Oil Rallies on Growing Mideast Conflict

Iran’s missile attack against Israel sparked a rally in oil prices which has continued into today on fears that hostilities in the region could potentially escalate further. This morning US Crude Oil is up 3.0%, while Brent Crude is up 2.7%. Gold through this has been digesting previous gains, trading down 0.6% this morning near $2,675/oz.

Equity markets have generally been trading lower this morning weighed down by political and economic uncertainty. US index futures are down 0.2%-0.3%, while in Europe, the Dax is down 0.6% and the FTSE is up 0.1%. The one exception has been China where Hong Kong and Shanghai rallied 6.2% and 8.1% respectively as traders continue to cheer new stimulus efforts. Copper is also up today climbing 0.6%.

Business news out of the US has been mixed so far. US ADP private sector payrolls came in better than expected (143K vs street 120K). Nike is down 7.6% premarket despite beating the street on earnings after the athletic clothing producer missed on sales pulled its guidance for the year and postponed its investor day as it prepares for a new CEO to take over.  

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