Israel Financial News

October 9, 2023

The shock attack by Hamas and Israel’s response risk a wider destabilisation of the region – and the global oil market is watching.

By Jamie McGeever

By Davide Barbuscia

Benjamin Netanyahu says that Israel has «only started» a fierce offensive in the Gaza Strip in response to an unprecedented Hamas attack. Netanyahu delivered the pronouncement in a nationally televised address as Israel pressed ahead with a third day of heavy airstrikes in Gaza.

European Union late Monday reversed an earlier announcement by an EU commissioner that the bloc was «immediately» suspending development aid for Palestinian authorities and instead said it would urgently review such assistance in the wake of the attacks on Israel by Hamas to make sure no money was misused. «There will be no suspension of payments» at the moment, a terse European Commission statement said late Monday, five hours after EU Commissioner Oliver Varhelyi had said that all payments from the development programme for Palestinians would be «immediately suspended.

Bitcoin (BTC), the most valuable cryptocurrency in the world, could not break the $28,000 mark over the weekend, showing sluggish movement. 

A risk-off tone to macro trading conditions on Monday amid jitters regarding the escalating Israel/Palestine is weighing on crypto prices.

Global markets took a hit today as tensions between Israel and Hamas escalated into full-blown warfare over the weekend. The conflict has caused ripples across asset classes, sending emerging stocks and cryptocurrencies on a downward trend while boosting the value of oil and precious metals.

Major airlines are suspending flights to Israel after it formally declared war following a massive attack by Hamas

U.S. Senate Majority Leader Schumer says he is grateful for a stronger statement from China condemning the deadly Hamas attack on Israel issued during his visit to Beijing that included a lengthy meeting with President Xi Jinping

The European Union has reversed an earlier announcement that it was “immediately” suspending aid for Palestinian authorities and instead said it would urgently review such assistance in the wake of the attacks on Israel by Hamas

Britain’s main opposition Labour Party says it will focus on economic growth rather than higher taxes to “rebuild” the country after more than a decade of Conservative rule

Oil prices climbed with worries about violence in the Middle East

Share prices have opened little changed after the the Israeli government declared war following deadly attacks by Hamas from the Gaza Strip

Investing.com — The Dow closed higher Monday, as investors bought the early-day weakness after weighing up a more cautious tone rate hike from Federal Reserve officials and rising geopolitical tensions amid fears the Israel-Hamas conflict.  

Israeli festival. The band dedicated the song to those who perished, referring to them as the «stars of David.» Bono, the band's lead singer, urged the crowd to sing for the music-loving souls who were enjoying the Supernova Sukkot festival in Israel. He emphasized their shared love for music and their playful, experimental nature, addressing them as «our kind of people.» He acknowledged the ongoing conflict in Israel and Gaza, recognizing the seeming incongruity of singing a song about non-violence. He stressed that their prayers had always been for peace and non-violence. He also expressed their sorrow and anger over the tragic event. Bono adapted the lyrics of «Pride,» replacing the reference to Martin Luther King Jr.'s death with a mention of the Israeli massacre. He sang, «Early morning, October 7, the sun is rising in the desert sky. Stars of David, they took your life but they could not take your pride,» before leading into the chorus. The attack at the Supernova festival, near the Gaza Strip border, involved rocket attacks, gunfire and sniper shots by terrorists. The aftermath saw over 260 bodies recovered by rescue agency Zaka, with more still unaccounted for, among the 3,500 concert attendees. The performance of «Pride» was part of a setlist shift during U2's Sphere show, featuring songs from various stages of their career. It followed «I Still Haven't Found What I'm Looking For» and preceded «MLK,» another song inspired by Martin Luther King Jr., in a poignant tribute to the festival's victims.

By Andrea Shalal and David Lawder

Investing.com — The S&P 500 climbed Monday, after cutting losses despite rising geopolitical tensions amid fears the Israel-Hamas conflict could spark a wider war in the Middle East.  

Investing.com — Gold settled above the mid $1,800 level on Monday in response to the Israel-Hamas war, but the rally in the safe-haven would depend on how far the crisis expands to impact oil and other global markets, analysts said.

A collective of local leaders in the cryptocurrency space, including Cointelegraph, 42Studio, MarketAcross, Collider Ventures, CryptoJungle, Nilos, Blockchain B7, Efficient Frontier, Ironblocks, the Israel Blockchain Association and Bits of Gold, have joined together ​​to establish Crypto Aid Israel, a global fundraiser to help displaced Israeli citizens in need of humanitarian aid.