Global Markets Tumble Amid Middle East Tensions and Economic Indicators

Global stock markets experienced a decline on Thursday, influenced by weak European business data, geopolitical tensions in the Middle East, and mixed performances in Asian markets. Oil prices rose on fears of supply disruptions, while safe haven assets remained stable. Currency fluctuations reflected investor caution amid economic shifts.

In a turbulent day for global markets, stocks across Europe and Asia tumbled on Thursday as investors reacted to geopolitical tensions and disappointing business indicators. The Eurozone's stock indexes fell 0.5%, with MSCI's all-country index slipping 0.2%, following weak business activity survey data.

In Asia, stocks outside Japan dropped by 1%, driven by a pullback in Hong Kong after a recent rally. The Nikkei was an outlier, climbing 2% after Japan's Prime Minister Shigeru Ishiba indicated a pause on rate hikes. Oil prices surged over $1 each, reaching $75.27 for Brent and $71.52 for U.S. crude futures, amid fears of Middle Eastern conflict impacting oil flows.

Gold and Treasury yields presented a mixed picture; gold dipped slightly but remained near record highs, while Treasury yields rose on strong U.S. private payroll data. Meanwhile, currency markets saw the euro steady, the U.S. dollar index rise, and the sterling depreciate amid speculation on central bank policies.

(With inputs from agencies.)