“Geopolitical events by their nature are unpredictable, but previous periods of increased tensions suggest that the impact on wider markets tends to be short-lived, with more lasting effects confined to local markets,” said Mark Haefele, chief investment officer at UBS Global Wealth Management.
Tensions in the Middle East after the killing of a top Iranian general by the United States erased new year gains for a gauge of world shares on Monday as investors pushed safe-haven gold to a seven-year high, and oil jumped to its highest since September.
The United States detected a heightened state of alert by Iran’s missile forces, as President Donald Trump warned the U.S. would strike back, “perhaps in a disproportionate manner”, if Iran attacked any American person or target.
Iraq’s parliament on Sunday recommended all foreign troops be ordered out of the country after the U.S. killing of the Iranian military commander and an Iraqi militia leader in a drone strike on a convoy at Baghdad airport.
Spot gold XAU= gained 1.6% to $1,579.72 per ounce in jittery trade to reach its highest since April 2013. [GOL/]
Oil prices extended gains on fears any Middle East conflict could disrupt global supplies. [O/R]
Brent crude LCOc1 futures rose 2.04% to $70 a barrel, while U.S. crude CLc1 climbed 1.7% to $64.12.
European shares extended losses and were set for their worst day in a week, with the pan-European STOXX 600 index down 1.12% by 0838 GMT. The European oil and gas stock index .SXEP rose about 0.74% and was the sole gainer among its peers, hitting its highest since July. [.EU]
“Geopolitical events by their nature are unpredictable, but previous periods of increased tensions suggest that the impact on wider markets tends to be short-lived, with more lasting effects confined to local markets,” said Mark Haefele, chief investment officer at UBS Global Wealth Management.
“In general, this supports holding a diversified portfolio.”
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