The repercussions of the Israel-Hamas conflict rippled through stock markets in the Middle East and North Africa on Sunday.
Israel's Tel Aviv share index the TA-35 ended the session about 7 per cent lower, pulled down largely by banking shares. This was the market’s sharpest fall in more than three years.
Other stock markets beyond Israel also felt the shock waves. Saudi Arabia's Tadawul, which is among the world's top 10, fell by 1.6 per cent, while Egypt's EGX30 index fell about two per cent.
Kuwait’s main market was down by more than 1.5 per cent, Jordan’s ASE index declined 0.4 per cent, Qatar equity markets slipped 0.6 per cent, while the Bahrain All Share Index lost 0.06 per cent.
Analysts say the impact on Gulf and Middle East markets depends on whether the conflict spreads.
“This will add more uncertainty to markets, with inflation and growth taking a step back and geopolitical risk taking centre stage. We could expect a spike in volatility, with short-term fixed income becoming again a safe haven, while cyclical sectors will be in the spotlight,” Gonzalo Lardies, senior equities fund manager at Andbank, told Bloomberg.
However, Alfonso Benito, chief investment officer at Dunas Capital, said: “I don’t expect the situation to have a meaningful impact on markets. This is a long-standing terrible situation but other than some short term volatility it shouldn’t have a big impact".
As regards the impact of the conflict on the crude oil price, Bloomberg reported that as oil traders prepare for the market to open after the sudden outbreak of war in Israel, one question is central: will the conflict spread?
Oil prices closed higher on Friday but posted their biggest weekly loss since March amid demand concerns.
Brent, the benchmark for two thirds of the world’s oil, gained 0.61 per cent, or $0.51, to settle at $84.58 a barrel. West Texas Intermediate, the gauge that tracks US crude, rose 0.58 per cent, or $0.48, to close at $82.63 a barrel.
For the week, Brent dropped about 11 per cent, while WTI posted a more than 8 per cent decline, on market worries that persistently high interest rates would slow down global economic growth, which in turn would hit fuel demand.
“Brent crude has fallen over $10 since the end of last month as surging global bond yields have crippled the global growth outlook,” said Edward Moya, senior market analyst at Oanda.
“Energy stocks have gone from Wall Street's best trade to it is time to abandon ship. US gasoline demand destruction is intensifying and – given how overbought the energy market was in September – momentum oil selling has been fierce,” he said.
Honeymoonish
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UAE's final round of matches
- Sep 1, 2016 Beat Japan 2-1 (away)
- Sep 6, 2016 Lost to Australia 1-0 (home)
- Oct 6, 2016 Beat Thailand 3-1 (home)
- Oct 11, 2016 Lost to Saudi Arabia 3-0 (away)
- Nov 15, 2016 Beat Iraq 2-0 (home)
- Mar 23, 2017 Lost to Japan 2-0 (home)
- Mar 28, 2017 Lost to Australia 2-0 (away)
- June 13, 2017 Drew 1-1 with Thailand (away)
- Aug 29, 2017 v Saudi Arabia (home)
- Sep 5, 2017 v Iraq (away)
UAE currency: the story behind the money in your pockets
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
THE SPECS
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Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
More from Neighbourhood Watch:
UAE currency: the story behind the money in your pockets
SPECS
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Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
TRAINING FOR TOKYO
A typical week's training for Sebastian, who is competing at the ITU Abu Dhabi World Triathlon on March 8-9:
- Four swim sessions (14km)
- Three bike sessions (200km)
- Four run sessions (45km)
- Two strength and conditioning session (two hours)
- One session therapy session at DISC Dubai
- Two-three hours of stretching and self-maintenance of the body
ITU Abu Dhabi World Triathlon
For more information go to www.abudhabi.triathlon.org.
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