After inflicting damage on Iran's proxies (Hamas and Hezbollah), Israel turned to Iran itself following the IAEA's finding that Tehran was in violation of its uranium-enrichment targets. The war continues. The US reportedly helped Israel shoot down missiles aimed at it, but so far Russia, which signed a defense pact with Iran earlier this year has been restrained, as has China, the biggest buyer of Iranian oil. The markets' response will be studied for some time. It is not just the greenback, which seems to have mostly ignored the geopolitical developments, but gold and oil are lower, and stocks are higher. The US ... (full story)