Stocks whipsawed as Iran strikes on Iraqi US bases stoke fear of wider Mideast war

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Stocks whipsawed as Iran strikes on Iraqi US bases stoke fear of wider Mideast war

On Wednesday, the 8th of January 2020, a slew of Asia-Pacific stock indices wrapped up the day broadly lower and Europe started off the day in a much-hesitant node after Iran had fired as little as 22 ballistic missiles at local time 01:30 a.m.

on two Iraqi US-bases as part of its retaliation of US killing of Irani Military General Qassem Sulemani last week, while gold gains as safe-haven appeal surges over frets of a wider Mideast war and both Brent and US crude oil futures’ prices added more than 1 per cent in early European trading.

Irani state television said Iran’s missile attack on two US bases in Iraq came hours after the funeral of General Qassem Sulemani, long-hailed as the second-in-command in Tehran, while claiming the responsibility of the attack, Tehran said more than “80 US terrorists” died in the attack and there had been mass casualties on the bases.

Nonetheless, White House declined any casualties and US President Donald Trump tweeted shortly after the attack, “All is Well!” adding he would address the nation in a speech on Wednesday (January 8th) morning US hours.

As Asia-Pacific financial markets were toiled on Wednesday (January 8th), MSCI’s broadest index of Asia-Pacific outside Japan ended up the day down by 0.5 per cent after falling more than 1 per cent earlier in the trading session, while China’s blue-chip CSI 300 rounded off the day 0.48 per cent lower and Bombay stock exchange was down by 0.38 per cent on midday trading.

During preparation of the report, early European trading hours, London, Madrid, Frankfurt and Paris, all opened up the day more than 0.50 per cent lower, while spot gold was trading 0.74 per cent higher to $1585.94 an ounce, and US alongside UK crude futures’ prices were up by 0.88 per cent to $63.08 a barrel and 1.12 per cent to $68.83 per barrel respectively.