Turkey Accelerates Missile Production Amid Fears of Wider War
Turkish President Recep Tayyip Erdogan ordered officials to increase the production of medium and long-range missiles in light of the Israel-Iran conflict, an acceleration of plans to develop a strong home-grown industry.
The move comes as Israel and Iran exchange salvos for the fifth day in a row, raising fears about a spread of the war to other countries in the oil-rich Middle East. Several geopolitical flashpoints have pushed countries to boost defense spending in recent months, and Turkey aspires to be part of that arms race.
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Yahoo
9 minutes ago
- Yahoo
Dollar firms as markets brace for Iran response to US attacks
By Ankur Banerjee SINGAPORE (Reuters) -The U.S. dollar firmed slightly on Monday as anxious investors sought safety, although the moves were muted so far suggesting markets were waiting for Iran's response to U.S. attacks on its nuclear sites that have exacerbated tension in the Middle East. The major moves were in the oil market, with oil prices hitting a five-month high, while global stocks slipped in the first market reaction to the U.S. attacks over the weekend. In currency markets, the dollar advanced broadly against most rivals. It was up 0.25% against the Japanese yen at 146.415 after touching a one-month high earlier in the session. The euro was 0.33% lower at $1.1484, while the Australian dollar, often seen as risk proxy, weakened 0.2% to $0.6437, hovering near its lowest level in over three weeks. That left the dollar index, which measures the U.S. currency against six other units, 0.12% higher at 99.037. Sterling was 0.25% lower at $1.34175, while the New Zealand dollar also fell 0.24% to $0.5952. Carol Kong, currency strategist at Commonwealth Bank of Australia, said the markets are in wait-and-see mode on how Iran responds, with more worries about the positive inflationary impact of the conflict than the negative economic impact. "The currency markets will be at the mercy of comments and actions from the Iranian, Israeli and U.S. governments. The risks are clearly skewed to further upside in the safe haven currencies if the parties escalate the conflict." Iran vowed to defend itself a day after the U.S. dropped 30,000-pound bunker-buster bombs onto the mountain above Iran's Fordow nuclear site. American leaders urged Tehran to stand down while pockets of anti-war protests emerged in U.S. cities. In a step towards what is widely seen as Iran's most effective threat to hurt the West, its parliament approved a move to close the Strait of Hormuz. Nearly a quarter of global oil shipments pass through the narrow waters that Iran shares with Oman and the United Arab Emirates. "Markets appear to be treating the U.S. strikes on Iran as a contained event for now, rather than the start of a broader war," said Charu Chanana, chief investment strategist at Saxo. "The muted haven flows suggest investors are still assuming this is a one-off escalation, not a disruption to global oil supply or trade." While the dollar has reprised its role as a safe haven due to the rapid escalation in geopolitical tension, the relatively muted moves suggested investors remain wary of going all in on the greenback. The U.S. currency has dropped 8.6% this year against its major rivals as economic uncertainty from President Donald Trump's tariffs and concern over their impact on U.S. growth has led to investors scurrying for alternatives. In cryptocurrencies, bitcoin was up 1.3% in early trading after dropping about 4% on Sunday, while ether rose 2.3% on Monday after sliding 9% in the previous session. Sign in to access your portfolio
New York Times
13 minutes ago
- New York Times
Around Military Bases in the U.S., Unease Over What Comes Next
For some families who gathered this weekend at Fort Benning in Georgia, the past few days have served as a solemn reminder of the unsettling emotions military service can bring. On Friday, a group of Army enlistees graduated from basic training. On Saturday, President Trump bombed Iran. On Sunday, service members and their loved ones pondered an uncertain future. 'People can lose their life, so I'm worried,' said Michele Bixby, 24, of upstate New York, whose brother had just graduated. 'But it's what he wanted to do; it's what he loves to do. He's going to move forward with it no matter what.' One day after the administration announced it had carried out airstrikes at three nuclear sites in Iran, the mood in some communities around military bases on U.S. soil varied from firm support to bitter disagreement. But one sentiment stood out among those interviewed: concern for the safety of America's troops everywhere. No one knows how the strikes on Iran could affect service members. Pete Hegseth, the secretary of defense, emphasized on Sunday that the administration did not want an open-ended war. But Iranian leaders have vowed to retaliate, and U.S. military installations in the Middle East, with more than 40,000 active-duty troops and civilians employed by the Pentagon, are already potential targets. That reality, along with the potential repercussions for the entire military, was on the minds of many people around U.S. bases at home, even as service members accepted that reality as part of the job. 'A lot of the families around here are quickly realizing this is a real threat; this is something we need to be worried about,' said Meghan Gilles, 37, a self-described military brat who works in the Army Reserve's human resources division at Fort Campbell in Kentucky, a training site and home to the 101st Airborne Division. Want all of The Times? Subscribe.
Yahoo
13 minutes ago
- Yahoo
Markets React Sharply to US Airstrikes on Iran
Crude oil futures are surging in early Monday trading, as widely expected, with US equity futures gapping lower after the US launched strikes against Iran over the weekend. Bloomberg's Romaine Bostick reports.
