Asian markets sank Monday on concerns that Israel's expected ground offensive against Hamas in Gaza could spark a regional war involving Iran, with warnings that oil prices could surge, further complicating central banks' efforts to tame inflation.
After a week-long bombing campaign, Israel has amassed a huge army on the border with Gaza for what is expected to be a ground incursion aimed at flushing out militants after surprise attacks on October 7 that left hundreds dead.
However, reports said he was considering a trip to Israel after being invited during a call with Israeli Prime Minister Benjamin Netanyahu, while Secretary of State Antony Blinken is set to return Monday for his second visit since the Hamas attacks. Meanwhile, JPMorgan Chase & Co boss Jamie Dimon warned Friday of the geopolitical crisis if the fighting widened.
The uncertainty weighed on Wall Street stocks, with the Nasdaq and S&P 500 both dropping, while oil prices soared almost six percent. Traders will be keeping a close eye on speeches this week by several Federal Reserve decision-makers including boss Jerome Powell, hoping for some idea about their plans for rates.
The government’s debt payments jumped by almost 60 percent to P972.3 billion from January to July this year versus last...
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