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Losses Mount For Global Markets As US Considers Syria Action
28 Aug 2013 | 07:14 Nick Paler Markets around the world sold off overnight while oil continued to soar, as the prospect of military involvement in Syria’s civil war grows. As British Prime Minister David Cameron and US President Barack Obama (pictured) meet to discuss the Syrian civil war – and specifically whether the regime has used chemical weapons on its own people – senior military staff in the US have already said they are “ready to go”. The rhetoric has spooked investors, and markets saw even heavier selling overnight, with the US Dow down 1.1% and the S&P 500 off 1.6%. The Nasdaq was impacted more, with the index finishing 2.2% lower, as shares including Apple racked up losses. Asian shares followed suit with the Hong Kong Hang Seng and the Nikkei shedding 1.4% and 1.3% respectively. As stocks dropped both oil and gold have seen an extension of recent rallies. Investors looking once more for safe havens have pushed gold back into bull market territory, up over 20% from lows, and the price climbed again overnight to reach $1,426. While Syria is not one of the world’s largest oil producers, the prospect of further unrest in the region has driven up the price rapidly in recent days, and last night was no different. Gaining another 2.5%, the price of Brent crude is now $117 per barrel. Continue reading
