The ceasefire between Israel and Hamas remained intact this week, but the road to a lasting peace looks fragile. Meanwhile, we still think that an interest rate cut by the Bank of Israel next month looks likely, despite policymakers' concerns over a boost to demand from the war ending. Elsewhere, US President Trump's comments that Indian Prime Minister Modi has pledged to stop buying oil from Russia has been denied by India’s foreign ministry, but presents a big tail risk for Russia’s economy.
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