Shares erase new year gains, gold and oil soar on U.S. and Iran trade threats by ritvikcarvalho
LONDON - Tensions in the Middle East after the United States killed an Iranian general erased new year’s gains for world stocks on Monday as investors pushed safe-haven gold to a seven-year high and oil jumped to its highest since September.
Iraq’s parliament on Sunday recommended all foreign troops be ordered out of the country after the U.S. drone attack killed the Iranian military commander and an Iraqi militia leader. European shares extended losses and were set for their worst day in a week, with the pan-European STOXX 600 index down 1% by midday in London. The European oil and gas stock index .SXEP rose about 0.86%, the only gains, to reach its highest since July.
Chinese shares, which had opened in the red, reversed their losses, as did Australian shares, which ended the day flat. Hong Kong's Hang Seng indexSovereign bonds benefited from the safety bid, with yields on 10-year Treasuries US10YT=RR down at 1.7725% after falling 10 basis points on Friday.
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