US futures are pointing to a lower open but not sharply so. European equity markets have opened in the negative territory, in line with weaker levels in Asian markets. Big weekend development was Hamas launching surprise attack against Israel, followed by Israeli retaliation as country officially declared war and vowed to dismantle Hamas military infrastructure, setting stage for potentially long and difficult conflict. Key concern revolves around potential for wider conflict that draws in major oil-producing nations and threatens supplies.

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