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Asian stocks fall, commodities rise after Iran’s missile strike

Asian stocks fall, commodities rise after Iran’s missile strike

Asian stocks closed on a marked decline during Wednesday after an Iranian missile strike on American forces in Iraq prompted investors to abandon risky assets and resort to safe havens.

China’s CSI 300 index slipped 1.18 percent to finish at 4,112.32 points, Australia’s S&P/ASX 200 descended 0.13 percent at 6,817.63 and Hong Kong Hang Seng index slid 0.95 percent to reach 28,053.

In Japan, Nikkei225  was down by 1.57 percent to close at 23,204.76.

The decline in Asian stock market was a net result of the Iranian Revolutionary Guard attack with dozens of ballistic missiles on two U.S. military bases in Iraq.

The Pentagon said it is assessing the damage to its troops in Iraq following an Iranian ballistic missile attack.

In the same context, Iran’s Revolutionary Guard has claimed responsibility for firing ballistic missiles at U.S. bases in Iraq, warning Washington of the consequences of the response, while vowing that attacks against U.S. forces would continue.

For his part, the US president tweeted on his official account on Twitter that "everything is fine," adding: "The United States is still assessing the losses and damages now."

Commodities

Commodities took advantage of the escalating Middle East tensions, as the prices of both oil and gold continued to smash new record highs.

Brent crude reached $69.05 per barrel, compared to the session’s open at $71.13 a barrel, while the highest level in the day was hit at $71.28 a barrel.

West Texas Intermediate (WTI) crude futures traded at $63.27 per barrel after opening at $64.90 per barrel.

Spot gold hovered around $1,586.95 an ounce, where the precious metal hit the highest level today at $1612.35. That is the highest level since March 2013.

Meanwhile, the dollar index, which measures the performance of major six currencies against the U.S dollar, surged 0.03 percent at 96.73, following its opening today on a downside gap.

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