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It was hardly unexpected, but Israel's missile strike on Iran on Friday confirms fears of a dangerous series of tit-for-tat retaliation ahead between the Middle East powers that is likely to seed weeks of uncertainty for world markets too.Heading into another weekend wondering what may happen in the region until global exchanges reopen on Monday is set to be pattern until the standoff is resolved. Concern about targeting of either country's nuclear operations is top of many minds.
It was similar for gold, whose initial surge failed to hit new records. It also unwound the gains since. With the S&P500 now off 5% from record highs in less than three weeks, the VIXVIX> 'fear gauge' of implied volatility soared above 20 on Friday for the first time since October. To the irritation of some other major central bankers attending the International Monetary Fund meetings in Washington this week, Fed officials continue to signal they are in no rush to cut interest rates this year as they snuff out stubborn vestiges of the recent inflation spike.
The European Central Bank, by contrast, seems nailed on to start cutting its policy rates as soon as June. Video giant Netflix's shares fell after the bell on Thursday after it unexpectedly announced it will stop reporting subscriber numbers each quarter, seen as a sign that years of customer gains in the streaming wars are coming to an end.
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