Anxiety Over Middle East Hits Global Stocks

Global stock markets mostly sank Tuesday after Israel's army chief vowed a response to Iran's attack on his country, although oil prices held steady despite jitters that Israel could target energy infrastructure in key crude producer Iran

London, (UrduPoint / Pakistan Point News - 16th Apr, 2024) Global stock markets mostly sank Tuesday after Israel's army chief vowed a response to Iran's attack on his country, although oil prices held steady despite jitters that Israel could target energy infrastructure in key crude producer Iran.

Deep losses in Asia carried over into European trading, but Wall Street's main indices wobbled as corporate earnings season continued.

"It has been another tough day for global markets, and limited gains in the US are disappearing as traders continue to derisk thanks to the ongoing uncertainty in the middle East," said Chris Beauchamp, chief market analyst at online trading platform IG.

"The threat of an Israeli response to Iran's attacks on Saturday, and yesterday's strong US retail sales data, remain the drivers of the declines," he added.

Wall Street had tanked Monday partly in response to forecast-beating US retail sales data that reinforced the view that the world's top economy remained in rude health and further dampened hopes for US interest rate cuts this year.