Israel-Hamas War Reaches 3-Month Mark: International Efforts Intensify For Resolution As Tensions Escalate
Portfolio Pulse from Piero Cingari
The Israel-Hamas conflict has reached a three-month mark with recent escalations including the killing of a Hezbollah commander by Israel. The G7, led by the U.S., is seeking a rapid end to the military phase, while U.S. Secretary of State Antony Blinken is on a Middle East tour to initiate peace efforts. Israeli Defense Minister Yoav Gallant indicated a strategic shift in military operations. The iShares Israel MSCI ETF (EIS) has seen a plateau in performance after recovery, while the ARK Israel Innovative Technology ETF (IZRL) is down 3.7% year to date, and the Israeli shekel has depreciated against the U.S. dollar.
January 08, 2024 | 1:59 pm
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NEUTRAL IMPACT
The iShares Israel MSCI ETF (EIS) has recovered from pre-Hamas attack levels and climbed higher in December, but has plateaued since late December.
While EIS has shown resilience by recovering and climbing higher post-attacks, the recent plateau suggests that the market has priced in the current state of the conflict. The lack of further gains could be due to market uncertainty about the conflict's resolution.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The ARK Israel Innovative Technology ETF (IZRL) managed by Cathie Wood is down 3.7% year to date, indicating a downturn in Israeli tech stocks.
The downturn in IZRL reflects investor concerns over the impact of the Israel-Hamas conflict on the Israeli tech sector. The geopolitical tensions may be causing investors to reassess the risk profile of these stocks, leading to the observed decline.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80