- Oil prices rose more than 3%, while stocks fell, as Iran escalated its rhetoric against Israel in the aftermath of an explosion at a Gaza hospital, complicating diplomatic efforts to bring the Middle East conflict under control.
- Contracts for the S&P 500 and Nasdaq 100 both lost more than 0.5%. Crude prices rose after Iran's foreign minister, a major oil exporter, called for an embargo against Israel. Gold prices increased as investors sought safe-haven assets.
- Traders are keeping an eye on the latest earnings reports in addition to geopolitical concerns. Procter & Gamble fluctuated in the premarket after organic sales exceeded expectations. United Airlines fell 6%, outperforming other carriers, after the company warned of a potentially significant profit impact from the suspension of flights to Tel Aviv. Nvidia was set to fall 1.6%, extending its 4.7% drop from the previous session.
- Biden met with Israeli Prime Minister Benjamin Netanyahu on Wednesday, just hours after a hospital blast killed hundreds and threatened to destabilise the region. Jordanian, Egyptian, and Palestinian Authority leaders cancelled a meeting with Biden, who planned to use the trip to reaffirm the US commitment to Israel.
-Iran Foreign Minister calls for oil embargo against Israel.
- UK CPI YoY Actual 6.7% (Forecast 6.6%, Previous 6.7%) [Sterling Strengthened]
- The STOXX 600 Index in Europe fell 0.7%. ASML, Europe's most valuable technology company, fell 1.7% after order intake fell in the third quarter, among other individual movers.
