Israeli equities witnessed a downturn at the close of trading on Thursday, with notable declines across the Biomed, Banking, and Real Estate sectors, leading to an overall decrease in market shares. The TA 35 index, a benchmark for the Tel Aviv Stock Exchange, reported a 1.64% decline, reflecting the market's reaction to various economic pressures.
Read more: Israeli Stocks Retreat Amid Sector Losses, Gaza Tensions Stir Markets
In a strategic move to navigate through a challenging period marked by a significant consumer boycott, McDonald's Corporation took decisive action to acquire its Israeli franchise. This acquisition was reported by CNBC in the wake of considerable backlash from pro-Palestinian groups. The boycott, ignited by the Israel-Hamas conflict that commenced in October, saw a sharp decline in McDonald's sales, particularly in Arab and Muslim-majority countries. This downturn was largely fueled by accusations against the fast-food giant for allegedly supporting Israel's military efforts during the war, an assertion McDonald's vehemently refutes.
Read more: McDonald's Acquires Israeli Franchise As Global Boycott Cost It Billions
In the opening quarter of 2024, Israel's automotive import sector experienced a notable downturn, with a significant reduction in the number of vehicles delivered. However, amidst this decline, electric vehicles (EVs) have surged in popularity, capturing a considerably larger portion of the market.
Read more: Electric Vehicles Surge As Israel's Car Imports Drop In Q1 2024
In the latest financial developments, the Israeli shekel has experienced a marked depreciation against major global currencies, primarily driven by a confluence of international and regional factors. The notable appreciation of the dollar on the global stage, coupled with heightened regional tensions and mounting concerns over Israel's fiscal health, has exerted downward pressure on the shekel.
Read more: Shekel's Slide: Fiscal Fears And Global Forces Stir Market Turmoil
Since the onset of 2024, Israel has witnessed a significant hike in the cost of gasoline, particularly the 95 octane variety, which has seen a cumulative increase of NIS 0.78 per liter. According to the Ministry of Energy and Infrastructure, as we step into April, there will be a further increment of NIS 0.21 per liter, setting the new maximum price at self-service pumps to NIS 7.72. This adjustment elevates the price of gasoline to its highest point since the peak of NIS 8.08 in July 2022, a spike attributed to the geopolitical tensions resulting from the Russia-Ukraine conflict.
Read more: ₪7.72/Liter: Gasoline Prices Surge In Israel, Cost Becoming Untenable
