Approximately 7 Mortar Rounds Landed Within US Embassy Compound In Baghdad Friday Morning; Attack On Us Embassy Compound Caused Very Minor Damage
Portfolio Pulse from Benzinga Newsdesk
Around 7 mortar rounds hit the US Embassy compound in Baghdad on Friday morning, causing very minor damage according to Reuters.
December 08, 2023 | 2:59 pm
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NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) may experience volatility due to increased geopolitical tensions from the mortar attack on the US Embassy in Baghdad.
Geopolitical tensions often lead to market uncertainty, which can cause investors to react negatively in the short term. While the damage was minor, the event could increase risk aversion, potentially impacting SPY as it represents a broad market index.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
The United States Oil Fund (USO) might see short-term price fluctuations due to the mortar attack on the US Embassy in Baghdad, as geopolitical tensions can affect oil prices.
The attack on the US Embassy may heighten concerns about stability in the Middle East, a key oil-producing region. This could lead to a short-term increase in oil prices, affecting USO, which tracks the price of crude oil.
CONFIDENCE 70
IMPORTANCE 55
RELEVANCE 60