Israeli equities and the shekel were the worst-performing assets globally this
month. The TA-35 is down more than 12% in USD terms year-to-date this month, the
largest decline among major indices. June’s sell-off is the steepest since
October 2023. From Nov 2023 to early June the shekel had appreciated about 42%
vs USD and Israeli equities nearly quadrupled, outpacing the KOSPI; those gains
are now reversing. Since US–Iran talks began, the shekel has fallen roughly 5%
so far in June, the biggest drop among currencies. Bank Hapoalim said local
investors view any emerging US–Iran agreement as failing to improve Israel’s
long-term security and as falling well short of the high expectations set during
the opening phase of Israel’s military campaign.
