Global Stocks Tumble After Top Iranian General Killed by U.S. Airstrike - Barron's

A protester holds a poster with the image of top Iranian commander Qasem Soleimani, who was killed in a U.S. airstrike in Iraq, in the Kashmiri town of Magam on January 3, 2020. Getty Images

Stock tumbled and oil prices surged on Friday after a top Iranian commander was killed in a U.S. airstrike at Baghdad’s airport.

The Stoxx 600 fell 0.9% and the DAX dropped 1.8%, reversing yesterday’s new year rally, while futures for Brent crude soared 4.1% to $68.96 and West Texas Intermediate crude futures also jumped 4.3%.

The FTSE 100, home to oil majors BP and Shell, suffered smaller losses, falling 0.5%.

U.S. stock futures also fell, with Dow Jones Industrial Average futures down 1.3% and S&P 500 futures slipping 1.7%.

General Qasem Soleimani, Iran’s most powerful military commander, was killed by a U.S. airstrike in Iraq on Thursday night, sending global markets into a spin. The Pentagon said Soleimani was “actively developing plans to attack American diplomats and service members in Iraq and throughout the region.”. The attack reignited geopolitical tensions with Iran’s Supreme Leader Ayatollah Ali Khamenei promising “severe revenge.”

As investors sought havens amid mounting risk, gold climbed 1.5% to $1550.

Airline stocks were among the worst affected as oil prices rose sharply. Air France plunged 7.4%, Deutsche Lufthansa dropped 7.7% and easyJet fell 3.3%.

Conversely, oil majors posted solid gains with BP rising 1.8% and Royal Dutch Shell gaining 1.4%.

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January 03, 2020 at 06:57PM
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Global Stocks Tumble After Top Iranian General Killed by U.S. Airstrike - Barron's
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