Geopolitical Tensions Rattle Markets: US Stocks Decline, Oil Surges Amid Israel-Gaza Conflict
The global financial landscape found itself in a state of flux as the military conflict between Israel and the Gaza Strip roiled markets. US stock futures faced downward pressure, while oil and Treasury values surged. Additionally, the September US jobs report added to the intensity, setting the stage for crucial inflation figures later in the week.
Despite thin trading conditions due to holidays in Japan and South Korea, the initial market sentiment favoured bonds and safe-haven assets like the Japanese yen and gold. Simultaneously, oil prices experienced a notable climb, surging by over $3 per barrel.
The Israeli shekel bore the initial brunt of the turmoil, plummeting to its lowest level since early 2015, standing at 3.9880 per dollar. While this may not immediately appear significant to traders due to the shekel's limited status as a major currency and unavailability on most platforms, it is intertwined with the potential performance of tech stocks listed on US exchanges, notably NASDAQ.
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