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President Donald Trump said on Wednesday that Iran’s “core strategic goals will be destroyed” and that American forces will be out of the job “within two to three weeks, weeks, since the launch of Operation Epic Wrath on February 28.”
The entire market was in place to de-escalate. What he got is mystery — and it sells across every major category.
Extensive risk across the markets
The markets expected the escalation. But that didn’t happen. Crude oil jumped above 105 dollars, and oil exceeded 102 dollars due to the threat of the Iranian oil crisis, gold fell to less than 4700 dollars per ounce, and the S&P 5000 futures contracts fell by 0.54%, while the Nasdaq futures contracts fell by 0.66%. The yield on 10-year treasury bonds jumped to 4.36%, down from 4.40%. The price of bitcoin fell to 67,336 dollars — down 0.9% during the 24-hour period.
Trump said that the Strait of Hormuz “will open naturally” after the war, but he did not offer the allies to “take it and protect it and use it for yourselves.” He pointed to South Korea, Japan and China by name. South Korea’s KOSPI fell by 2% in immediate response, with stocks rising.
Iran showed no signs of backing down. Foreign Minister Abbas Arghshi told Al-Jazeera Channel that “the level of trust is zero”, between the Iranian yuan and the drafting of legislation to regulate the system of fees for stable transactions and the yuan in the Strait – where up to 2 million dollars per crossing.
The gap between Trump’s rhetoric and reality remains.
This story is developing.
