Tel Aviv Market Set to Open Lower as Global Selloff Deepens

The Tel Aviv Stock Exchange is set to open for the last trading day of the week against a weak global backdrop, after a mixed Wall Street session and sharp declines in Asia. The shekel is also weakening against both the dollar and the euro, adding to the pressure on local assets.

In Asia, Tokyo's Nikkei is down 4.5% and Seoul's Kospi is falling 6%. In the United States, the Dow Jones rose 0.1% on Thursday, the S&P 500 finished unchanged, and the Nasdaq slipped 0.5%. Ahead of the opening, Nasdaq futures are down 1%, S&P 500 futures are off 0.5%, and Dow futures are lower by 0.2%.

U.S. 10-year Treasury yield is down one basis point to 4.38%. The Israeli 10-year government bond yield stands at 3.58% this morning, after falling 4 basis points yesterday and extending a three-day slide that has cut the yield by 16 basis points.

Energy markets are also weaker, with Brent crude futures down 1.5% and WTI down 1.6%. On Thursday, Tel Aviv shares ended lower after a volatile session, with the TA-35 down 1.2% and the TA-125 down 1.3%. Biotechnology stocks and defense shares were the weakest sectors, falling 3.5% and 2.1%, while Teva rose 2.7% and El Al gained 4.2%, both for a third straight session of increases.