Israel-Hamas War: Day 18 – Erdogan's Defense Of Hamas Sparks Reaction From West; UN Secretary-General Backtracks 'Shocking' Comments Prompting Call For Resignation
Portfolio Pulse from Piero Cingari
The ongoing Israel-Hamas conflict has sparked international reactions, with Turkish President Erdogan expressing support for Hamas and UN Secretary-General Guterres facing backlash for his comments. The conflict has also led to a humanitarian crisis in Gaza, with the health system reportedly in a state of collapse. Market reactions to the conflict have been subdued, with European equity indices trading flat and S&P 500 futures indicating a slight decline. The U.S. dollar, as measured by the Invesco DB USD Index Bullish Fund ETF (UUP), continued to rise, while Treasury yields increased and gold and crude oil prices rebounded.
October 25, 2023 | 1:19 pm
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Gold, tracked through the SPDR Gold Trust (GLD), registered a 0.2% rise.
The ongoing conflict has led to increased uncertainty in the market, which typically benefits safe-haven assets like gold. This is likely driving the increase in GLD.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Treasury yields saw an increase, with the 10-year yield rising by 5 basis points to 4.87%, while the 30-year yield surged by 6 basis points to 5%. In the previous session, the iShares 20+ Year Treasury Bond ETF (TLT) marked its third consecutive day of gains with a 1.3% increase.
The increase in Treasury yields suggests that investors are moving towards safer assets amid the ongoing conflict. This is likely driving the increase in TLT.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The U.S. dollar, as measured by the Invesco DB USD Index Bullish Fund ETF (UUP), continued its ascent with a 0.2% gain.
The ongoing conflict has led to increased uncertainty in the market, which typically benefits safe-haven assets like the U.S. dollar. This is likely driving the increase in UUP.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80