Global Markets Roundup: 19 Apr 2024

The global financial landscape witnessed significant turbulence on Friday, as news of Israel's attack on Iran sent shockwaves through Asian shares, bond yields, and currency markets. This latest assault, part of a series of strikes, has heightened concerns of a broader conflict in the already volatile Middle East region. Asian shares tumbled, with MSCI's broadest index of Asia-Pacific shares experiencing a 2% decline, initially plummeting as much as 2.6%. Concurrently, U.S. stock futures pointed to a 1% decrease, retracting from an initial 1.7% drop.

However, market volatility was somewhat tempered by reports detailing the limited scope of the Israeli attack, coupled with Iranian officials' denial of any missile launches against their territory. Iran's response, stating the downing of several drones and refuting claims of a missile attack after explosions near Isfahan, provided some relief. Notably, state TV confirmed that nuclear sites in the vicinity remained undamaged. Japan's Nikkei fell 2.4%, Taiwan's TAIEX dropped 3.5%, and Hong Kong's Hang Seng lost 1.2%, exacerbating declines that were already in motion due to robust U.S. economic data and indications from Federal Reserve officials signaling no immediate interest rate cuts. In European pre-market EURO STOXX 50 Index Futures FESX1! trade 1.5% lower.

In currencies, greenback DXY rose 0.03% to 106.19, hovering near a more than five-month high of 106.51, yen USDJPY surged briefly against the dollar before stabilizing, and the Swiss franc also exhibited strength, albeit paring earlier gains. Elsewhere, sterling GBPUSD fell 0.14% to $1.2420, and the euro EURUSD eased 0.07% to $1.06355. The AUDUSD was 0.3% lower at $0.64015, while the NZDUSD was down 0.31% to $0.58825.

In commodities, gold prices climbed 0.6%, nearing last week's record high, while crude oil futures WTI CL1! surged up to 4.2%, reflecting concerns over potential disruptions to Middle Eastern oil supply. Three-month copper LME HG1! rose 0.6% to $9,796 per metric ton. The most-traded June copper contract on the SHFE HG1! advanced 2.3% to 79,470 yuan ($10,972.58) a ton. LME aluminium ALI1! increased 1.4% to $2,652 a ton, nickel NICKEL1! was up 1.3% at $18,800, zinc ZNC1! climbed 1.5% to $2,853.50, lead LEAD1! advanced 0.6% to $2,194 and tin FTIN1! rose 0.5% to $34,150.

The CBOT wheat ZW1! was up 2.1% at $5.64-1/4 a bushel. CBOT corn ZC1! was 0.9% higher at $4.40 a bushel and soybeans ZS1! were up 0.4% at $11.54 a bushel. May arabica coffee (KCK24) on Thursday closed -3.27%, and May ICE robusta coffee (RMK24) closed down -3.61%. July London cocoa C2! ​​settled up 9.7%, at 9,418 pounds per metric ton.

Looking ahead today, markets anticipate, German PPI, UK Retail Sales, BoE, and Fed officials speeches later in the afternoon.

You can view all markets data and charts here.

General news - Information source from multiple newswires.

The article and the data is for general information use only, not advice!

The Trade Academy Team

Rating: Mixed Outlook

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