Stock futures fell, Treasuries surged along with other haven assets such as gold and the yen after Israel attacked Iran. Crude oil jumped 5.3%.

Equity-index futures for the S&P 500 slumped more than 1% after reports of explosions in Tehran. Israel declared a state of emergency after conducting preemptive strikes against Iran, Israeli Defense Minister Israel Katz said. Treasuries gained across the curve, with the 10-year yield dropping four basis points to 4.32%. The yen gained 0.3% to 142.99 against the dollar. A gauge of Asian equities fell 0.3% while gold rose 0.7%

Geopolitical worries had been weighing on markets after media reports earlier said Israel was considering military action against Iran. President Donald Trump said earlier Israel “could very well” strike Iran but that he had advised against an attack while negotiations over Tehran’s nuclear program were ongoing.

“Headlines of an Israeli air strike inside Iran have reignited the geopolitical-risk premium,” said Charu Chanana, chief investment strategist at Saxo Markets. “Any sign of retaliation or supply disruption would keep volatility elevated and push oil and safe-haven assets higher.”

Stocks

  • S&P 500 futures fell 1.4% as of 9:23 a.m. Tokyo time

  • Japan’s Topix fell 1.2%

  • Australia’s S&P/ASX 200 was little changed

  • Euro Stoxx 50 futures fell 0.7%

Currencies

  • The Bloomberg Dollar Spot Index was little changed

  • The euro was little changed at $1.1579

  • The Japanese yen rose 0.4% to 142.89 per dollar

  • The offshore yuan was little changed at 7.1779 per dollar

Cryptocurrencies

  • Bitcoin fell 1.6% to $104,297.15

  • Ether fell 2.8% to $2,565.89

Bonds

  • The yield on 10-year Treasuries declined three basis points to 4.33%

  • Japan’s 10-year yield declined one basis point to 1.445%

  • Australia’s 10-year yield declined 12 basis points to 4.12%

Commodities

  • West Texas Intermediate crude rose 5.3% to $71.65 a barrel

  • Spot gold rose 0.7% to $3,410.93 an ounce

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