October 6-13th 2023
Middle East Conflict
No huge sell-offs on international stock markets in the wake of Hamas's attack on Israel
Oil prices, however, rose while the dollar strengthened
"the risk that the largest incursion into Israel since 1973 will transform from a localised event to a prolonged conflict involving a greater number of countries (including Iran) should be among investors' main concerns."comments Norman Villamin, group chief strategist of Union Bancaire Privée (UBP).
Oil prices began to rise in the aftermath of the Hamas attack due to fears of the involvement of other countries in the conflict
This latest attack in the Middle East comes at a time of already-elevated geopolitical tensions, with the ongoing war against Ukraine and the intense geopolitical rivalry between the US and China.
Sector Performance
From a sector perspective, energy led gains as oil prices rose
Defensive sectors including utilities, consumer staples and health care were top performers as Israel-Hamas military clashes continued
Info tech., consumer discretionary and communication services took the hardest hits
Crude oil prices surged 5.92% over the week, posting highest weekly gain since February
Gold posted their highest weekly gain since March
Canada
Canadian equities rose over the week, ending a streak of three straight weekly declines
Energy was the best performing sector, with oil prices rising after the U.S. tightened its sanctions against Russian crude exports
Real estate sector declined; domestic home sales fell -1.9% in September - third consecutive monthly decline
Article provided by Mroningstar and Fidelity Investments
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