Israel-Hamas War, One Month After Oct. 7 Attack: Netanyahu Mulls Short Pauses As Global Pressure Mounts

Zinger Key Points
  • Israeli forces have reportedly taken control of a Hamas military outpost located in the heart of Gaza City.
  • Netanyahu says Israel plans to assume responsibility for security in Gaza for an indefinite period after the war.

A month has passed since Hamas attacked Israeli civilians on Oct. 7.

During that time, Israel’s retaliatory strikes have killed more than 10,000 people in Gaza, according to the New York Times, citing the Gaza Health Ministry. The death toll includes more than 4,100 children.

Israeli forces initiated a ground operation over a week ago, focusing on encircling the northern part of the Strip. Here are the latest updates on the ongoing conflict:

  • Israel is observing a national day of mourning. Israelis have observed a minute of silence at 11 a.m. on Tuesday to pay tribute to the victims, as the Times of Israel reported. Following this solemn moment, flags across Israel were lowered to half-mast, and mourners joined in singing the national anthem.
  • The UN High Commissioner for Human Rights, Volker Türk, has embarked on a five-day visit to the Middle East region amidst the ongoing escalation in Gaza. Türk expressed: "It has been one full month of carnage, of incessant suffering, bloodshed, destruction, outrage and despair," Türk said. "Human rights violations are at the root of this escalation and human rights play a central role in finding a way out of this vortex of pain."
  • UN Chief Antonio Guterres has also called for an immediate ceasefire and the unconditional release of hostages.
  • The Israeli Defense Forces (IDF) have once again established an evacuation route today, permitting residents of northern Gaza to relocate to the south. On Tuesday, thousands of civilians took advantage of this corridor to move to the south of Strip.
  • Israeli forces have reportedly taken control of a Hamas military outpost located in the heart of Gaza City. The IDF found anti-tank launchers, missiles, weapons, and intelligence materials at the site. Overnight, the military targeted numerous positions believed to be used for launching mortars into Israel. Additionally, naval forces carried out precision attacks on several Hamas targets overnight, according to the IDF.
  • According to Al Jazeera, the armed wing of Hamas — known as the Qassam Brigades — has stated its readiness to release 12 captives. However, they have cited the ongoing Israeli air and land attacks as a hindrance to completing this process. Additionally, the Health Ministry in Gaza — operating under the political arm of Hamas — has stated that the Israeli army has ordered the evacuation of al-Rantisi Children's Hospital, indicating its intention to bomb the facility.
  • Israeli Prime Minister Benjamin Netanyahu has rejected the idea of a ceasefire in the Strip, despite increasing international pressure. Instead, he has suggested the possibility of tactical pauses in the conflict. Netanyahu has also mentioned that Israel plans to assume responsibility for security in Gaza for an indefinite period after the war.

Market Reactions

The Israeli shekel (ILS) extended its gains for the fifth consecutive session, rising by 0.7% against the U.S. dollar on Tuesday.

The Tel Aviv 125 Index, the country’s major equity average, also closely tracked by the iShares MSCI Israel ETF EIS rose 0.8%.

In contrast, European stocks faced declines as the most recent economic data continued to indicate a contraction in the region. The pan-European Euro Stoxx 50 dropped by 0.2%, and the euro weakened by 0.4% against the US dollar.

In the futures market, S&P 500 Index futures were down by 0.2%, while Nasdaq 100 futures remained flat at the time of writing.

Oil prices experienced a notable decline of 1.7% due to growing concerns about a global economic slowdown. Furthermore, both gold and silver prices fell, down by 0.7% and by 1.9%, respectively.

Read More: S&P 500, Nasdaq Set To Break 6-Day Rally Today? Traders Await Fed Cues, Analyst Says Seasonal Rally Has Started With Gusto

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Posted In: AsiaBroad U.S. Equity ETFsSpecialty ETFsEurozonePoliticsPre-Market OutlookETFsisraelisrael hamasIsrael Hamas WarMiddle EastNetanyahu
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