Daily Briefing: - Iranian commander's body in hometown for burial, U.S. denies quitting Iraq - Oil steadies as market ponders Iran's next move - Safe-haven currencies pull back as geopolitical tensions ease
LONDON - Much like the response to September’s attack on Saudi oil facilities, world markets are quickly moderating their initial reaction to last week’s U.S.-Iran tensions.
While few financial traders profess any foresight about what happens next in the region, the assessment of the first few days since the U.S. killing of Iranian military leader Qassem Soleimani is that the reactions and fallout are unlikely to lead to an immediate head-to-head conflict between the United States and Iran – however much of a long-term risk it poses for the stability of the region., overnight reports of a U.S.
For context, prices never breached the September peak just shy of $72 following the Saudi attacks and are now up a net 3% since Friday.Wall Street’s S&P500 rallied yesterday, closing 0.35% higher on the day and just 0.3% from Thursday’s all-time high. The easing of U.S.-China trade tensions and success of Federal Reserve liquidity operations to prevent year-end problems in the money markets encouraged markets.Sterling was buoyed on Monday by signs of some post-election optimism in the UK business surveys.Spain’s Socialist leader Pedro Sanchez is expected to be confirmed as head of a left-wing coalition in a parliamentary vote, ending months of political deadlock.
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