Israel's troops were battling on Monday to clear out Hamas gunmen more than two days after they burst across the fence from Gaza on a deadly rampage, and the...
- Fears of a widening conflict in the Middle East are threatening more volatility for investors, adding to uncertainty ahead of corporate earnings season and crucial U.S. inflation data later in the week.
"The coming days are likely to be driven by geopolitical risks, rather than fundamentals,” said Mohit Kumar, chief Europe economist at Jefferies in London. "For markets, the geopolitical risks add another uncertainty for investors when convictions are already low." “The worst-case scenario from a geopolitical risk perspective would be a full-scale confrontation between Israel and Iran,” analysts at Fordham Global Insights said. "A return to the risk of direct military tensions - especially the risk of Israeli attacks on Iran's nuclear facilities - would likely have systemic impact.”A widening conflict could keep oil prices elevated, they said.
"I think this is just an extra source of concerns and the timing is not ideal, because the commodity market is already quite stretched, the bond market is quite stretched,” said Emmanuel Cau, Barclays head of European equity strategy.
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