Trump's U Turn on Iran: What It Means for Markets and More The US President Donald Trump's decision to back down on strikes against Iran has sent shockwaves through global markets.
The Australian sharemarket took a hit, along with oil prices, which fell significantly after the news broke. Futures had predicted a 1 percent loss for the S&P/ASX 200 before Trump announced his reversal.
This suggests investors were bracing themselves for another escalation in the Middle East, but instead got a reprieve that comes with its own set of complications.