Reaction: War drums beat stocks down
The main US stock indices opened lower
PHOTO: FILE
LONDON:
Stock markets retreated on Wednesday as the US president vowed to strike Syria over its alleged use of chemical weapons.
"A touch of risk aversion crept into financial markets as the sense of relief over easing US-China trade tensions was overshadowed by the rising geopolitical risk surrounding Syria," said analyst Lukman Otunuga at FXTM online trading firm.
The main US stock indices opened lower, with the Dow dropping 0.8% in the first minute of trading. European markets were also lower in afternoon trading, with both Frankfurt and Paris down more than half a percentage point.
London fared better, with the FTSE 100 down just 0.1%. Oil prices benefited, however. "Escalating tensions in the Middle East have stimulated concerns over potential supply disruptions; this is likely the main culprit behind oil's aggressive appreciation," said Otunuga.
Published in The Express Tribune, April 12th, 2018.
Stock markets retreated on Wednesday as the US president vowed to strike Syria over its alleged use of chemical weapons.
"A touch of risk aversion crept into financial markets as the sense of relief over easing US-China trade tensions was overshadowed by the rising geopolitical risk surrounding Syria," said analyst Lukman Otunuga at FXTM online trading firm.
The main US stock indices opened lower, with the Dow dropping 0.8% in the first minute of trading. European markets were also lower in afternoon trading, with both Frankfurt and Paris down more than half a percentage point.
London fared better, with the FTSE 100 down just 0.1%. Oil prices benefited, however. "Escalating tensions in the Middle East have stimulated concerns over potential supply disruptions; this is likely the main culprit behind oil's aggressive appreciation," said Otunuga.
Published in The Express Tribune, April 12th, 2018.