Weekly News Summary for January 3-8, 2020

Friday, January 3, 2020: Oil, Gold Prices Rise as US-Iran Tensions Grow

Oil and gold prices rose to their highest in four months on Friday, as the escalating tensions between the US and Iran led investors to seek safety against potential disruptions to global crude supply.

Gold futures advanced 1.6% to $1,551.95 per ounce, while WTI crude futures climbed 3.7% to $63.48 per barrel and Brent gained 4% to $68.89 per barrel.

Monday, January 6, 2020: Safe-haven Currencies Surge on Mideast Conflict

The Japanese yen and climbed to a three-month high on Monday, as the conflict in the Middle East continued to fuel demand for safe-haven assets.

The yen posted its highest in three months at 107.77 versus the US dollar and was last up at 108.00, while the Swiss franc traded near the four-month high of 1.0824 hit against the euro on Friday, and Bitcoin reached a two-week high of $7,580 before easing to trade at $7,560.

Tuesday, January 7, 2020: Rolls-Royce Sales Up 25% in 2019

British carmaker Rolls-Royce experienced an excellent year in 2019, as it reported higher sales on Tuesday, offering the auto industry, which has struggled due to slowing global demand, some relief, and pushing shares of its owner BMW up more than 1%.

Rolls-Royce said its annual sales were up 25% last year to a new record high, after strong demand for its first-ever SUV, Cullinan, helped the company sold 5,152 cars in 2019, compared with 4,107 units in 2018.

Wednesday, January 8, 2020: Markets Cool Down as US-Iran Tensions Eased

Financial markets were spooked on Wednesday, after Iran carried out an airstrike on two US-Iraqi airbases, although losses later eased after the country assured that the attack did not mean it was seeking war, and US President Donald Trump said all is well.

The strike pushed the S&P 500 and Japanese equities down as much as 1.7% and 2.4% respectively, while crude oil gained 4.7% and the gold climbed past $1,600 per ounce for the first time since 2013.