Oil and gold prices rose and Japan's yen rallied on Friday on reports Israeli missiles have hit a site in Iran.
Miniatures of oil barrels and a rising stock graph are seen in this illustration taken January 15, 2024. REUTERS/Dado Ruvic/Illustration/File PhotoIsrael has struck Iran, three people familiar with the matter said, as Iranian state media reported early on Friday that its forces had destroyed Israeli drones, days after Iran launched a retaliatory drone strike on Israel.
"Given the market has no sense of how long or deep this conflict could play out, there is no compelling argument to hold significant risk positions over the weekend. Risk assets are likely to remain on the backfoot.""The rise in commodity prices and the dollar is going to weigh on Japanese imports. Given the geopolitical risks and the rise in volatility in EM currencies, the BOJ is going to stay on pause in April.
"Today equities are down and bonds are up ... Look, that makes sense from a risk perspective, but I still think that bonds and equities are more or less still correlated. To me, until we resolve this uncertainty about global inflation, actually bonds and equities will move together. So there's not a lot of diversification. What I'd much rather be doing is looking at a third alternative asset class, which of course would be commodities.
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