Markets hit by tech and geopolitics, weekend risk if Iran retaliates
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The article discusses the impact of technology and geopolitical tensions on the markets. Reports of explosions in Iran, Iraq, and Syria, including near a major nuclear facility in Iran, led to a spike in tensions. However, tensions gradually eased as no major damage or fatalities were reported. The WTI Crude oil price and gold price surged, while the yen and Swiss franc strengthened against the USD. The Nikkei lost over 3% and all equity markets were down heavily. Taiwan Semiconductor reported strong quarterly revenue growth, but its stock fell due to concerns about lower chip demand in certain sectors. Japan's national CPI for March decelerated more than expected. The article also mentions potential trouble with Vietnam's currency and the US equity futures being down due to the Middle East hostilities. The UK Retail Sales data came in mixed, adding to the weakness of GBP/USD. The article concludes by mentioning the fear of escalation between Israel and Iran and the shift of investors into safe-haven assets.
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