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US President Joe Biden met with Israeli Prime Minister Benjamin Netanyahu hours after the Gaza hospital explosion killed hundreds. Jordanian, Egyptian, and Palestinian leaders canceled their meetings with the US president, who had intended to use the trip to reaffirm the US's commitment to Israel.
Amid this backdrop, escalation risks rose, pushing traders and investors towards risk aversion. Despite reviewing data yesterday that showed better-than-expected US retail sales, they tried to get back into stock buying. Today, UK inflation figures exceeded forecasts, hinting at a potential rate hike by the Bank of England.
In Asia, the Chinese developers' index plummeted to its lowest since 2009 following signals from Country Garden Holdings Co. that it's bracing for its first-ever default. This has cast a shadow over all Asian indices.
While the Middle East remains in focus, major market players are releasing their earnings reports, which will provide insights into the economy's health and recession risks. Morgan Stanley and Procter & Gamble Co. will report before the market opens, while Netflix Inc. and Tesla Inc. will share their tech-related earnings afterwards. The market's trajectory post-earnings season will determine whether it will see a soft landing.
As for the S&P 500, demand for the index remains weak. Bulls need to defend $4,357 and push the price to $4,382. This would sustain the uptrend and potentially pave the way to $4,405. Bulls also should take control of $4,427, reinforcing the bull market. If the index declines amid waning risk appetite and strong US retail sales data, bulls will have to protect $4,357. Breaking through this level, the index may return to $4,332 and $4,304.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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