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Real-time News
May 15th - Even before the Iran war broke out, Fidelity International portfolio manager Mike Riddell was skeptical of the view that global price pressures were easing. His contrarian bet—that inflation was about to rise—has now paid off handsomely. Months ago, he bought US and UK inflation swap contracts, essentially as a hedge against the risk of higher-than-expected inflation. This was because he believed that the bond market (and most of his peers) had severely underestimated inflation risk before the Iran war caused oil prices to surge to over $100 a barrel. "Given the multiple rate cuts expected by global investors, the risks of the Middle East conflict were absolutely not reflected in interest rates," Riddell stated in an interview. Despite slightly reducing his positions, he still holds inflation swap contracts.Iranian Foreign Minister Araqchi: He clarified to Indian External Affairs Minister S. Jaishankar that Iran will always fulfill its historical responsibility as the protector of security in the Hormuz.The U.S. Federal Aviation Administration announced that it will invest over $750 million to build eight new air traffic control towers and terminal radar approach control (TRACON) facilities to replace existing aging facilities.On May 15th, State Street Managing Director and Head of EMEA Macro Strategy, Tim Graff, stated, "Global equities have been on a sustained upward trend for the past few days. Therefore, I think we are in a phase where this rally is showing signs of fatigue." However, he added that equities remain supported. "I think if anything could trigger a pullback, it would be the movement in the interest rate market and the expectation that inflation may remain above the target levels of many central banks for an extended period, forcing them to potentially tighten policy," he said.U.S. Energy Secretary Wright: More oil pipelines may be built in the Middle East.

At Market Close, Israeli Stocks Are Higher; The TA 35 Is up 1.20 Percent

Aria Thomas

Jan 09, 2023 10:21

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The Real Estate, Insurance, and Communication sectors pushed the Israeli stock market higher on Sunday evening.


At the closing of trading in Tel Aviv, the TA 35 was up 1.20 percent.


Alony Hetz Properties and Investments Ltd (TASE:ALHE) had the greatest performance on the TA 35 during the session, gaining 6.67 percent, or 240.00 points, to finish at 3,840.00. In late trading, Teva Pharmaceutical Industries Ltd (TASE:TEVA) jumped 5.44 percent, or 190 points, to $3,680.00, whereas Energix (TASE:ENRG) rose 4.84 percent, or 54 points, to $1,169.00.


OPKO Health Inc (TASE:OPK) had the lowest performance during the day, down 1.10 percent, or 4.90 points, to close at $440.00. Bank Hapoalim (TASE:POLI) declined 1.02%, or 33.00 points, to end the day at 3,206.00, while First International Bank of Israel Ltd (TASE:FIBI) declined 0.96%, or 140.00 points, to 14,370.00.


The ratio of advancing to declining equities on the Tel Aviv Stock Exchange was 348 to 134, with 28 stocks remaining constant.


The price per barrel of crude oil for delivery in February climbed by 0.08%, or $0.06, to $73.73. Brent oil for March delivery decreased 0.11 percent, or $0.09, to $78.60 per barrel, and the Gold Futures contract for February increased 1.62 percent, or $29.90, to $1,870.50 per troy ounce.


USD/ILS declined 1.06 percent to 3.51, while EUR/ILS held steady at 3.73.


The US Dollar Index Futures fell 1.13 percent to 103.64.


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