Stocks steady, oil cools as U.S.-Iran tensions ease

LONDON - World shares steadied and oil pulled back from multi-month highs on Tuesday after dramatic post-new year moves, as investors judged prospects of an all-out conflict between the United States and Iran had eased.

European equities meanwhile rose 0.7%, tracking similar gains in Asia. MSCI’s broadest index of Asia-Pacific shares outside Japan recouped almost all of Monday’s losses.“Geopolitical risk has always felt much worse for markets in the heat of the moment than it does in hindsight, but it’s always possible that the next one will bring us into a different era,” Deutsche Bank strategist Jim Reid said.

With those gains, the MSCI world equity index, which tracks shares in 49 countries, was 0.4% away from a record high. The calmer mood also saw the yen lose much of its safe-haven gains, with the dollar bouncing to 108.48 yen from a low of 107.75 hit on Monday. FILE PHOTO: Traders look at financial information on computer screens on the IG Index trading floor in London, Britain February 6, 2018. REUTERS/Simon Dawson

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