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.
While President Joe Biden has said Israel had the right to defend itself, he told CBS news program 60 Minutes that any move to occupy the Gaza Strip again would be a"big mistake". The possible meeting comes amid fears that the local conflict will turn regional if Iran -- which has been accused of helping stage this month's attack -- becomes involved."The key uncertainty is whether a ground operation risks widening the conflict, with markets focused on whether Iran and its allies are drawn into the conflict," said National Australia Bank's Tapas Strickland.
The uncertainty weighed on Wall Street stocks, with the Nasdaq and S&P 500 both dropping, while oil prices soared almost six percent.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US Appoints Special Envoy for Middle East Humanitarian CrisisSouth Africa Today, News source, provides breaking news on South Africa, world, Africa, sport, travel and more.
Read more »
How Gaza War Backfires on Middle East and Global EconomySouth Africa Today, News source, provides breaking news on South Africa, world, Africa, sport, travel and more.
Read more »
East Africa: Kenyan Court Dismisses GMO Lawsuit, Raises East Africa Trade ConcernsA Kenyan court has dismissed a case challenging the importation of genetically modified foods, letting stand an earlier court ruling allowing the entry of so-called GMOs.
Read more »
SAZF calls on govt not to take sides in Mideast conflict - SABC News - Breaking news, special reports,Calls on the South African government not to take sides in the Middle East conflict
Read more »
Chinese Special Envoy to Visit Middle Eastern Countries Next WeekSouth Africa Today, News source, provides breaking news on South Africa, world, Africa, sport, travel and more.
Read more »
Daily Horoscope: Here’s what’s in store for you today – Monday, 16 October 2023Wondering what the day has in store for your star sign? Here's a quick glance at your daily horoscopes, motivational quote and more!
Read more »