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US military base in Bahrain targeted by Iran in drone attack
In its second attempt to target Bahrain in three days, Iran launched a drone attack on a US military base in the country on Sunday, according to a report published by the Guardian that day.
Six drones were used to target the US air defence radar facility at Al-Riffa air base in Bahrain, Iran’s Islamic Revolutionary Guards Corps (IRGC) said.
According to Bahrain’s military, its air defence systems intercepted and destroyed the Iranian air attacks “before they could achieve their objectives.” Iran had previously launched drones at Bahrain on Friday, marking its first attack on Gulf countries since September.
In southern Yemen, meanwhile, an advance by Iran’s Houthi allies against pro-government forces opened a possible route to Aden. A mine also sank an oil supertanker in the Strait of Hormuz, Tehran claimed.
Risk sentiment explained: FAQs
Investors’ willingness to accept risk over a given period is commonly described in financial markets using the terms “risk-on” and “risk off”. Optimism about the outlook characterises a “risk-on” market, encouraging investors to purchase riskier assets. By contrast, concerns about the future lead investors in a “risk-off” market to ‘play it safe’. They favour lower-risk assets offering greater certainty of a return, even where that return is relatively modest.
A positive growth outlook generally supports equities and most commodities, apart from gold, during “risk-on” periods. Rising demand also strengthens the currencies of major commodity-exporting countries, while cryptocurrencies gain. When markets turn “risk-off”, bonds typically advance, particularly those issued by major governments. Gold performs well too, alongside safe-haven currencies including the Japanese yen, Swiss franc and US dollar.
Currencies that typically strengthen in “risk-on” markets include the Australian dollar (AUD), Canadian dollar (CAD) and New Zealand dollar (NZD), along with less widely traded currencies such as the rouble (RUB) and South African rand (ZAR). Growth in their economies depends heavily on commodity exports. Commodity prices generally increase when risk appetite improves, as investors anticipate that stronger economic activity will drive greater demand for raw materials.
During “risk-off” periods, the US dollar (USD), Japanese yen (JPY) and Swiss franc (CHF) are the major currencies that generally gain. The dollar benefits from its role as the world’s reserve currency and from investors’ purchases of US government debt during crises. That debt is regarded as safe because the world’s largest economy is considered unlikely to default. For the yen, support comes from greater demand for Japanese government bonds: a high proportion is owned by domestic investors who are unlikely to sell them off, even during a crisis. The Swiss franc benefits from strict Swiss banking laws that provide investors with greater capital protection.
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