U.S. State Department Temporarily Pauses Additional Funding For UNRWA As It Reviews Allegations About UNRWA Employee Involvement In Oct. 7 Attack On Israel; Concurrently Reviews Steps UN Is Taking
Portfolio Pulse from Benzinga Newsdesk
The U.S. State Department has temporarily halted additional funding for the United Nations Relief and Works Agency (UNRWA) while it investigates claims of UNRWA employee involvement in an October 7 attack on Israel. The State Department is also reviewing the actions taken by the United Nations in response to the incident.
January 26, 2024 | 3:03 pm
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NEUTRAL IMPACT
The temporary pause in U.S. funding for UNRWA due to allegations of employee involvement in an attack on Israel may indirectly affect the iShares MSCI Israel ETF (EIS), which tracks the investment results of an index composed of Israeli equities.
While the funding pause for UNRWA is a geopolitical issue, it does not directly affect the financial performance of Israeli companies represented in the EIS ETF. However, increased geopolitical tensions can lead to market volatility, which may affect investor sentiment towards Israeli equities in the short term.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50