Asian equity markets started the week mostly lower on Monday due to ongoing worries over geopolitical unrest. In Gaza, fighting subsided on Sunday after Hamas Islamist militants said they backed a 24-hour humanitarian truce in light of the Muslim holiday Eid al-Fitr. More than 1,000 Palestinians have been killed in the 20-day conflict.
Europe implemented new sanctions against Russia, including adding more names of Russian individuals to target and blocking Russian banks from accessing capital markets. The move comes as renewed fighting in eastern Ukraine prevents investigators from visiting the MH17 crash site.
“Putting the ugliness of the current conflicts to one side, what has been building is strategists and analysts alike are now screaming out about overvaluation in the equity and bond markets and a pullback is not only due, but needed,” said Evan Lucas, market strategist at IG in a note.
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