US Markets Watch and Wait As Mideast Tensions Escalate
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With US markets closed Monday for President's Day, investors here are looking overseas to see how foreign markets are coping with more anti-government protest in the Middle East, namely Libya and Bahrain.
Over the weekend, protest in Libya escalated and Moammar Gadhafi's 42-year rule now appears in jeopardy as key cities fall to anti-government forces. Gadhafi's son gave a speech early Monday warning that the country would spiral into deep poverty and civil war should the regime fall. He blamed the unrest on drug dealers, foreign infiltrators and Islamic radicals. As of Monday, the death toll from the unrest reached 233.
In Asia, the Nikkei managed to squeak out a 0.1% gain while the Hang Seng fell 0.5%. In Europe, the FTSE 100 is down 1.1%, the DAX is down 1.4% and the CAC 40 is down 1.4%. Mideast shares felt the brunt of the selling with The Dubai Financial Market falling 3.7%.
Oil and gold jumped higher on the unrest in the region. Brent crude rose as much as 2.6 percent. Gold climbed 1.2 percent, again surpassing the $1,400 level.
Over the weekend, protest in Libya escalated and Moammar Gadhafi's 42-year rule now appears in jeopardy as key cities fall to anti-government forces. Gadhafi's son gave a speech early Monday warning that the country would spiral into deep poverty and civil war should the regime fall. He blamed the unrest on drug dealers, foreign infiltrators and Islamic radicals. As of Monday, the death toll from the unrest reached 233.
In Asia, the Nikkei managed to squeak out a 0.1% gain while the Hang Seng fell 0.5%. In Europe, the FTSE 100 is down 1.1%, the DAX is down 1.4% and the CAC 40 is down 1.4%. Mideast shares felt the brunt of the selling with The Dubai Financial Market falling 3.7%.
Oil and gold jumped higher on the unrest in the region. Brent crude rose as much as 2.6 percent. Gold climbed 1.2 percent, again surpassing the $1,400 level.
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