The attack on Israel and the new conflict with Hamas raises the odds of a wider conflict in the Gulf, particularly at a time when relations between Saudi Arabia and Israel were normalising. Market reactions appear so far relatively restrained, with oil gaining 4% Monday, equities marginally lower in Europe. US equities ended the session in positive territory, as some FED policy-makers sounded cautious on the next rate moves.

Why is this violence happening?
What are the geopolitical implications?
How are financial markets reacting?
What could happen if the situation escalates further?
Is this the end of the goldilocks scenario?

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