Dollar bonds issued by Middle Eastern sovereigns were among the worst performers, with Dubai’s notes maturing in 2043 sliding 3 cents on the dollar to 84.3, the lowest in 11 months. Saudi and Bahraini dollar issues also slid further, down more than a cent so far this week.
Israel’s bonds due 2043 slid for a fifth consecutive day.
US crude futures rose 3% to $93 a barrel after a massive bombing at a Gaza City hospital killed at least 500 people and led to Israel and Hamas trading blame for the attack, just as US President Joe Biden arrived in Israel. Oil jumped again after the Iranian Foreign Minister called for a boycott against Israel.
“Oil prices will surge further, impacting the global economy and investors, if US President Joe Biden fails to cool rising tensions in the Middle East during his visit to the region,” said Nigel Green, chief executive officer of deVere Group. “Developing economies are particularly vulnerable to oil price spikes.”
MSCI Inc.’s gauge of emerging-market stocks fell 0.7%.
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