Stocks steady, oil cools as US-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.

On Monday the mood began to calm, helping U.S. shares recover ground. The Dow rose 0.24per cent, the S&P 500 0.35per cent and the Nasdaq 0.56per cent.On Tuesday emerging markets, which had been hardest hit, bounced back, with stocks rising 0.4per cent. Safety plays were out of favor, with gold retreating to US$1,569.41 an ounce, after scaling a near seven-year peak overnight. Euro zone government bond yields edged up from around three-week lows.

The euro edged up to US$1.1192, but faces stiff chart resistance around US$1.1240, while sterling made gains to US$1.3196 on better UK economic data.

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