People are reflected on an electronic stock indicator of a securities firm in Tokyo, Wednesday, April 11, 2018. (AP Photo/Shizuo Kambayashi)
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Oil gains on Syria strikes, unless Russia reactsGold and oil will extend their gains Monday, albeit modestly, when the markets open for the first time since Western powers launched a missile attack on Syria, but equities and bonds are unlikely to suffer big losses unless the West strikes again or Russia retaliates. Despite heightened geopolitical risks, the impact on so-called safe-haven assets has been short-lived and modest – while the yen rose initially on fears of a Syrian strike, it ended near seven-week lows to the dollar last week.Frank Benzimra, head of global markets for Asia Pacific at Societe Generale Corporate and Investment Banking, also said stocks were set to plunge only in case of new strikes by Western powers.In case of such an escalation, energy-related assets should outperform Asia markets, oil would rally further, the yen would spike and Japan's domestic defensive stocks would outperform international stocks.
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