New escalation in the Middle East weighs on financial markets
Published: Friday, Apr 19th 2024, 07:10
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At the end of the week, the stock market lights are deep red on the financial markets. This was triggered by reports from Iranian state media that several small flying objects were shot at in the province of Isfahan. Earlier on Friday night, there were reports of an explosion near the megacity of Isfahan, which according to state media was triggered by air defenses.
Broker IG is currently pricing the SMI 0.9 percent lower at 11,133 points. The most important indices in Europe are also expected to start trading significantly lower. The price charts in Asia are also red.
On the foreign exchange market, the news prompted a flight to safe havens such as the Swiss franc. The euro/franc pair briefly dipped below the 96 centime mark, but has since recovered to 0.9661. At 0.9082, the dollar/franc pair is also slightly higher than the previous low for the day.
Important facilities of the Iranian arms industry are located in Isfahan. The country's largest nuclear research center is also located in the city of culture.
Last weekend, Iran attacked Israel with hundreds of drones, cruise missiles and rockets. Since then, there have been concerns about a possible retaliatory strike by Israel and a further escalation in the Middle East.
©Keystone/SDA
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