Asian stocks fall as US and Iran exchange fire – business live
المصدر: The Guardian World | Source: The Guardian WorldRolling coverage of the latest economic and financial news
Asian stocks have fallen sharply after Iran and the US exchanged their biggest round of fire since a ceasefire was agreed in April.
The US launched strikes against Iran after Donald Trump blamed Tehran for downing a US army helicopter near the strait of Hormuz.
On the former, Brent briefly fell below $90 for the first time since April 17th yesterday before partially rebounding after Trump vowed retaliation following Iran shooting down a US helicopter. On the latter, the Philly Semiconductor Index fell by as much as -8.62% intra-day before recovering to -1.93% by the close.
Reflation is expected to continue in the near term due to the lasting impact of the war in Iran on imported energy costs, and of course the fading drag from from negative carry-over effect from last year, which most people forget.
While oil and gas futures markets are no longer pricing in a further escalation in the Middle East, uncertainty surrounding the peace talks and the effective reopening of the strait of Hormuz appears likely to linger in the near term. Despite the acceleration in the annual rate, monthly momentum slowed noticeably, to just 0.5% m/m from 1.7% a month ago.
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