Asian equities retreated and oil prices rallied Wednesday on fears that the Israel-Hamas conflict could spill over into a regional war after a strike on a Gaza hospital dealt a blow to President Joe Biden's diplomatic drive.
Markets had enjoyed a healthy run Tuesday on optimism that while Israeli Prime Minister Benjamin Netanyahu was preparing for a ground offensive in the territory, the crisis could be contained.
Biden had planned to visit Israel and Jordan on Wednesday to talk to Netanyahu as well as Jordanian King Abdullah II, Palestinian leader Mahmud Abbas and Egyptian President Abdel Fattah al-Sisi in hopes of finding a way to de-escalate. The 4.9 percent third-quarter expansion was slower than the previous three months but much better than analyst estimates, lifting hopes that the world's number-twoThe figures were helped by a healthy jump in retail sales, suggesting the country's consumers are regaining a little more confidence, though officials continue to face calls for more stimulus to kickstart the economy.
"Good news about the economy is once again bad news, since it will keep policymakers on the fence on delivering more tightening," said EdwardAnd SPI Asset Management's Stephen Innes added:"Simply put, the US consumer appears unbowed and utterly unaffected by rising interest rates.
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