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Monday's session in Europe closes with declines: Germany's DAX is down 0.67%, Spain's IBEX has fallen by 0.91%, and France's CAC 40 has shed 0.55%. A big surprise comes from our native WIG20, which gained over 2.08% intraday and was the best-performing index in the region.
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The last part of the Wall Street session brings improved sentiments as the demand side negates all morning drops. All benchmarks are up on the day.
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Due to Saturday's Hamas attack on Israel and the escalation of conflict today, assets considered by investors as safe havens, as well as defense companies and cybersecurity firms, are gaining.
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The European Commission said it is reviewing all of its €691 million in development aid to the Palestinians and is suspending all payments immediately.
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Shares of Northrop Grumman (NOC.US), a company producing the latest stealth technology bombers, have increased by nearly 11%. Meanwhile, shares of Lockheed Martin (LMT.US), the manufacturer of Black Hawk helicopters and F-35 Lightning II fighter jets, are up 8% intraday.
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Similarly, shares of Palo Alto Networks are rebounding from initial declines, even though the company has subsidiaries operating in Israel.
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On the other hand, airline stocks are under significant downward pressure today.
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The dollar is gaining, primarily against the currencies of smaller emerging nations. The Euro is one of the weaker currencies today.
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The head of the Dallas Fed sees a chance to end interest rate hikes, considering the current significant rise in risk premium, which might result from high-interest rates.
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Claudia Goldin receives the Nobel Prize in Economics for her research on women's participation in the labor market. Goldin works at Harvard and specializes in economic history and the labor market.
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Among precious metals, gold and silver lead the gains, increasing by about 1.30%.
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Due to the conflict in Israel, oil prices began the new week with a rise of over 3% and extended those gains to over 5% in the first half of the session. Currently, the increase is at 4.30%. Markets are concerned about potential supply disruptions from the Middle East, a region responsible for nearly one-third of global supply.
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In the cryptocurrency market, there's a noticeable rise in anxiety today. On one hand, we see a capital outflow to safe assets, and on the other hand, investors are worried about more negative news related to the ongoing trial of the former CEO of FTX.com - Sam Bankman-Fried.
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