Financial Markets
Seoul shares open higher amid hopes for easing Mideast tensions
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South Korean shares opened nearly 1 percent higher Friday amid hopes the U.S.-Israel war against Iran may end sooner than expected. The benchmark KOSPI rose 0.94 percent to 5,817.11, while the won rebounded from its 17-year low.
Gold prices in Egypt's local market posted modest gains during last week's trading, with the 21-karat gram closing at EGP 6,925, even as global prices declined sharply due to US dollar strength and escalating geopolitical tensions.
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Crude oil prices have climbed above $110 per barrel—up 20% in days and over 50% since the war began—as the US-Israel conflict with Iran persists into its second week, fueling fears of prolonged supply disruptions in the Persian Gulf. Asian markets tumbled, while US President Donald Trump called the spike a 'necessary sacrifice' for security.
The blue dollar closed on October 31 at 1,445 pesos for selling, after a slight variation from the previous day. The Merval index hit a historic high above 3 million points, driven by electoral support for the government. The country risk fell to 657 basis points, its lowest level in nine months.
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A partial U.S. government shutdown starting October 1 has delayed key economic reports, including the September jobs data, complicating the Federal Reserve's upcoming interest rate decision. Markets overwhelmingly expect a 25 basis-point cut at the October 28-29 FOMC meeting, but uncertainty could lead to a surprise pause. High valuations in stocks and cryptocurrency heighten risks of market volatility.