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☆ Dollar surges against euro on flight to safety amid Israel-Palestinian fighting
▼ + stars: | 2023-10-09 | by ( Joice Alves | ) www.reuters.com time to read: +3 min

[1/2] Euro and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. Net long positions on the dollar rose to a one-year high, according to U.S. Commodity Futures Trading Commission data released on Friday. But investors aren't expecting another hike from the Federal Reserve in November, according to CME Group data. Its inability to capitalise on healthy U.S. labour market data brings that thinking to the fore," said Paul Mackel, Global Head of FX Research at HSBC. The offshore yuan rose 0.2% to 7.2943 per dollar.

Persons: Dado Ruvic, Ulrich Leuchtmann, aren't, Paul Mackel, Joice Alves, Rae Wee, Alison Williams, Christina Fincher Organizations: U.S, REUTERS, Bank of Israel, greenback, FX, Research, U.S . Commodity Futures, Commission, Federal Reserve, Group, FX Research, HSBC, Golden, Reuters, Thomson Locations: Israel, Palestinian, Israeli, Japan, U.S, Asia, London, Singapore

☆ Israel’s Central Bank Moves to Support Shekel
▼ + stars: | 2023-10-09 | by ( ) www.wsj.com time to read: 1 min

Israel’s central bank said it planned to sell up to $30 billion in foreign currencies to stabilize the local currency. The bank will also provide an additional $15 billion in liquidity to the market through SWAP mechanisms. “The Bank will operate in the market during the coming period in order to moderate volatility in the shekel exchange rate,” the Bank of Israel said in a statement.

Organizations: Bank of Israel

The Bank of Israel building is seen in Jerusalem June 16, 2020. The shekel fell 2.2% versus the dollar to 3.924 - its lowest since a 2016 - after the announcement, then steadied. The central bank also said it would provide liquidity through SWAP mechanisms in the market of up to $15 billion. "The Bank of Israel will continue monitoring developments, tracking all the markets, and acting with the tools available to it as necessary," it said. Israel's dollar-denominated government bonds also fell sharply in early European trading as investors got their first chance to react to the unprecedented weekend attack.

Persons: Ronen, Amir Yaron, Steven Scheer, Ari Rabinovitch, Emily Rose, Marc Jones, Jacqueline Wong, Sonali Paul, Andrew Heavens Organizations: of, REUTERS, Rights, Bank, Israel, Palestinian, Citi, Bank of Israel, Reuters, Thomson Locations: of Israel, Jerusalem, Gaza, Israel, Egypt, Yom, Tel Aviv, London

☆ Israel's central bank sells $30 billion in foreign reserves after shekel slides to seven-year low
▼ + stars: | 2023-10-09 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

The Bank of Israel on Monday announced it will sell up to $30 billion in foreign reserves in a bid to support its domestic currency which has fallen sharply following the deadly incursion by Hamas militants over the weekend. The Israeli shekel last weakened 1.63% to trade at 3.90 against the greenback, marking its weakest in seven years. "The Bank will operate in the market during the coming period in order to moderate volatility in the shekel exchange rate and to provide the necessary liquidity for the continued proper functioning of the markets," the central bank wrote in a statement released Monday. On top of the $30 billion program, the bank added it will provide liquidity to the market through SWAP mechanisms in the market of up to $15 billion.

Organizations: of Israel, Monday, Israeli

☆ Morning Bid: Oil up but restrained on Mideast jolt
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +5 min

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. U.S. crude oil prices rose about 3% higher on Monday as Israel retaliated for Saturday's shock attack by the Islamist group Hamas. With concern about a spillover over the long-running conflict to the wider stage, oil and other traditional global 'safety' plays caught a bid. What's more, any direct connection to Iran's possible involvement would scupper any easing of sanctions there and affect an estimated 3% of world oil supply. A sustained oil price rise from here could aggravate the inflation picture the Fed is negotiating - but could also drag on growth too.

Persons: Nick Oxford, Mike Dolan, Israel, What's, Friday's, Jaime Gilinski, Michael Barr, Philip Jefferson, Lorie Logan, Bank of England policymaker Catherine Mann, Bernadette Baum Organizations: Midland , Texas U.S, REUTERS, Hamas, Saudi, White, Street, Tehran, Treasury, U.S, Columbus Day, New York Stock Exchange, Nasdaq, Stock, Tel, Bank of Israel, Federal Reserve, Metro Bank, Metro, Columbus, Federal, NYSE, World Bank, IMF, Dallas Fed, Bank of England, United, Thomson, Reuters Locations: Midland , Texas, U.S, Iran, Saudi Arabia, Israel, Saudi, Russia, Tel Aviv, Europe, Marrakesh, Morocco, United States

The Bank of Israel building is seen in Jerusalem June 16, 2020. The move appeared to quickly calm the market as the shekel recovered from steep early losses. The central bank also said it would provide liquidity through SWAP mechanisms in the market of up to $15 billion. "The Bank of Israel will continue monitoring developments, tracking all the markets, and acting with the tools available to it as necessary," it said. Last month, Bank of Israel Governor Amir Yaron told Reuters that despite the sharply weaker shekel that has helped to push up inflation, there was no need to intervene since there were no market failures.

Persons: Ronen, Amir Yaron, Steven Scheer, Ari Rabinovitch, Emily Rose, Jacqueline Wong, Sonali Paul Organizations: of, REUTERS, Rights, Bank, Israel, Palestinian, Bank of Israel, Reuters, Thomson Locations: of Israel, Jerusalem, Gaza, Israel, Egypt, Yom

☆ Israel markets sink, businesses shut after Hamas attack
▼ + stars: | 2023-10-08 | by ( Steven Scheer | ) www.reuters.com time to read: +4 min

A building is ablaze following rocket attacks from the Gaza Strip, in Tel Aviv, Israel October 7, 2023. Israel has retaliated with air strikes on Hamas targets in Gaza. Gaza militants also fired thousands of rockets into Israel, some reaching as far as Tel Aviv, prompting airlines to suspend flights to and from Israel. Air India said flights to and from Tel Aviv would be suspended until Oct. 14. "We are closely monitoring the situation in Israel and taking steps to safeguard and support our workers," a spokesman said.

Persons: Ron, Jonathan Katz, Bezalel Smotrich, Arkia, Israir, Jensen Huang, Ron Tomer, Steven Scheer, Bernadette Baum Organizations: REUTERS, Rights, Key Tel, Capital Markets, Bank of Israel, Hamas, Israel . Finance, Bank, Israel, AIR, Delta Air Lines, United Airlines, Nvidia, Tel, Manufacturers, Association, Intel Corp, Tower Semiconductor, Thomson Locations: Gaza, Tel Aviv, Israel, Key, Key Tel Aviv, New York, Atlanta, TLV, India, Athens, Larnaca, Cyprus

☆ 'Israel's 9/11': Political analysts react to deadly Hamas attack
▼ + stars: | 2023-10-08 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +6 min

Children are seen in a destroyed house after Israeli attacks in Gaza City, Gaza on October 07, 2023. Massive attacks by Hamas leadership into Israel… This is no less than Israel's 9/11. 'Massive intelligence failure'The attack also marked a "massive intelligence and defense failure for Israel," Bremmer highlighted, saying it was an oversight stemming from the government's new judicial reforms. From what we see so far … [this] is a Gaza and Israel war. "From what we see so far … [this] is a Gaza and Israel war.

Persons: Mustafa Hassona, Dan Steinbock, Ian Bremmer, Steinbock, Bremmer, Abraham, Fatima Shbair, Benjamin Netanyahu's, It's, Sanam Vakil, Zvi Eckstein, Biden, Ohad, Jalaa Marey, Eckstein Organizations: Anadolu Agency, Hamas, Israel, Eurasia Group, CNBC, NBC News, Palestinian Healthy Ministry, Abraham Accords, Rockets, Chatham House's, Tel Aviv University, Bank of Israel, AFP, Getty Locations: Gaza City, Gaza, Israel, Palestine, UAE, Morocco, Bahrain, Saudi Arabia, U.S, Saudi, East, Iran, Ashkelon, Israeli, Metula, Lebanon, Russia, Ukraine

☆ Analysis-Amid Israel turmoil, markets want continuity at central bank helm
▼ + stars: | 2023-09-21 | by ( Steven Scheer | ) www.reuters.com time to read: +5 min

JERUSALEM (Reuters) - Financial markets are hoping Prime Minister Benjamin Netanyahu keeps Bank of Israel Governor Amir Yaron for a second term to safeguard the bank’s independence and provide reassuring stability to an economy rattled by political turmoil this year. FILE PHOTO: The Bank of Israel building is seen in Jerusalem June 16, 2020. “Therefore, markets and credit rating agencies are reading more into the question of ‘yes’ or ‘no’ to a second term. “Who will be governor is a major concern for investors abroad,” said Leader Capital Markets Chief Economist Jonathan Katz. Israeli media have reported that Netanyahu is considering Efraim Benmelech - a professor of finance at Kellogg School of Management at Northwestern University.

Persons: Benjamin Netanyahu, Amir Yaron, Ronen, Netanyahu, Yaron, Karnit Flug, Fitch, ”, Jonathan Katz, “, ” Katz, Nadine Baudot, Jacob Frenkel, ” Frenkel, Netanyahu’s, Flug, Stanley Fischer, Fischer, Efraim Benmelech, Benmelech, Andrew Abir Organizations: Bank, Israel, Bank of, REUTERS, Netanyahu’s, Wharton School, University of Pennsylvania, Reuters, ”, Capital Markets, Bank of Israel, Israel Democracy Institute, U.S . Federal Reserve, Kellogg School of Management, Northwestern University Locations: JERUSALEM, Bank of Israel, Jerusalem, Israeli, United States, Ukraine, Russia, “ Israel, Israel

☆ Analysis: Amid Israel turmoil, markets want continuity at central bank helm
▼ + stars: | 2023-09-21 | by ( Steven Scheer | ) www.reuters.com time to read: +6 min

[1/2] The Bank of Israel building is seen in Jerusalem June 16, 2020. "Therefore, markets and credit rating agencies are reading more into the question of 'yes' or 'no' to a second term. "Who will be governor is a major concern for investors abroad," said Leader Capital Markets Chief Economist Jonathan Katz. A few years earlier in 2010, Stanley Fischer accepted a second term and helped Israel weather the global financial crisis. Reporting by Steven Scheer Additional reporting by Maayan Lubell Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Ronen, Amir Yaron's, Benjamin Netanyahu, Amir Yaron, Yaron, Netanyahu, Flug, Fitch, Jonathan Katz, Katz, Nadine Baudot, Jacob Frenkel, Frenkel, Netanyahu's, Stanley Fischer, Fischer, Efraim Benmelech, Benmelech, Andrew Abir, Steven Scheer, Maayan, Christina Fincher Organizations: Bank of, REUTERS, Bank, Israel, Netanyahu's, Wharton School, University of Pennsylvania, Reuters, Capital Markets, Bank of Israel, Israel Democracy Institute, U.S . Federal Reserve, Kellogg School of Management, Northwestern University, Thomson Locations: Bank of Israel, Jerusalem, JERUSALEM, Israeli, United States, Ukraine, Russia, Israel

☆ Netanyahu has been generating 'a lot of damage' to the Israeli economy: Ex-Bank of Israel official
▼ + stars: | 2023-09-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNetanyahu has been generating 'a lot of damage' to the Israeli economy: Ex-Bank of Israel officialZvi Eckstein, former deputy governor of the Bank of Israel, discusses Israeli Prime Minister Benjamin Netanyahu's upcoming meeting with President Joe Biden in the United States on the sidelines of the U.N. general assembly.

Persons: Netanyahu, Zvi Eckstein, Benjamin Netanyahu's, Joe Biden Organizations: Bank of Israel, Israeli Locations: United States

☆ Israel central bank says digital shekel launch an 'open question'
▼ + stars: | 2023-09-12 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

The Bank of Israel in November 2021 stepped up its research and preparation for the possible issuance of a digital shekel to create a more efficient payments system after first considering issuing a central bank digital currency (CBDC) in late 2017. "Whether or not we will issue a digital shekel is still an open question, as it is in most if not all other advanced economies," Bank of Israel Governor Amir Yaron said at a conference on digital currencies. Israel's central bank has been experimenting with a digital shekel with its Hong Kong counterpart and the Bank for International Settlements. Deputy Governor Andrew Abir said that for Israel, issuing a digital shekel would provide more competition in a financial system dominated by a few large banks and institutions. "I believe central banks should return to examine the possibility (of) remunerated CBDCs – that is, for the central bank to pay interest CBDC directly to the end users who hold it, and enjoy the security provided by the central bank.

Persons: Amir Yaron, Yaron, Israel, Andrew Abir, Abir, Steven Scheer, Alexander Smith, Mark Porter Organizations: The Bank of Israel, Bank of Israel, Hong Kong, Bank for International, Thomson Locations: Israel

☆ Bank of Israel says currency intervention will only be necessary 'if we see market failures'
▼ + stars: | 2023-09-05 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

This picture taken on August 23, 2022 shows a view of the exterior of the headquarters of the Bank of Israel, the country's central bank, in Kiryat Ben-Gurion in Jerusalem. Bank of Israel Governor Amir Yaron said Tuesday that currency intervention to support the weaker shekel will only be necessary in the event of market failures. "The shekel has had a long relationship with the financial markets abroad, it has been tied to that. "We believe that we should let the market try to figure out that risk premia," he added, noting that markets appear to have "functioned well" in recent months despite the increased volatility. "However, if there will be market failures, which we have not seen thus far or very significant movements that really impede on inflation, then we have the tools to deal with that."

Persons: Gurion, Amir Yaron, Yaron, CNBC's Dan Murphy Organizations: Bank of Israel, Jerusalem . Bank of Israel, U.S Locations: Kiryat Ben, Jerusalem ., Israel

☆ Bank of Israel to stay on hold as inflation eases but hike cycle may not be done: Reuters poll
▼ + stars: | 2023-09-03 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

FILE PHOTO-The Bank of Israel building is seen in Jerusalem June 16, 2020. Israel's annual inflation rate dropped to 3.3% in July from 4.2% in June, its lowest rate since March 2022 but above a government target range of 1-3%. "The central bank will leave the door open for further rate hikes and maintain its relatively hawkish stance, given that the shekel remains weak and exposed to domestic political developments," said Goldman Sachs economist Tadas Gedminas. The Bank of Israel left its key rate unchanged in July after an aggressive rate hike cycle that took the rate from 0.1%. Minutes of the meeting showed policymakers were concerned the shekel could keep inflation from moving back to its target and that further rate increases were possible.

Persons: Ronen, Zalina Alborova, Benjamin Netanyahu's, Goldman Sachs, Tadas Gedminas, Morgan Stanley's Georgi Deyanov, Bhumika Gupta, Steven Scheer, Frances Kerry Organizations: Bank of, REUTERS, Reuters, Bank of Israel, Barclays, Citi, The Bank of Israel, Thomson Locations: Bank of Israel, Jerusalem, Israel

☆ Morgan Stanley cuts Israel sovereign credit to "dislike stance" after judiciary changes
▼ + stars: | 2023-07-25 | by ( Marc Jones | ) www.reuters.com time to read: +1 min

"Markets are now likely to extrapolate the future policy path and we move Israel sovereign credit to a 'dislike stance'." They added that recent developments pointed to "continued uncertainty" in Israel and for the shekel currency to weaken and borrowing costs to rise as investors attach a higher risk premium. "In our adverse scenario we think that growth could weaken significantly to 1.6% (year-on-year) in 2024 with inflation remaining significantly above the Bank of Israel's tolerance band." "For now, we keep our call for one more 25 basis point hike to 5% at the BoI's September meeting, but risks to the rates outlook are now shifting to the upside again." Reporting by Marc Jones and Steve Sheer in Jerusalem, additional reporting by Ari Rabinovitch; Editing by Amanda CooperOur Standards: The Thomson Reuters Trust Principles.

Persons: Morgan Stanley, Benjamin Netanyahu, Morgan, Marc Jones, Steve Sheer, Ari Rabinovitch, Amanda Cooper Organizations: Bank of, Thomson Locations: Israel, Jerusalem

☆ Israeli financial markets slide after judicial overhaul vote
▼ + stars: | 2023-07-24 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

JERUSALEM, July 24 (Reuters) - Israeli financial markets tumbled on Monday, with the shekel hitting a two-week low versus the dollar, after lawmakers ratified the first bill of a judicial overhaul sought by Prime Minister Benjamin Netanyahu. In protest at the vote, a forum of some 150 of Israel's largest companies held a strike on Monday. Azrieli (AZRG.TA) and Big (BIG.TA), two of Israel's largest malls, said stores in their shopping centres would be closed. But news that compromise talks collapsed erased early gains and sent the shekel weaker, with losses deepening after the vote. The shekel has weakened some 10% versus the dollar since late January when the government unveiled its controversial judicial overhaul plan, setting off mass protests and harming foreign inflows.

Persons: Benjamin Netanyahu, Nir Elias, Arnon Bar, Netanyahu, Steven Scheer, Bansari Mayur, Karin Strohecker, James Mackenzie, Christina Fincher, Sharon Singleton Organizations: REUTERS, Bank of Israel, MPC, Supreme, Thomson Locations: Tel Aviv, Washington

☆ Israel's political unrest causing big impact on economy: Zvi Eckstein
▼ + stars: | 2023-07-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIsrael's political unrest is causing a 'huge impact' on economy: Former central bank deputy governorZvi Eckstein, former deputy governor of the Bank of Israel, discusses the economic impact of Israel's unrest in the wake of plans for a judicial overhaul.

Persons: Zvi Eckstein Organizations: Bank of Israel

☆ Israel watchdog seeks data from banks in interest rate probe
▼ + stars: | 2023-05-28 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

In a bid to rein in inflation, the Bank of Israel last week raised its benchmark interest rate by another 25 basis points to a 2006 high of 4.75%, its 10th straight hike of the key rate that stood at 0.1% last April. Mortgage and loan payments, often tied to both inflation and the central bank's rate, have in turn jumped. Banks have been slow to pass on the benefits of higher rates to customer deposits, the Competition Authority said. The Competition Authority, formerly the anti-trust authority, said it had launched the investigation in 2022 when interest rates were starting to rise, and based on preliminarily results, it asked banks last week to provide more data. Yair Avidan, the supervisor of banks, last week told reporters that 82% of the rate hikes have been passed on to customers.

☆ Bank of Israel to raise rates 25 bps next week, may be last in cycle
▼ + stars: | 2023-05-18 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

Israel's annual inflation rate held steady at 5% in April versus expectations it would ease to 4.7%, and stayed well above an official annual target of 1-3%. Shal believes the cycle will end next week and expects rates to stay on hold for the rest of the year, before the Bank starts cutting them in early 2024. When it began hiking rates in April of 2022, the Bank of Israel had initially hoped its front-loading stance would be able to cap its key rate at around 3%. The inflation rate has stayed at at least 5% since last October and peaked at 5.4% in January. Bank Leumi Chief Economist Gil Bufman noted "the drop in inflation in Israel since its peak is low compared to the other countries".

☆ Moody's Israel rating outlook cut "not big drama," finance minister says
▼ + stars: | 2023-04-16 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

JERUSALEM, April 16 (Reuters) - Israeli Finance Minister Bezalel Smotrich on Sunday said Moody's decision to cut the outlook for Israel's sovereign credit rating was "not a big drama" and that the government's plan to overhaul the judiciary would help the economy. Moody's Investors Service on Friday lowered Israel's outlook to stable from positive, saying the planned reforms could weaken Israel's institutions. Israel's sovereign credit rating was affirmed at "A1". Smotrich told a session of parliament's finance committee during a debate on the 2023-24 state budget that Israel's credit outlook was lowered in 2020, but raised in 2022. Israel's economy grew 6.5% in 2022 but the Bank of Israel foresees 2.5% growth this year.

☆ Moody's outlook downgrade fuels split reaction in Israel
▼ + stars: | 2023-04-16 | by ( Steven Scheer | ) www.reuters.com time to read: +4 min

Moody's Investors Service on Friday lowered Israel's outlook to stable from positive while affirming its sovereign credit rating of "A1". The legislative push has sparked weeks of intensifying mass protests and Moody's said it reflected weaker institutions. This would "stop the deterioration of the Israeli economy," it said. Israel's economy grew 6.5% in 2022 but the Bank of Israel foresees 2.5% growth this year. On the heels of Moody's action, Israeli government bond prices were down as much as 1.1%, while Tel Aviv share indexes were down 0.2%.

☆ Moody's cuts Israel's outlook from 'positive' to 'stable'
▼ + stars: | 2023-04-14 | by ( Jason Gewirtz | ) www.cnbc.com time to read: +2 min

It's another setback for Israel's economy since massive protests broke out across the country last month, due to proposed changes in the judicial system that are widely unpopular among citizens. For now, Moody's left the overall A1 rating in place for Israel, allowing it to stay in the upper end of the investment-grade category. But as a rating slips, a country faces the danger of having to pay higher rates to potential borrowers. What's more, outside investment from the U.S. and Europe is crucial to the health of Israel's economy. In a note issued late Friday afternoon, Moody's wrote: "The change of outlook to stable from positive reflects a deterioration of Israel's governance, as illustrated by the recent events around the government's proposal for overhauling the country's judiciary."

The new documents, reviewed by Reuters, shed light on the concern among the Finance Ministry's most senior officials, who cited unease among foreign investors and a shekel that has depreciated sharply to a three-year low. "Implementing the proposed judicial reform could bring very significant harm to the economy," said a document from the ministry's chief economist. The ministry's budget department wrote separately that there have been "initial indications" of the development of negative sentiments towards the Israeli economy. Moody's Investor Service said this month that the Israeli government's planned judicial reforms could weaken institutions and negatively impact Israel's sovereign credit profile. The Bank of Israel, which has urged judicial independence, expects economic growth of below 3% in 2023 after a 6.4% spurt last year.

☆ Government vows aid for tech firms but Israel stocks slide on SVB collapse
▼ + stars: | 2023-03-12 | by ( Steven Scheer | ) www.reuters.com time to read: +5 min

Israel's tech sector is the country's main growth engine, and its relationship with the Silicon Valley region is strong. NextVision (NXSN.TA), a maker of micro stabilised cameras, said in a regulatory filing in Tel Aviv that it withdrew on Thursday almost all of the $2.7 million it held in SVB. The Tel Aviv index of the five largest banks (.TELBANK5) was down 4% in afternoon trading, while the index of eight insurers (.TAINS) fell 4.7%. Israel's two largest banks, Leumi (LUMI.TA) and Hapoalim (POLI.TA), said their tech banking arms would issue loans to startups and other tech firms that were without access to credit in the wake of SVB's collapse. Reporting by Steven Scheer; Editing by Hugh Lawson, Frank Jack Daniel and Raissa KasolowskyOur Standards: The Thomson Reuters Trust Principles.

☆ Israel stocks slip on SVB failure, government vows aid for tech firms
▼ + stars: | 2023-03-12 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

[1/2] A Tel Aviv Stock Exchange sign is seen at the bourse in Tel Aviv, Israel November 4, 2020. With Israel's trading week running Sunday through Thursday, it was the first opportunity for Tel Aviv investors to react to the failure of Silicon Valley Bank, the largest bank to fail since the 2008 financial crisis. Israel's tech sector is the country's main growth engine and its relationship with the Silicon Valley region is strong. NextVision (NXSN.TA), a maker of micro stabilised cameras, said in a regulatory filing in Tel Aviv that it withdrew on Thursday almost all of the $2.7 million it held in SVB. The Tel Aviv index of the five largest banks (.TELBANK5) was down 2.5% at midday, while the index of eight insurers (.TAINS) fell 4.2%.

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