Asian Stocks Set to Fall in Wake of Iran Attack: Markets Wrap

-- Asian stocks are set to decline on Monday as traders grapple with ratcheting tensions in the Middle East after Iran’s unprecedented attack on Israel at the weekend.Equity futures in Australia, China and Japan point to early losses after US stocks suffered their worst session since January on Friday amid a flight to safety in anticipation of Iran’s strike. The Japanese yen and Swiss franc, traditionally seen as so-called safe haven currencies, edged higher in early trading Monday.

“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. “But near term this should lead to position reduction from especially trend following quant strategies” which should exacerbate the typical flight to safety, he said.Bitcoin sank almost 9% in the wake of the attacks on Saturday, only to rebound and trade near the $64,000 mark.

In the bond market, investors will be weighing the risk that more expensive energy bills may add to swirling inflation fears. While Treasuries tend to benefit in times of uncertainty, the threat of interest rates staying high could limit moves.West Texas Intermediate crude was little changed at $85.

The energy sector is ripe for fresh gains due to attractive valuations, investor positioning, and structural tailwinds, David Rosenberg said.Iran launched explosive drones and missiles at Israel in retaliation for a suspected Israeli attack on its consulate in Syria on April 1, a first direct attack on Israeli territory that has stoked fears of a wider regional conflict. Below are analysts' quotes on how financial markets are likely to react to developments.

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