Oil prices rose and major stock markets mostly retreated Thursday as investors reacted to fears of widening conflict in the Middle East and awaited a key US jobs report.
Wall Street shares were down in early deals while the London, Paris and Frankfurt stock exchanges were in the red in afternoon deals.
The dollar gained, helped by its haven status, with the British pound sinking more than one percent against the greenback as Bank of England chief Andrew Bailey hinted at faster cuts to UK borrowing costs.Hong Kong fell for the first time in more than a week after a blistering surge fuelled by China’s bold steps to stimulate its weak economy.
“Brent crude has settled around $75 a barrel for now, but any military strike, particularly one targeting Iran’s oil or nuclear infrastructure, could trigger a significant spike.”
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