In the wake of the possible attack on Damascus by Western powers, safe haven currencies, such as the yen and the Swiss franc, recorded significant increases, while the stock markets collapsed. The yen reached its session highs against the dollar and the euro, at 97,36 and 129,83 respectively. The Swiss franc reached session highs against the single currency at 1,2285 francs per euro from a close at 1,2342.
Syrian tensions then fueled the rally in crude oil which also reaches 109 dollars a barrel. Syria is not one of the major oil producers (50 barrels a day according to Barclays) but, as analysts point out, the unstable situation in Damascus could endanger production in the Middle East region where over a third of world production is concentrated of black gold.
Positive day also for gold. Gold prices in Hong Kong jumped HK$110 to close at HK$13.070 per tael. The price is equal to 1.413,82 US dollars an ounce, up by 11,90 dollars.
The European stock exchanges take the road of the sharp decline, with the main lists down by about two percentage points. Investors are worried about developments in the situation in Syria, after statements by US Secretary of State John Kerry. Wall Street opened in the red with the Dow Jones down 0,65% well below 15 points.
The European stock exchanges are all in the red: Madrid is the worst (-2,4%), followed by Milan (-2,3%).
