Global markets today: Oil prices jump, investors shun stocks
World markets today: Crude oil prices jumped, gold and the US dollar also gained as investors across the global markets shunned riskier assets like stocks.
Oil prices soared by as much as 5% as fears of tightening supply drove Brent crude futures as high as $89 per barrel and US crude futures topping $87 a barrel.
US stocks
On Wall Street, the US stock indices reversed earlier losses on Monday.
The Dow Jones Industrial Average rose 192.12 points, or 0.58%, at 33,599.7. The S&P 500 gained 27.9 points, or 0.65%, at 4,336.4. The Nasdaq Composite added 58.70 points, or 0.44%, at 13,490.04.
The bond market in the US was closed on Monday for Columbus Day.
Currencies
The US dollar fell at 148.48 Japanese yen from 149.35. The euro fell at $1.0566 from $1.0593.
The latest Middle East conflict has erupted at a time of ongoing geopolitical concerns and worries about global economic growth.
Global investors have turned risk averse as they fear broader conflict on the Middle East tensions
The Israeli military struck hundreds of Hamas and Islamic Jihad targets in the Gaza Strip in retaliation after a surprise attack from Hamas on Saturday that killed more than 700 people in Israel, including at least 260 at a crowded music festival that became the scene of one of the country’s worst civilian massacres.
Israel said that its troops had killed armed infiltrators entering the country from Lebanon, raising fears the fighting could spread to a second front.
Europe
European stocks slipped on Monday on Mideast military clashes.
The pan-European STOXX 600 index edged 0.3% lower, led by retailer and travel & leisure stocks.
The energy index in Europe jumped 2.9% on rising oil prices.
Britain’s FTSE 100 closed flat at 7,492.21. Germany’s DAX edged down 0.7% at 15,128.11. France’s CAC 40 fell 0.6% at 7,021.40.
Asia
In Asian stock markets on Monday, Hong Kong’s Hang Seng Index rose 0.2% at 17,517.40. China’s Shanghai Composite: edged down 0.4% at 3,096.92.
Japan was closed for a holiday.
Australia’s S&P/ASX 200 index rose 0.2% at 6,970.20. New Zealand’s benchmark S&P/NZX 50 index fell 0.7% at 11,205.06.
Bullion
Gold for December delivery rose $19.10 at $1,864.30 an ounce. Silver for December delivery added 20 cents at $21.92 an ounce.
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Updated: 10 Oct 2023, 01:25 AM IST
