Asian Stocks Fall as Iran Attacks, Metals Rally: Markets Wrap
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Shares in Asia slipped to the lowest in six weeks, tracking Friday’s drop in US equities. The S&P 500 suffered its worst session since January on Friday amid a flight to safety. Global markets showed signs of stability even after an unprecedented attack on Israel. Iran said 'the matter can be deemed concluded,' and President Joe Biden reportedly told Israeli Prime Minister Benjamin Netanyahu that the US won’t support an Israeli counterattack against Iran. Chinese equities are set for a tough week after a miss in the nation’s trade data. Gold rose amid driving demand for haven assets, while aluminum and nickel surged following new US and UK sanctions that banned deliveries of any Russian supplies after midnight on Friday. Bitcoin rallied after it sank almost 9% in the wake of the attacks. Oil mostly shrugged off the attacks, with gains held in check by speculation that the conflict would remain contained. As Wall Street’s earnings season kicked off, big banks’ results offered the latest window into how the US economy is faring amid an interest-rate trajectory muddied by persistent inflation.

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