Oil jumps, stocks drop on Middle East conflict: Markets wrap

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Spot gold rose 0.9% to $1 849.42 an ounce.

Oil jumped more than 5% after Hamas’s surprise attack on Israel raised fears of a wider conflict. Investors shunned traditionally risky assets such as stocks and instead bought gold, bonds and the dollar.

The Bank of Israel said it will sell as much as $30 billion in foreign exchange, and extend up to $15 billion through swap mechanisms to support markets. The shekel slipped to the weakest in seven years as fighting entered a third day. China reopens A gauge of Asian stocks was little changed, with energy shares among those rising on the back of elevated oil prices. The S&P 500 had advanced 1.2% Friday, snapping a four-week losing streak.

Data showed tourism revenue surged on an annual basis during the period, but edged only slightly above its pre-Covid level, suggesting relatively muted consumer sentiment continues to weigh on economic growth.

 

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