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A decline in oil and bond prices as demand for safe havens declines
Economy |Today
Economy |Today
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Baghdad today - follow-up
Oil prices fell alongside a decline in gold and government bonds, today, Monday (October 30, 2023), as investors’ interest in safe havens decreased after Israel took a more cautious approach than expected in its ground attack on Gaza.
Brent crude fell below $90 per barrel, after rising by approximately 3% on Friday, while West Texas Intermediate crude fell to about $84 per barrel. Futures contracts listed on the Standard & Poor's 500 index rose 0.3% after the index fell 0.5% on Friday, and investors' appetite for risk decreased due to concerns that include the continued monetary tightening campaign by the Federal Reserve, and disappointing corporate profits.
In the currency market, the US dollar witnessed little change against its major counterparts, while the 10-year Treasury bond yield rose by about three basis points. Gold prices fell but remained above $2,000 an ounce, and Australian bond yields rose.
“As the conflict in the Middle East continues, we expect a collision course between difficult financial conditions and geopolitical risk aversion,” Eric Robertson, global head of research and chief strategist at Standard Chartered, wrote in a note to clients. “For now, price volatility will remain... “Interest is the main driver behind exits from emerging market assets and developed market equities.”
Australian and Japanese stocks fell, and stocks witnessed mixed performance in China after the opening of trading. China Evergrande Group shares fell despite the world's most indebted real estate developer receiving a legal deadline to reconcile its situation on Monday, after a Hong Kong court postponed the hearing to December 4.
There were no noticeable signs of panic in the Middle East markets, which opened trading yesterday, Sunday, a day after Israel's ground invasion of the northern Gaza Strip. The Israeli stock index, known as the TA-35 , rose by 1.3%, reducing the loss recorded since the Hamas attack on Israel on October 7 to 11%.
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