Global Markets Tumble Amid Middle East Tensions

Global stock markets took a hit on Tuesday amidst a crash on Wall Street and escalating tensions between Iran and Israel.

While China reported better than expected economic growth in the first quarter of the year, with a 5.3 percent increase, the Shanghai Composite Index still fell by 1.4 percent to 3,013.84. In Hong Kong, the Hang Seng index decreased by 1.9 percent to 16,279.66 points.

Meanwhile, the Tokyo Nikkei 225 index dropped by 2.1 percent to 38,402.59 points as the dollar continued to strengthen against the Japanese yen, reaching 34-year highs. The dollar rose to 154.33 yen from 154.27 yen at noon.

In South Korea, the Kospi fell by 2.3 percent to 2,609.13 points, and Australia’s S&P/ASX 200 index decreased by 2 percent to 7,595.30 points.

In Europe, the FTSE 100 index in London began the day at 7,853.25 points with a 1.4 percent decrease. The indices in Frankfurt and Paris also experienced drops of over one percent.

On Wall Street, the S&P 500 index fell by 1.2 percent to 5,061.82 points, while the Dow Jones dropped by 0.7 percent to 37,735.11 points. The Nasdaq composite also saw a decrease of 1.8 percent to 15,885.02 points.

Amidst the turmoil, Brent crude, the international standard, rose by 48 cents to $90.58 a barrel. Investors are closely monitoring the situation between Iran and Israel, as well as the overall global economic climate, for further developments in the coming days.

 

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