Israel-Hamas War: Day 25 – Israeli Troops Advance In Gaza; Chinese Tech Giants Remove Israel From Online Maps

Twenty-five days have passed since the tragic events of Oct. 7, when the Palestinian militant group Hamas executed a series of fatal attacks in Israel. These actions resulted in the loss of Israeli civilian lives and the abduction of 240 hostages, who remain in captivity in the Gaza Strip. In response, the Israeli Defense Force (IDF) has responded with airstrikes targeting Hamas in the Palestinian enclave, along with a ground invasion that commenced on Oct. 27.

Here are the most recent updates in this ongoing conflict:

• According to a CNN analysis released on Monday, Israeli troops have advanced approximately 2 miles (around 3 kilometers) into the Gaza Strip.
  
• The IDF spokesperson, Rear Adm. Daniel Hagari, held a press conference on Tuesday, during which he mentioned that the estimated number of hostages held by Hamas in Gaza has risen to 240. Hagari also reported that during the night, airstrikes were conducted in northern Lebanon, targeting and destroying the infrastructure of Hezbollah.

• On Monday, the IDF successfully carried out a hostage rescue operation, while the Prime Minister Benjamin Netanyahu made it explicitly clear that Israel has no intention of agreeing to a ceasefire, especially as ground operations in Gaza continue to progress.
  
• According to the Times of Israel, the IDF stated that in recent hours their troops have been engaged in intensive confrontations with Hamas militants deep within the Gaza Strip.

IDF forces operating inside Gaza. pic.twitter.com/dLku5Bp0PS

— Clash Report (@clashreport) October 31, 2023

• A senior U.S. official told CNN on Monday that they see the chances of rescuing hostages from Gaza as uncertain, describing it as a coin-flip situation. Majed Al-Ansari, who serves as the spokesperson for Qatar’s Ministry of Foreign Affairs, told CNN on Saturday that Israel’s ground escalation is significantly complicating the situation for saving hostages.
  
• The ongoing conflict in Gaza has resulted in over 8,000 casualties, including many children, as reported by Gaza’s health ministry under Hamas’ control. While the U.S. and Israel acknowledge heavy losses among the Palestinian population, they still have doubts about the accuracy of Hamas’ figures.
  
• Chinese tech giants Baidu Inc. BIDU and Alibaba Group Holding Ltd. BABA have removed references to Israel from their primary online digital maps. According to a Wall Street Journal report, Baidu’s Chinese-language online maps show the internationally recognized borders of Israel and the Palestinian territories, along with major cities, but they do not explicitly label the country of Israel. A similar situation exists with online maps produced by Alibaba’s Amap.
  
• In another report by The Wall Street Journal, Western defense authorities are voicing worries over the stretched military resources, given Israel’s ongoing conflict and Ukraine’s continued battle with Russia.

Market Reactions

The Israeli shekel traded flat for the day, after rising as much as 1.4% Monday. The country’s stock market index was 0.2% lower, following a 1.8% surge the day earlier.

The iShares MSCI Israel ETF EIS had its most successful session of 2023, surging by as much as 4.2% on Monday, as investors reassessed the effects of the ongoing conflict.

Stocks trended higher on Tuesday, with equity indices rising across the board in Europe, and futures on U.S. major averages trading higher ahead of New York open.

Gold, as tracked by the SPDR Gold Trust GLD, was little moved, up 0.1% to $2,000/oz.

Oil prices rose slightly by 0.3%, with the West Texas Intermediate (WTI) trading at $82.50 a barrel.

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