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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    American states support the Israeli economy by buying bonds... and the shekel continues to decline

    Rocky
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    • Post n°1

    economy - American states support the Israeli economy by buying bonds... and the shekel continues to decline Empty American states support the Israeli economy by buying bonds... and the shekel continues to decline

    Post by Rocky Sat 14 Oct 2023, 5:07 am

    [size=47]American states support the Israeli economy by buying bonds... and the shekel continues to decline[/size]


    International economy
    London

    The New Arab


    October 14, 2023
    The possibility of the war expanding or extending its duration increases the risks for the Israeli economy (Associated Press)
    +Line-
    Several American states bought Israeli bonds as the country looks to raise money , after the shekel fell, investments fled and the value of bonds declined.
    According to Bloomberg, the purchases include $20 million from the New York State Joint Retirement Fund.
    “In addition to providing a fixed return to our retirement fund members, Israeli bonds help support one of our country’s strongest allies,” New York State Comptroller Thomas DiNapoli said in a statement on Friday.
    Public finance officials in Ohio, Florida, Texas and Illinois also announced their debt purchases.

    economy - American states support the Israeli economy by buying bonds... and the shekel continues to decline 1713400861

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    Texas Comptroller Glenn Hegar announced a $20 million investment in Israeli bonds on Friday, to provide liquidity to Israel “as it defends itself against Hamas,” according to a statement.
    “The State of Israel is a solid investment,” Hegar said. “As a Texas taxpayer, I am proud to support our ally, and as your Comptroller, I am confident that this is a wise fiscal decision for the State of Texas.”
    “The extent to which the United States has come to support Israel is incredible, demonstrating how this support transcends party lines and is deeply rooted across the country,” Danny Naveh, CEO of Israel Bonds, said Thursday, in a video statement posted on X. ". 
    This comes at a time when the cost of insuring Israeli bonds against possible default has risen by 66 basis points since the “Al-Aqsa Flood” operation, launched by the Al-Qassam Brigades, the military wing of the Islamic Resistance Movement (Hamas), which is the largest increase ever in a week.
    “Israeli bonds” are a borrowing tool through diaspora bonds, and it has $5.4 billion worth of bonds due by next December 31, representing about 12% of the government’s external debt, as Reuters reported earlier.
    The one-month jump in the shekel's volatility has also surpassed all other currencies in the world since Monday.
    The shekel fell 3.3% during the week to 3.976 to the dollar, its weakest level on a closing basis in more than seven years. 
    The currency's decline came despite a huge support package announced by the central bank on Monday, amounting to about $45 billion.
    The main Israeli stock index fell by 6.4% this week, the biggest loser in the world. 

    Regional risks 

    While Israel's dollar debt was among the biggest losers in emerging markets, bonds issued by Lebanon, Jordan and Egypt were also among the hardest hit this week, according to Bloomberg indicators.
    Analysts at Goldman Sachs, including Kamakshya Trivedi and Cesar Maasri, said in a report according to the same agency, “There is a relatively strong relationship between the increasing geopolitical risks in Israel and the Middle East.”

    economy - American states support the Israeli economy by buying bonds... and the shekel continues to decline -1%20%283%29

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    “It is clear that the geopolitical risk premium is building again in the region,” said Abdul Qader Hussein, head of fixed income asset management at Arqaam Capital, noting that “the situation is fluid and difficult to predict.”
    Investors are studying the danger that the conflict may bring to other countries or armed groups, after the Lebanese Hezbollah exchanged fire with Israeli forces on the border during the past few days. 
    Analysts at Morgan Stanley, including Simon Weaver, confirmed that the sharp escalation sweeping the region “is not in the cards today,” noting that “however, such a scenario is also several steps away.”
    “Markets reflect an assumption that the war between Israel and Gaza is still under control,” said Hasnain Malik, a strategist at Telemer in Dubai.
    At dawn last Saturday, Hamas and other Palestinian factions in Gaza launched Operation “Al-Aqsa Flood,” in response to “the continuing attacks by Israeli forces and settlers against the Palestinian people, their property, and their sanctities, especially Al-Aqsa Mosque in occupied East Jerusalem.”
    On the other hand, the Israeli occupation army launched Operation “Iron Swords” and continues to launch intensive raids for the fifth day in a row on many areas in the Gaza Strip, which is inhabited by more than two million Palestinians who suffer from deteriorating living conditions as a result of an ongoing Israeli siege since 2006.
    He added, "The prospects of a direct war with Iran, which would lead to a complete reset of risk assessments, seem highly unlikely - but a war with Hezbollah in Lebanon, which would be more gradual, is possible."

    Moody's skips Israel's rating notice

    In this context, Moody's kept Israel's sovereign credit rating unchanged at "A1" with a stable outlook, after deciding to skip the publication date on Friday and not issue a credit notice as planned.

    economy - American states support the Israeli economy by buying bonds... and the shekel continues to decline Screenshot%202023-10-13%20at%2011.31.25%E2%80%AFAM

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    This comes despite the sharp decline witnessed in Israeli bonds and currency in global markets during the past week.
    The next scheduled date for the classification of the Israeli economy will be 6 months from now.
    Earlier this week, Moody's said the resilience of Israeli debt issuers was at risk if the conflict continued, which would hamper economic activity and policy making.
    Moody's added earlier that the country's sovereign credit position may be tested during a long period of war, despite its resilience in the face of attacks and military action in the past. 


    https://www.alaraby.co.uk/economy/%D9%88%D9%84%D8%A7%D9%8A%D8%A7%D8%AA-%D8%A3%D9%85%D9%8A%D8%B1%D9%83%D9%8A%D8%A9-%D8%AA%D8%AF%D8%B9%D9%85-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF-%D8%A7%D9%84%D8%A5%D8%B3%D8%B1%D8%A7%D8%A6%D9%8A%D9%84%D9%8A-%D8%B9%D8%A8%D8%B1-%D8%B4%D8%B1%D8%A7%D8%A1-%D8%A7%D9%84%D8%B3%D9%86%D8%AF%D8%A7%D8%AA
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