Tensions in the Middle East escalated on Wednesday following an Iranian missile attack on Israel, sparking demand for safe-haven assets as investors grew anxious about the potential expansion of the conflict.
Prices of oil, gold and shares in defence companies jumped but most stock-market benchmarks tumbled, as financial markets reacted to US reports that Iran is preparing to launch an attack on Israel. "The United States has indications that Iran is preparing to imminently launch a ballistic missile attack against Israel," according to a statement from a senior White House official to US media.