Israel-Hamas War, Day 34: IDF Takes Control Of Northern Gaza; UN High Commissioner Accuses Both Sides Of War Crimes

On the 34th day since the Hamas attacks in Israel, the ongoing clashes have predominantly centered in the northern part of the Gaza Strip.

According to Israeli authorities, their military forces are making significant advances within Gaza City. Conversely, Palestinian militant groups assert that they are persistently resisting these advances.

Here are the latest developments:

• CNN has reported that the Israel Defense Forces (IDF) announced the successful capture of a Hamas military stronghold in the northern area of Gaza.
  
• As per the IDF’s official account on X, an Israeli airstrike resulted in the elimination of Ibrahim Abu-Maghsib, a prominent Hamas commander, while the Israeli navy targeted locations in Gaza used for launching anti-tank missiles by Hamas.
  
• The IDF also stated that they have successfully destroyed 130 Hamas tunnel entrances since the commencement of the conflict.

As reported by the Times of Israel, the primary objective of the Israeli army remains the cessation of Hamas rocket launches into Israel, Israel’s Defense Minister Yoav Gallant said Thursday. These launches have been disruptive to civilian life and have had detrimental effects on the nation’s economy.

Both Hamas and Israel have been accused of committing war crimes in the past month, according to the UN High Commissioner for Human Rights. The Commissioner, Volker Türk, has called for a ceasefire agreement between both sides to enable humanitarian aid deliveries to Gaza, the release of hostages held by Hamas, and progress toward ending the occupation.

As Israel escalates its ground offensive against Hamas in Gaza City, at least 50,000 Palestinians in the northern part of Gaza are evacuating the area, heading South.

Market Reactions

The Israeli shekel saw a slight weakening, declining by 0.4% following eight consecutive sessions of gains.

In the domestic stock market, Israel’s main stock average experienced a 0.7% decrease. Meanwhile, the iShares MSCI Israel ETF EIS recorded its eighth consecutive session of gains on Wednesday.

The U.S. dollar remained relatively stable, while there was a significant increase in Treasury yields. The 30-year yield surged by 7 basis points to reach 4.70%, while the yield on the 10-year Note dipped to 4.55%. These rising bond yields let to a slightly negative opening for the iShares 20+ Year Treasury Bond ETF TLT.

On Wednesday, the SPDR S&P 500 Index Trust SPY saw a marginal increase of 0.1%, but it was sufficient to mark its eighth consecutive day of gains.

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