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Reports Of Israeli-Egypt Fire Seen, Likely Providing Modest Support For Bunds & Oil

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Wires carry headlines citing the Israeli Army Radio, pointing to an exchange of fire between Egyptian and Israeli troops in the Rafah area.
  • Plenty of local reports covering that incident have been doing the rounds over the last hour or so.
  • Recent headlines also note that Israel is taking part in dialogue with Egypt following the incident.
  • Jerusalem Post sources note that “an Egyptian soldier was killed in the exchange of fire,” also flagging the dialogue identified above.
  • There may be some marginal spill over into core global FI markets and oil, with benchmark crude oil and Bund futures registering incremental fresh session highs in recent trade.
  • Still, this is more of a geopolitical risk story than something that will impact broader crude oil supply, explaining the limited move in oil futures.
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Wires carry headlines citing the Israeli Army Radio, pointing to an exchange of fire between Egyptian and Israeli troops in the Rafah area.
  • Plenty of local reports covering that incident have been doing the rounds over the last hour or so.
  • Recent headlines also note that Israel is taking part in dialogue with Egypt following the incident.
  • Jerusalem Post sources note that “an Egyptian soldier was killed in the exchange of fire,” also flagging the dialogue identified above.
  • There may be some marginal spill over into core global FI markets and oil, with benchmark crude oil and Bund futures registering incremental fresh session highs in recent trade.
  • Still, this is more of a geopolitical risk story than something that will impact broader crude oil supply, explaining the limited move in oil futures.