Inured to edgy geopolitics, markets deflect risk

News Snapshot:

The modest reaction of global markets to the shock of another Middle East war says more about an investment world already braced for more turbulent times than nonchalance per se. Even by the standards of recent decades, the speed with which investors shifted focus away from the deadly weekend attacks by Hamas on Israel and Israel’s declaration of war in response has been extraordinary. Israeli assets and the shekel remain under pressure and oil and gold prices are marginally higher than last week. And while it may still be early days, that’s about the height of global repricing so far...