Equities sink, oil rallies on fears of Iran-Israel conflict
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Asian stocks fell and oil prices climbed on fears of a wider war in the Middle East after Iran's attack on Israel. Israel's army chief warned of a response to the attack, fueling worries of escalation. Traders were also digesting mixed Chinese economic data. Oil prices rose as uncertainty and tension in the Middle East increased. Asian stocks were sharply down, following a sell-off on Wall Street. The US economy remains strong, dampening hopes for interest rate cuts. The dollar continued to strengthen. Pakistan and the IMF are discussing a new multi-billion-dollar program. Pakistan's rupee saw a marginal gain against the US dollar. China's economy grew 5.3% in Q1, but retail sales and industrial production were below expectations. The US retail sales data beat forecasts. The Federal Reserve is under pressure to hold off cutting interest rates. Treasuries hit new year-to-date highs. The dollar briefly hit a new 34-year high against the yen. UBS warned that borrowing costs could go up if inflation is not controlled. San Francisco Fed boss said there is no rush to reduce rates. Tokyo, Hong Kong, Shanghai, Seoul, Singapore, Taipei, Wellington, Manila, and Jakarta were all sharply down. Oil prices rose in Asian trade. China's economy grew 5.3% in Q1, but retail sales and industrial production were below expectations. Pakistan and the IMF are discussing a new multi-billion-dollar program. Pakistan's rupee saw a marginal gain against the US dollar. China's economy grew 5.3% in Q1, but retail sales and industrial production were below expectations. The S&P 500 and FTSE 100 were down. Pakistan's rupee saw a marginal gain against the US dollar. The IMF said Pakistan is seeking a potential follow-up loan program. Iran aims to contain fallout in Israel response and will not be hasty. Dozens of Palestinians were killed in Gaza as Hamas vowed to 'break' Israel. Oil prices fell on a big build in US crude and fuel inventories.

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