Financial Markets Get Boost After Trump Indicates Completion Of Iran War
· Free Press Journal
Global financial markets on Tuesday rebounded after the United States President Donald Trump indicated that the war in Iran may be nearing its end.
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According to Bloomberg TV, the US’ Dow Jones index was up 0.5 percent while the S&P 500 increased 0.83 percent as of 1:25 ET on March 10. The largecap-dominated Nasdaq rose 1.38 percent.
In the Asian markets, Japan’s Nikkei increased over 2.5 percent. It had reported a decline of almost 5 percent on Monday.
Sensex, Nifty Surge As Trump Signals End To Iran Conflict; Crude Falls, Global Risk Appetite ReturnsHong Kong’s Hang Seng was trading about 1.7 percent higher while South Korea’s Kospi was up over 4.6 percent. Kospi was down over 6 percent on Monday.
The sharp reversal came after Trump commented that the war in Iran was “very complete” and the US had achieved most of its security goals after neutralising much of Iran’s military infrastructure.
Though he said that the conflict may not be over by this week, he insisted that the operation was ahead of schedule. The US military objectives could be described as “pretty well complete,” he said.
Trump’s comments also eased crude oil prices. On Monday, Brent Crude and WTI Crude declined up to 10 percent. Both the benchmarks declined below the $90 per barrel mark, however Brent again went above it later in the trade.
On Monday, crude oil prices had surged up to $119 per barrel, the highest in almost four years.
US President Donald Trump Ties Iran Military Strikes To Domestic Politics, Urges GOP To Pass 'Save America Act'Hong Kong’s Hang Seng was trading about 1.7 percent higher while South Korea’s Kospi was up over 4.6 percent. Kospi was down over 6 percent on Monday.
The sharp reversal came after Trump commented that the war in Iran was “very complete” and the US had achieved most of its security goals after neutralising much of Iran’s military infrastructure.
Though he said that the conflict may not be over by this week, he insisted that the operation was ahead of schedule. The US military objectives could be described as “pretty well complete,” he said.
Trump’s comments also eased crude oil prices. On Monday, Brent Crude and WTI Crude declined up to 10 percent. Both the benchmarks declined below the $90 per barrel mark, however Brent again went above it later in the trade.
On Monday, crude oil prices had surged up to $119 per barrel, the highest in almost four years.
The US President also indicated that he was considering taking over the crucial Strait of Hormuz to further ease energy prices. In another development, Washington was considering lifting curbs on Russian oil as well to boost supply in international markets.
However, market experts do not see the rebound in markets sustaining for long. This concern was indicated in the future contracts.
Dow Futures and S&P Futures were down 0.18 percent each. Market insiders are reluctant to take Trump’s comments at face value.
Trump’s comments at press conferences “haven’t been the most informative signal,” so investors would well remain skeptical, Eric Van Nostrand, chief investment officer at Lazard Asset Management, said in a Bloomberg TV interview.