It now looks as though that silver lining could be fleeting, as Hamas's shocking attack on Israel over the weekend on the 50th anniversary of the Yom Kippur War threatens a fresh major conflict in the Middle East that will almost certainly put further pressure an increasingly dislocated markets. Our Global Strategist Michael Every explains:

"Hamas's staggering attack --which at time of writing had killed over 700 Israelis, injured over 2,000, left hundreds missing and seen 130 hostages taken into Gaza, including perhaps 20 dual-nationality American citizens, with several hundred dead in Gaza after Israel's first response-- has potentially massive implications.

As Hamas supporters celebrated shocking Israeli suburbia and a dance festival for peace with Mad Max-style violence, Israel experienced its 9/11 or Pearl Harbour, first in terms of the intelligence failure, second in its determination to strike back hard. This is officially war for the first time since 1973, and Israeli PM Netanyahu has stated his intention to topple Hamas entirely.