Asian stocks sink, oil rallies on fears of Iran-Israel conflict

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HONG KONG: Stock markets fell and oil prices climbed on Tuesday (Apr 16) on growing fears of a wider war in the Middle East after Israel's army chief vowed a response to Iran's unprecedented attack on his countr

Israeli army chief General Herzi Halevi warned Iran's attack at the weekend would be 'met with a response' HONG KONG: Stock markets fell and oil prices climbed on Tuesday on growing fears of a wider war in the Middle East after Israel's army chief vowed a response to

All eyes are on the Middle East after Tehran fired hundreds of missiles and drones at its regional enemy, saying the attack was retaliation for anWhile air defence systems destroyed the vast majority of the barrage and Iran said"the matter can be deemed concluded", Israel's army chief General Herzi Halevi sounded a note of warning, fuelling worries of a dangerous escalation.

Shanghai, Sydney, Singapore and Jakarta sank more than 1 per cent each, while there were also losses in Wellington and Mumbai.Investors appeared to ignore figures showing China's economy grew 5.3 per cent in the first three months of the year, well above the 4.6 per cent predicted in an AFP survey of analysts.

"Investors remain cautious amid uncertainties surrounding the pace and sustainability of China's economic recovery." The reading followed news that inflation came in above estimates for the third time in a row last month, while jobs creation was also much stronger than forecast, putting pressure on the Federal Reserve to hold off cutting interest rates.

 

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