safety
SHANGHAI - Financial markets were roiled on Wednesday after Iran fired missiles at U.S. forces in Iraq, sending Asian stocks and U.S. Treasury yields sliding and jolting oil prices higher as investors feared a wider conflict in the Middle East.
“We are getting exaggerated moves but that’s of course volatility playing. Markets simply hate uncertainty. It’s an old adage but it definitely holds true in the current situation - markets can price risks but they can’t price uncertainty,” said James McGlew, executive director of corporate stockbroking at Argonaut in Perth.
Rob Carnell, Asia-Pacific chief economist at ING in Singapore, said possible further escalation of tensions between Iran and the United States could still provoke a prolonged negative market reaction. The yield on benchmark 10-year U.S. Treasury notes last stood at 1.7864%, down from a U.S. close of 1.825% on Tuesday, but up from session lows. U.S. 10-year Treasury futures had earlier peaked at their highest level since November, and were last up 0.24%.The yen, which had hit its strongest point against the greenback since October in morning trade, gave up most of its gains later in the day. The U.S. currency was last down just 0.08% against the yen at 108.33.
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