The worsening situation in the Middle East will cause volatility in the short term, but it will not be a "show stopper" for generally strong financial markets here and around the world, a local market commentator says.
Iran struck back at the United States for the killing of a top Iranian general, firing a series of surface-to-surface missiles at an Iraqi air base housing US troops and warning the United States and its allies in the region not to retaliate.
Iran state TV said Tehran had launched "tens" of missiles at Iraq's Ain Assad air base over America's killing of general Qassam Soleimani.
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US stock futures initially slumped along with Asian equities and oil prices surged after Iran started an attack on military facilities in Iraq hosting American troops, escalating tensions in the Middle East.