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European stocks fell on Tuesday after Israel’s military commander vowed to respond to Iranian attacks on his country, while Wall Street stocks meandered to close largely flat.
Wall Street’s major indexes ended a volatile session little changed, although heavy losses in Asia carried over into European trading.
Meanwhile, Federal Reserve Chairman Jerome Powell said curbing inflation could take “longer than expected” after recent economic data dampened expectations for interest rate cuts. .
As the Gaza conflict continues with no end in sight, Israel and Iran have exchanged threats after Iran’s first-ever direct attack on its arch-rival over the weekend sharply escalated tensions in the region.
Scope Markets analyst Joshua Mahoney said, “Sentiment is volatile at best at the moment due to heightened geopolitical tensions in the Middle East, and as a result, the Federal Reserve is likely to keep interest rates on hold for the foreseeable future.” There are also growing concerns that the government may choose to maintain the current level.”
The Iranian government on Saturday fired hundreds of missiles and drones at Israel, an attack that echoed the April 1 Israeli attack on the consular annex of the Damascus embassy and the attack on the Revolutionary Guards, including two generals. He claimed that it was revenge for the murder of his father.
Air defense systems destroyed most of the barrage and Iran said the matter could be considered settled, but Israeli army commander Helji Halevi warned there would be a response and warned that the situation could escalate. Concerns grew.
“The key for the market is the extent of retaliation,” said Matthew Ryan, head of market strategy at financial services firm Every.
“If Israel follows suit with a similarly ambitious missile attack, or in a worst-case scenario, other countries, especially the United States, become involved in a conflict, we will see a flight to security in the market.
“Threats to global oil supplies are likely to cause oil prices to rise sharply, with oil prices potentially easily above $100 a barrel if investors worry about broader regional wars. be.”
But oil prices largely ignored the new rhetoric and ended little changed.
～Various data from China～
In Asia, traders compiled figures showing China’s economic expansion was stronger than expected in the first three months of the year, but retail and industrial data were well below par, with leaders hoping to accelerate growth. This suggests that there is much work to be done to achieve this goal.
Investors ignored figures showing China’s economy grew 5.3% in the first three months of this year, higher than the 4.6% expected in an AFP survey of analysts. It seems like it is.
Other indicators, including industrial production and retail sales that were much lower than expected, added to concerns about the outlook for next quarter.
Shanghai stocks fell 1.7% and Hong Kong stocks fell 2.1%.
~Key numbers around 2050GMT~
New York – Dow: up 0.2% to 37,798.97 (close)
New York – S&P 500: down 0.2% to 5,051.41 (close)
New York-Nasdaq Composite: 0.1% lower at 15,865.25 (close)
London – FTSE 100: down 1.8% to 7,820.36 (close)
Paris – CAC 40: down 1.4% to 7,932.61 (close price)
Frankfurt – DAX: down 1.4% to 17,932.61 (close price)
Euro STOXX 50: down 1.4% to 4,916.99 (closing price)
Tokyo – Nikkei 225: down 1.9% to 38,471.20 (closing price)
Hong Kong Hang Seng Index: 2.1% lower at 16,248.97 (closing price)
Shanghai – Overall: down 1.7% to 3,007.07 (close price)
Dollar/JPY: rose to 154.72 yen from Monday’s 154.28 yen
EUR/USD: fell from $1.0624 to $1.0622
GBP/USD: down from $1.2446 to $1.2426
EUR/GBP: up from 85.36p to 85.45p
Brent crude oil: down 0.1% to $90.02 per barrel
West Texas Intermediate: down 0.1% to $85.36 per barrel
birds jmb/nro
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