Asian shares plumbed a fresh 11-month trough on Friday as fears of a regional conflict in the Middle East intensified and as a relentless rise in long-term...
FILE PHOTO: A woman walks past a man examining an electronic board showing Japan's Nikkei average and stock quotations in TokyoSYDNEY - Asian shares plumbed a fresh 11-month trough on Friday as fears of a regional conflict in the Middle East intensified and as a relentless rise in long-term U.S. yields pressured valuations, while supply concerns lifted oil prices further.
MSCI's broadest index of Asia-Pacific shares outside Japan skidded 0.8% to a fresh low since November last year, bringing the weekly loss to a sizeable 3%. Tokyo's Nikkei fell 1% and was down 3.6% for the week. On the geopolitical front, fears of a spreading regional conflict are rising after the U.S. intercepted three cruise missiles and several drones launched by the Iran-aligned Houthi movement from Yemen potentially toward Israel.
"The markets are shuffling nervously as they await a move: gold and oil, as the most apparent indicators of sentiment towards the conflict, continue to rise."Gold prices scaled a fresh two-month peak of $1982.09 per ounce, the highest since late July, as investors sought safe-haven assets in the turmoil.
However, Powell walked a narrow line in his remarks, leaving open the possible need for more rate hikes because the economy had proved stronger than expected, but also noting emerging risks and a need to move with care. "Now we’re talking about not just the Ukraine-Russia conflict, that front, but now you have another front, that’s in the Middle East that has to be satisfied... The U.S. is going to need more and more supply in terms of what we auction to pay for all of this."
France Dernières Nouvelles, France Actualités
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