Markets freak as Israel bombs Iran

All fog of war stuff, but retaliation of some sort is underway in Iran:

Three large explosions heard in Isfahan south of Tehran, US officials confirm.
The Natanz nuclear facility is located in Isfahan.
Unconfirmed simultaneous explosions have also been reported in Syria and Iraq (Baghdad and Babil/Babylon province).
Iran has established a no-fly-zone over its western region.

Oil is not up that much with Brent at $90, but stocks are getting belted, DXY and gold are flying, and AUD has breached well into the 0.63s.

Interestingly, yields are down as bonds are also bid.

A full safe haven jackknifing is underway.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.