Israel Terms Gaza Ceasefire Accepted By Hamas As 'Softened'; US Opposes Netanyahu's Operation In Rafah
Portfolio Pulse from Piero Cingari
Hamas has accepted a ceasefire proposal mediated by Egypt and Qatar, which Israel views as 'softened' and potentially unacceptable. The U.S. opposes an Israeli military operation in Rafah, emphasizing the need to protect Palestinian civilians. The ceasefire acceptance and subsequent developments have led to a slight rise in Israeli stocks, as indicated by the iShares MSCI Israel ETF (EIS), and an increase in oil prices, impacting the United States Oil Fund (USO).
May 06, 2024 | 7:43 pm
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The iShares MSCI Israel ETF (EIS) rose 0.4% following the announcement of Hamas's acceptance of a ceasefire, reflecting investor optimism towards a potential de-escalation in the region.
The rise in EIS reflects market optimism towards a potential de-escalation of tensions between Israel and Hamas, which could lead to a more stable environment conducive to economic activities in the region.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The United States Oil Fund (USO) saw a 0.8% increase, breaking a 5-day losing streak, after oil prices recovered following initial drops due to the ceasefire announcement.
The initial drop in oil prices was likely due to expectations of reduced geopolitical risk following the ceasefire announcement, which could decrease oil supply disruptions. The subsequent recovery, and positive impact on USO, reflects market adjustments and the complex dynamics affecting oil prices.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 80