Stock markets around the world plunged on Friday, while oil and gold prices rose, as Tehran conducted retaliatory attacks after Israel launched air strikes on Iran.
The Dow Jones Industrial Averaged tumbled 769.83 points, or 1.79 per cent. The S&P 500 and tech-heavy Nasdaq Composite fell 1.13 and 1.30 per cent, respectively, when markets closed on Friday.
Gold prices rose 1.37 per cent to about $3,432.34 an ounce as investors rushed to safe-haven assets after the escalation of hostilities in the Middle East.
Japan's Nikkei 225 lost 0.89 per cent, South Korea's Kospi dropped 0.87 per cent and Hong Kong's Hang Seng index shed 0.59 per cent when markets closed on Friday.
In other markets in Asia, China’s Shanghai Composite and Shanghai A share index were both down 0.75 per cent. The Shenzhen A share index and Shenzhen component index were also trading lower. Taiwan's Taiex index was down 0.96 per cent.
In India, the BSE 100 fell 0.65 per cent, while Australia’s S&P/ASX 200 index declined by 0.2 per cent.
European stock markets also traded lower as tension in the Middle East increased.
In London, the FTSE 100 was down 0.39 per cent, while Paris’s CAC 40 fell 1.04 per cent and Frankfurt's DAX shed 1.07 cent. In the Middle East, Dubai’s DFM general index closed 1.85 per cent lower, while Abu Dhabi’s FTSE ADX general index was down 1.47 per cent.
Iran launched retaliatory strikes on Israel on Friday, shooting a barrage of missiles at Tel Aviv after Iran's supreme leader Ayatollah Ali Khamenei pledged to strike back against the country.
Global stock markets were already under pressure as a result of tariffs announced by the US President Donald Trump.
The tension in the Middle East was expected to add uncertainty to the atmosphere in markets.
“Rising geopolitical tensions are powering haven assets,” said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank. She added that oil and defence stocks were likely to benefit.
Market volatility is likely to “remain elevated,” amid the rise in tensions in the Middle East, Vijay Valecha, chief investment officer at Century Financial told The National.
“The sell-off was broad-based, reflecting investor unease over potential escalation and retaliation by Iran, which has promised a forceful and proportional response,” he said.
Rate cut optimism by the Fed following the recent soft inflation data in the US is also supporting gold prices, he added.
Nigel Green, chief executive of deVere Group, also expects market volatility to persist in the short term.
However, “time and again, we’ve seen markets overreact to geopolitical events – only to recover once the initial panic fades. This is not a systemic crisis, and fundamentals across most sectors remain intact”, he said.
Meanwhile, the US dollar strengthened against major currencies after the attacks. The Israeli shekel was also trading lower against it.
“The US dollar has been the clear winner, recovering around half of its week-to-date losses, with the yen and the Swiss franc also outperforming,” said Matthew Ryan, head of market strategy at global financial services firm Ebury.
Kyle Fitzgerald contributed to this report from Washington
The biog
Fatima Al Darmaki is an Emirati widow with three children
She has received 46 certificates of appreciation and excellence throughout her career
She won the 'ideal mother' category at the Minister of Interior Awards for Excellence
Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
How Voiss turns words to speech
The device has a screen reader or software that monitors what happens on the screen
The screen reader sends the text to the speech synthesiser
This converts to audio whatever it receives from screen reader, so the person can hear what is happening on the screen
A VOISS computer costs between $200 and $250 depending on memory card capacity that ranges from 32GB to 128GB
The speech synthesisers VOISS develops are free
Subsequent computer versions will include improvements such as wireless keyboards
Arabic voice in affordable talking computer to be added next year to English, Portuguese, and Spanish synthesiser
Partnerships planned during Expo 2020 Dubai to add more languages
At least 2.2 billion people globally have a vision impairment or blindness
More than 90 per cent live in developing countries
The Long-term aim of VOISS to reach the technology to people in poor countries with workshops that teach them to build their own device
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
Specs
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Range: Up to 610km
Power: 905hp
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
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%3Cp%3EDeveloper%3A%20Aspyr%0D%3Cbr%3EPublisher%3A%20Aspyr%0D%3Cbr%3EConsole%3A%20Nintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20series%20X%2FS%0D%3Cbr%3ERating%3A%203%2F5%3C%2Fp%3E%0A
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Company%20Profile
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Killing of Qassem Suleimani
SPECS
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COMPANY%20PROFILE
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
The biog
Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha
Favourite book: One Hundred Years of Solitude
Holiday destination: Sri Lanka
First car: VW Golf
Proudest achievement: Building Robotics Labs at Khalifa University and King’s College London, Daughters
Driverless cars or drones: Driverless Cars
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Killing of Qassem Suleimani
ENGLAND%20SQUAD
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UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
