Asian markets tumbled Thursday on fears the Israel-Hamas crisis would spill over into a wider conflict in the Middle East, with some warning that a full-blown war was increasingly likely. 'The window for a diplomatic off-ramp to avert a wider war in the Middle East appears to be closing,' said RBC Capital Markets' Helima Croft.
Asian markets tumbled Thursday on fears the Israel-Hamas crisis would spill over into a wider conflict in the Middle East, with some warning that a full-blown war was increasingly likely.
The tragedy, which each side has blamed on the other -- with Biden backing Israel -- ratcheted up tensions and saw Lebanon's Iran-backed Hezbollah movement call for a"day of rage". "The risks of an escalation have risen on the back of the latest news reports regarding the hospital bombing," Jane Foley, of Rabobank, said.
"A regional crisis appears the most likely outcome, especially with Israel still seemingly committed to a ground offensive to crush Hamas."
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