Asian Stocks Fall in Wake of Iran Attack on Israel: Markets Wrap
Live Mint-- Shares in Asia slipped Monday, tracking a fall in US equities, as markets grappled with ratcheting tensions after Iran’s unprecedented attack on Israel at the weekend. In Asia “the financial and tech sectors may experience the deepest pain — higher energy prices are likely to darken the shadow on the inflation trajectory, resulting in higher rates for a longer period.” In Asia, Chinese equities are set for a tough week after a miss in the nation’s trade data Friday. Still, nerves may be tempered following a report that President Joe Biden told Israeli Prime Minister Benjamin Netanyahu that the US won’t support an Israeli counterattack against Iran. “For markets this may eventually play out as a fade as Iran and Israel step back from the brink,” said Namik Immelbäck, chief strategist at Skandinaviska Enskilda Banken AB.