European stocks fall sharply.
European stocks fell sharply Tuesday on fears of an escalation of the conflict between Israel and Iran, ahead of the start of the two-day meeting by the Federal Reserve.
At 03:05 ET (07:05 GMT), the DAX index in Germany dropped 1%, the CAC 40 in France slipped 0.8% and the FTSE 100 in the U.K. fell 0.5%.
Israel-Iran conflict hits sentiment
Global sentiment has taken a turn for the worse Tuesday as Israel and Iran have continued to launch attacks against each other, with the conflict entering a fifth day.
U.S. President Donald Trump urged Iranians to evacuate the capital Tehran after cutting short his visit to the Group of Seven summit, ramping up concerns over U.S. involvement in the conflict.
White House officials clarified that the U.S. was not planning to directly involve itself in the conflict.
Défense Secretary Pete Hegseth told Fox News that Trump was aiming for a deal with Iran on the latter’s nuclear-related activity but added that the U.S. would defend its assets in the region.
FTSE 100 today Index opens lower.
British stocks opened lower on Tuesday as Middle East tensions escalated, with Israel claiming the killing of Iran’s armed forces chief of staff.
As of 0726 GMT, the blue-chip index FTSE 100 fell 0.7% and the British pound dropped 0.2% against the dollar to above 1.35.
Meanwhile, DAX index in Germany dropped 1.5%, the CAC 40 in France fell 1.1%.
Ashtead sees rental revenue growth slowing on U.S. construction weakness
Ashtead Group PLC (LON:AHT) forecasted annual rental revenue growth between flat and 4%.
The company cited continued weakness in the U.S. commercial construction market as a factor in its projection.
Legal & General reaffirms growth targets with 2025 profit guidance
Gold prices steady below $3,400.
Gold prices steadied in Asian trade on Tuesday after retreating in the prior session on growing uncertainty over U.S. involvement in the Israel-Iran war, as well as a potential ceasefire.
Bullion reversed a bulk of its recent gains after reports that Iran was seeking a ceasefire spurred some risk-on sentiment on Monday. But Tehran said it will not seek a truce when under fire from Israel, while a warning from U.S. President Donald Trump also ramped up concerns that an escalation in the war was imminent.
Spot gold rose 0.2% to $3,392.25 an ounce, while gold futures for August fell 0.2% to $3,410.70/oz by 01:12 ET (05:12 GMT).
Israel-Iran uncertainty builds amid Trump warning, report of US talks
Trump warned on Monday evening that “everyone should immediately evacuate Tehran,” ramping up concerns that an escalation in the conflict was imminent.
But the White House clarified that the U.S. will not participate directly in the conflict, although Trump also maintained his harsh rhetoric towards Iran’s nuclear ambitions.
A report from Axios showed that Washington was still seeking dialogue with Tehran after the cancellation of nuclear talks that were scheduled over the weekend. The report said both U.S. and Iranian officials were looking to set up talks on a ceasefire and the nuclear deal this week, although no clear date was set.
Varying reports on the Israel-Iran conflict, which was triggered by Israeli strikes on Iranian nuclear facilities last week, sapped gold of some momentum gained after Israel’s initial strike. Bullion had briefly risen past $3,450/oz on Monday before sharply reversing course.
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