The latest escalation in the Middle East also caused severe shocks on the stock exchanges there on Sunday. In Tel Aviv, the TA-35 recently fell by seven percent. That was the biggest loss in more than three years. The EGX30 in Cairo fell 5.4 percent. In both countries, trading takes place on the stock exchanges from Sunday to Thursday.
There were also major losses in Riyadh, Doha and Kuwait City, although on a much smaller scale.
On Saturday, the Islamist Hamas surprisingly launched major attacks against Israel from Gaza. According to the latest information, at least 500 people were killed there. Armed Palestinians advanced into Israel by land, sea and air on Saturday morning. The security cabinet in Tel Aviv declared a state of war.
