Israel’s shekel headed for the biggest loss in a month in the second-biggest depreciation among major currencies after the Bank of Israel, which is awaiting nomination of a new governor, bought dollars to curb the rally.
Israel won the approval of the world’s arbiter for global stock markets three years ago, when MSCI Inc. promoted the country to the ranks of developed nations from emerging. Instead of a blessing, it’s turned into a curse.
Israel’s shekel, this year’s best- performing major currency, appreciated to a two-year high even after the Bank of Israel, which is awaiting appointment of a new governor, bought dollars aimed at moderating the rally.
The U.S. Securities and Exchange Commission’s courtroom victory over ex-Goldman Sachs Group Inc. employee Fabrice Tourre is helping the agency turn the page on years of criticism that it isn’t holding Wall Street to account.
The bungled appointment of the Bank of Israel’s next governor has not affected the central bank’s operations, a member of its monetary policy panel said, offering reassurance to markets the vital institution is in good hands.
Israel’s 2023 government bonds rose the most in two weeks after U.S. jobs data eased bets for an early tapering of Federal Reserve stimulus and as Leonardo Leiderman withdrew his candidacy to be Bank of Israel governor.
Leonardo Leiderman’s withdrawal as a candidate to be Bank of Israel governor, the second contender to drop out in a week, dealt a blow to Prime Minister Benjamin Netanyahu in his search for a replacement for Stanley Fischer.
Taro Pharmaceutical Industries Ltd. capped a six-week rally as BlueMountain Capital Management LLC, the firm that profited from JPMorgan Chase & Co.’s trading loss, nominated two board members for the Israeli drugmaker.