This week’s headlines were dominated by the escalating conflict between Israel and Palestine, casting a shadow over other global events. The situation saw oil prices surge nearly 4% after Hamas’ unexpected attack on Israel, an act that threatened to further destabilize the Middle East. The Israeli economy felt the heat as the Shekel plunged to its lowest value against the USD since 2016. In a bid to bolster its currency, the Bank of Israel has revealed plans to offload its foreign reserves. Moreover, Israel’s responsive action involved shelling South Lebanese towns after a rocket assault.
In economic news, the US Consumer Price Index (CPI) saw a significant rise in September by 0.4%, accumulating a year-on-year increase of 3.7% due to mounting pressures from high gas and rent prices. Concurrently, the Producer Price Index (PPI) also ascended by 0.5%, suggesting forthcoming interest rate hikes by the Federal Reserve. Revelations about undesirable elements in popular fast foods, especially the detection of glyphosate in 95% of school lunches, became a cause for concern.
In the crypto realm, the anticipated approval of Spot Bitcoin ETFs has climbed to a promising 90%. Yet, the cryptocurrency landscape faced a hiccup as the crypto broker, Genesis, put a hold on withdrawals. In the backdrop of this, Bitcoin’s value dipped by almost 4% to stand at $26,892.00. Global commodities felt the tremors of the Middle East conflict, leading oil prices to soar by nearly 4%. The precious metals market also sparkled as both gold and silver prices saw significant hikes, marking their most lucrative day this year.
Financial highlights revealed the US debt skyrocketing at an alarming rate of $1.2 billion every hour. The Middle East crisis caused a significant dent in the Israeli economy as the Shekel touched its lowest mark against the USD since 2016. Political circuits buzzed with news of Vladimir Putin’s probable re-election and Robert F. Kennedy Jr.’s decision to leave the Democratic party and take the independent route. The UK’s retail landscape showed resilience with a 2.7% rise in sales for September, although still lagging behind the annual average.
On the corporate front, big names like Apple, PepsiCo, Samsung, and LVMH captured attention with their stock sales, profit fluctuations, and unexpected shifts in growth trajectories. The technological horizon saw Amazon stepping up its game, poised to challenge SpaceX’s Starlink by introducing prototype satellites for its Kuiper internet network. International events painted a grim picture as the animosity between Hamas and Israel escalated with major confrontations. Natural calamities also made their mark with Afghanistan reeling from a devastating earthquake and Italy on high alert due to continuous seismic activities near the Campi Flegrei supervolcano. The Baltic Sea’s infrastructure faced potential disruptions with damages to its gas pipeline and telecom cable connecting Finland and Estonia.