Futures Bounce, Oil Slides After Report Of Iran Backchannel Outreach

It was shaping up as a catastrophic, margin-call driven Wednesday session after Japan's Nikkei tumbled about 4% and Korea's Kospi suffered its biggest drop ever, plunging by a record 12%. But after initially plunging overnight, S&P futures rose as much as 0.4% after the New York Times reported that operatives from Iran’s Ministry of Intelligence used backchannels to contact the Central Intelligence Agency a day after US-Israeli attacks began. The report also stated that US officials are skeptical that eithe ...