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Threat of war
Tensions are intensifying in the Middle East as Israel launched "pre-emptive" strikes on Iran's nuclear facilities and military sites, following which it declared a state of emergency in anticipation of retaliation from Tehran. Iran responded by launching over 100 drones at Israel overnight, heightening the risk of an all-out war in the region.
Conflict escalates: Israeli Prime Minister Benjamin Netanyahu announced the launch of "Operation Rising Lion," which he said was a targeted military operation to "roll back the Iranian threat to Israel's very survival." Iran's supreme leader Ayatollah Khamenei warned of retaliation, saying Israel "has prepared for itself a bitter, painful fate." The International Atomic Energy Agency confirmed that Iran's Natanz nuclear facility was hit, but no increase in radiation levels was observed. As for Iran's drones, Israeli military spokesman Effie Deffrin said defense systems would intercept the threats.
U.S. stance: Secretary of State Marco Rubio said the U.S. was not involved in Israel's attack on Iran, adding that Israel informed Washington that the strikes were being carried out for self-defense. Prior to the attack, President Donald Trump had warned of a potential strike. To note, the U.S. had already pulled personnel from the Middle East earlier this week due to heightened regional tensions.
Markets react: While the world suspected Israel would launch an attack on Iran, the severity took markets by surprise, with oil prices surging 13% and U.S. stock futures down more than 1%. The U.S. and Iran were slated to continue nuclear talks this weekend, but now it's unclear if they'll go ahead. ING Economic and Financial Analysis flagged the risk of disruptions to Iranian oil supplies as well as shipping through the Strait of Hormuz, which would significantly impact the global LNG market.
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Today's Markets
In Asia, Japan -0.9%. Hong Kong -0.6%. China -0.8%. India -0.7%.
In Europe, at midday, London -0.5%. Paris -1.2%. Frankfurt -1.6%.
Futures at 6:30, Dow -1.1%. S&P -1.1%. Nasdaq -1.4%. Crude +9% to $74.14. Gold +1.2% to $3,442.70. Bitcoin -2.3% to $104,838.
Ten-year Treasury Yield +1 bp to 4.38%.
On The Calendar
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