FTSE 100 LIVE: European stock markets mixed amid rising tensions in the Middle East
04/15/2024 15:47
The FTSE underperformed as investors raised concerns about escalating tensions in the Middle East after Iran’s military strike on Israel over the weekend.
The FTSE 100 (^FTSE) underperformed against its European peers on Monday as investors raised concerns about escalating tensions in the Middle East after Iran’s military strike on Israel over the weekend.
Mining stocks and banks pushed higher in early trade while oil companies slipped. Oil prices climbed close to six-week highs last week as markets prepared for a potential retaliation by Iran to a suspected Israeli strike on its embassy in Syria earlier this month.
Bartosz Sawicki, market analyst at Conotoxia fintech, said the geopolitical risk premium will remain elevated.
He said: "Israel’s government’s potential response is still extremely uncertain. The stakes are high. Significant retaliation could lead to a wider conflict, consequently triggering a rally in oil prices, robust demand for the US dollar, and renewed buying of gold."
London’s benchmark index was 0.5% lower in early trade.
Germany's DAX (^GDAXI) rose 0.6% and the CAC (^FCHI) in Paris headed 0.3% into the green.
The pan-European STOXX 600 (^STOXX) was up 0.1%.
Wall Street is set to open higher as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all in the green.
Brent Crude (BZ=F) slip 1% after Iran's reprisal attack on Israel.
Record surge in aluminium prices.
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Asia stocks overnight
Asian stocks mostly tumbled overnight after Iran ramped up Middle East tensions by launching a rockets at Israel over the weekend, fuelling fears of a wider conflict in the volatile region.
The Nikkei (^N225) fell 0.7% on the day in Japan, while the Hang Seng (^HSI) fell 0.6% in Hong Kong.
However, the Shanghai Composite (000001.SS) was 1.3% up by the end of the session.
Elsewhere in Asia, Taiwan’s Taiex was 1% lower and the Sensex in India fell 1% as the country geared up for lengthy national election process.
Good morning, and welcome back to our first markets live blog of the week. Following along to stay tuned with what's moving markets, and what's happening across the global economy.
Here's a quick look at what's on the agenda for today:
7am: Trading updates: Berkeley Group, Ceres Power
10am: Eurozone industrial production for February
12.15pm: BoE deputy governor Sarah Breeden gives keynote speech at the Innovate Finance Global Summit 2024 “The outlook for payments innovation”.
1.30pm: US retail sale for March
3:00pm: US Business Inventories
3pm: NAHB’s US housing Market Index
Watch: What is a recession and how do we spot one?
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