It is the first trading session of the week, and over the weekend tensions in the Middle East between Israel and Gaza have escalated. The increasing use of firepower and the subsequent death toll on both sides has put the region at risk of a full on conflict. Egypt has attempted to mediate between the two sides, but Israel has moved ground troops towards Gaza, in advance of a potential ground assault. This has come under significant international scrutiny, yet western powers are currently unwilling to step in. This current outbreak is overshadowing the disastrous conflict in Syria, with reports of civil unrest in Amman, Jordan over the cost of heating fuel. Heightened tensions in the region, leave investors uneasy and news reports have seen brief spikes in the price of crude, due to concerns over supply. The financial markets and politics aside, it is hoped the region can regain peace.
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Economic Data: Italian Industrial Orders and Sales at 9am, European Construction 10am, US Existing Homes Sales 3pm