Israel-Hamas War, Day 33: IDF Approaches Hamas Headquarters Near Shifa Hospital; Blinken Says No To Ceasefire During G7 Summit

On the 33rd day since the commencement of hostilities between Israel and Hamas, Israeli military forces have encircled the northern region of the Gaza Strip. This area is believed to be the stronghold of the Palestinian militant group, where they may be holding approximately 240 hostages who were abducted on Oct.7.

Here are the latest developments from the ongoing conflict:

• According to reports from Al-Jazeera, eyewitnesses have indicated that Israeli troops are now situated approximately 700 meters away from Shifa Hospital. This hospital is suspected to house Hamas’s underground command center, as per the IDF.

• Israeli Defense Minister Yoav Gallant said that Israel Defense Forces (IDF) have penetrated the “heart of Gaza City” and are actively targeting Hamas infrastructure and its leadership within the city, as reported by The Times of Israel.

• The foreign ministers of the Group of Seven (G7) have expressed their support for humanitarian pauses in Gaza, CNN reported. These pauses aim to facilitate the delivery of humanitarian aid, enable civilian movement, and promote the release of hostages. However, it’s worth noting that the G7 ministers stopped short of explicitly calling for an immediate ceasefire.
  
• G7 leaders have also urged Iran to refrain from supporting Hamas and taking actions that destabilize the Middle East, including supporting groups like Lebanese Hezbollah and other non-state actors.
  
• According to information from the Spectator Index on social media platform X, a Saudi minister has announced that his country will convene summits of Arab and Islamic nations in the coming days to address the Israeli-Palestinian conflict.
  
• Meanwhile, U.S. Secretary of State Anthony Blinken has maintained his opposition to an immediate ceasefire in Gaza. He has emphasized that those advocating for an immediate end to hostilities must provide a plan to address the likely undesirable consequences. Blinken has underscored Israel’s consistent stance that there is no possibility of returning to the situation prior to the attacks by Hamas on Oct. 7.

• Blinken has also outlined the United States’ vision for a post-conflict future in Gaza. He has encouraged Israel not to reoccupy Gaza, while acknowledging the potential need for a transitional period.

• IDF spokesperson Rear Adm. Daniel Hagari has reported that in the past month, more than 14,000 terrorist targets have been struck. These operations have resulted in the elimination of numerous Hamas militants, as well as the destruction of critical infrastructure and weaponry. Hagari stated that there will be no ceasefire, reiterating that Hamas is using its civilian population as a shield.

• The IDF has reported the discovery of a significant military arsenal, including 1,493 hand grenades and explosives, 760 RPGs, 427 explosive belts, 375 firearms, 106 rockets, and missiles in the possession of Hamas terrorists on Oct. 7.

Market Reactions

The Israeli shekel (ILS) gained 0.4% against the dollar on Wednesday, rising for the sixth consecutive session and reclaiming levels last seen before the Hamas strikes on Oct. 7.

The Tel Aviv 125 Index fell 0.4%. The iShares MSCI Israel ETF EIS closed 1.6% higher on Tuesday, marking its eighth consecutive session of gains.

The dollar gained momentum against other major currencies, while the SPDR S&P 500 ETF Trust SPY gained for the seventh day in a row on Tuesday, its longest winning streak in almost two years.

Chart of the Day: The Israeli Shekel Returns To Pre-Hamas Attack Levels

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