UBS On-Air: Paul Donovan Daily Audio 'Risks of risks'

There are reports of missile and drone attacks against commercial shipping in the Red Sea. There may be a tendency to regard this as an escalation of the Israel-Hamas war, but the attacks seem to be quite small scale and markets are not inclined to price in much additional risk. Oil trade and thus the oil price will be the focus. While container ships were among those targeted, trade in goods continues to slow and is less of a market concern.