It's been a cautious start to the week in Asia as markets wait to see when, or whether, Israel will launch a ground invasion of Gaza, and bonds continue their vicious sell-off.
Still, some aid trucks did get through, which was enough progress to prompt a pullback in oil prices. The scale of U.S. borrowing is also likely a concern given Washington last week reported a $1.695 trillion budget deficit for fiscal 2023, fully 23% higher than the prior year and above all pre-pandemic shortfalls.
Markets, likewise, see scant risk the European Central Bank will hike when it meets this week, and is flirting with the chance of rate cuts from April next year. Kevin Paffrath slammed Elon Musk's comments on Tesla's third quarter earnings call in an interview with Yahoo Finance this week.
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