Israel-Hamas War, Day 45: Biden Signals Optimism On Potential Hostage Deal; Yemen's Houthis Seize Cargo Vessel Owned By Israeli Businessman
Portfolio Pulse from Piero Cingari
President Biden expressed optimism about a potential hostage deal between Israel and Hamas. Israel proposed a 5-day ceasefire in exchange for 50 hostages, but disagreements persist. UN Secretary-General Guterres expressed concern over civilian killings. Houthi rebels seized an Israeli cargo vessel, the Galaxy Leader, owned by Israeli businessman Abraham Ungar. The U.S. State Department demanded its release. Israeli stocks and ETFs, including iShares MSCI Israel ETF (EIS) and ARK Israel Innovative Technology ETF (IZRL), saw gains.
November 20, 2023 | 9:49 pm
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POSITIVE IMPACT
The iShares MSCI Israel ETF (EIS) rose 0.8%, recovering from losses since the Oct. 7 Hamas attack, amid positive developments in Israel-Hamas negotiations and geopolitical events.
The rise in EIS is likely due to investor optimism following President Biden's positive remarks on the hostage negotiations and the potential for easing tensions. The ETF's recovery suggests that the market is responding favorably to the possibility of a ceasefire and resolution of the conflict, which could lead to improved stability in the region.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
ARK Israel Innovative Technology ETF (IZRL) saw a 1% increase, potentially influenced by the same factors affecting EIS, including the geopolitical situation and market sentiment.
IZRL's performance is likely impacted by the broader market's reaction to the geopolitical developments between Israel and Hamas. The ETF's gain reflects investor confidence in the Israeli tech sector's resilience and the potential for a positive outcome from the ongoing negotiations.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 80