Israel-Hamas War Shakes Middle East, Inflation Reawakens, Oil Surges: The Week In The Markets
Portfolio Pulse from Piero Cingari
The escalating Israel-Hamas conflict, rising inflation, and surging oil prices have shaken global markets. The conflict could disrupt global oil supplies, as the Middle East accounts for about one-third of global oil production. In the US, inflation figures exceeded expectations, with the Producer Price Index surging 2.2% YoY and the Consumer Price Index inflation rising by 3.7% YoY. This has led to a spike in 30-year mortgage rates and a dip in consumer sentiment. Despite this, the Fed signals another rate hike is still possible. M&A activity picked up with Exxon Mobil acquiring Pioneer Resources and Microsoft purchasing Activision Blizzard. The week also saw strong Q3 earnings from major banks.

October 13, 2023 | 8:33 pm
News sentiment analysis
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POSITIVE IMPACT
SPDR Gold Trust spiked over 5% this week, marking its second-best week of the year.
The rise in gold prices is positive for SPDR Gold Trust as it could increase the value of their assets.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Microsoft finalized the purchase of Activision Blizzard this week.
The acquisition could potentially increase Microsoft's assets and revenues, which could positively impact the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
United States Oil Fund rallied nearly 6% on the week.
The rise in oil prices is positive for United States Oil Fund as it could increase the value of their assets.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Energy Select Sector SPDR Fund was up over 4% for the week.
The rise in energy stocks is positive for Energy Select Sector SPDR Fund as it could increase the value of their assets.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Exxon Mobil finalized the acquisition of Pioneer Resources this week.
The acquisition could potentially increase Exxon Mobil's assets and revenues, which could positively impact the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
CME Group's FedWatch tool shows a 92% probability of the Fed keeping rates unchanged at the Nov. 1 meeting.
The news is neutral for CME Group as it is just a mention of their FedWatch tool being used to predict Fed's actions.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50