By Glen Hallick
Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- United States President Donald Trump announced on Tuesday that the U.S. Navy will now escort oil tankers through the Strait of Hormuz and the U.S. will provide war insurance. Traffic through the narrow strait between Iran and Oman was effectively closed when insurance companies voided their coverage for oil tankers. About 20 per cent of the world’s oil supply goes through the strait.
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Global Markets: Exchanging attacks continues in Middle East
By Glen Hallick Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada…
- Turkey was the latest target on Wednesday in Iran’s strikes on U.S. allies in the Middle East. NATO air and missile defenses in Turkey shot down an Iranian missile that was over Turkish airspace. As Iran launched more missile and drone attacks against Israel and several Gulf states, the U.S. and Israel continued their aerial assault on Iran. Also, an USN submarine sank an Iranian warship in international waters near Sri Lanka.
- On Tuesday, Canadian Prime Minister Mark Carney called for a “rapid de-escalation of hostilities” to save lives in the Middle East. As well, the federal government asked Oman to use the latter’s airspace to evacuate Canadians from the Gulf region. Carney was recently criticized by some Liberals for his support of U.S. actions against Iran.
- Earlier on Wednesday, the benchmark KOSPI index in South Korea plummeted by more than 12 per cent, for its largest drop since the 9/11 attacks. Reports said the ongoing Middle East war led to sharp declines on the KOSPI that already dropped seven per cent on Tuesday. The North American stock markets incurred steep losses on Tuesday.
