We are coming into this new week after a horrible weekend with geopolitical risks rising after Hamas' attack on Israel. The initial market reaction has been equities lower (-0.6%), Brent crude higher (+3.3%), gold and USD spot are also bid. But the medium term outcome both across markets and geopolitics will come down to how Israel responses as the spotlight is pointing at Iran as a supporting actor in Hamas' planning. In any case, the weekend's attacks could be a defining moment for the Middle East region. Across equity themes we expect logistics, defence, and cyber security stocks to be bid. Today's podcast is not only about geopolitics and we do discuss the US Nonfarm Payrolls on Friday and the weak consumption figures coming out of China during the Golden week holiday, with Charu Chanana and Peter Garnry.
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