Israel-Hamas War: Day 14 — Biden Highlights Historic Crossroads, IDF Strikes Intensify, Aid Delivery To Gaza Faces Further Delays

Two weeks have passed since Oct. 7 when the Hamas attacks marked the beginning of the conflict with Israel. Here are the latest developments:

• President Joe Biden addressed the nation from the Oval Office on Thursday, urging Congress to increase military aid to Israel and Ukraine. He emphasized the critical historical moment where today’s decisions will shape the future for decades. Biden reaffirmed unwavering support for Israel’s security.
  
• He stated Russia and Hamas seek to “completely eliminate a neighboring democracy,” marking Vladimir Putin as a “tyrant” and sparking reactions from the Kremlin.
  
• Israel conducted a significant operation in northern Gaza, resulting in the loss of lives, including 18 Christian Palestinians, after hitting an Orthodox Christian church.
  
• Israel Defense Forces spokesperson Rear Adm. Daniel Hagari reiterated Jewish unity in the war against Hamas, posting a video on the social media platform X.
  
• Israeli Defense Minister Yoav Gallant outlined three phases for the conflict. The last will require establishing a new security regime in Gaza, relieving Israel of responsibility in Gaza, and creating a new security reality for Israeli citizens.
  
• Aid delivery from Egypt through the Rafah border crossing faced delays, prompting UN Secretary-General Antonio Guterres to address the issue.
  
• The UN Human Rights Office called for an independent international investigation into an attack on the al-Ahli Arab Hospital in Gaza.
  
• Leaders from various countries will meet in Cairo for a peace summit, including Bahrain, Cyprus, Egypt, Germany, Italy, Japan, Kuwait and South Africa.

Market Reactions: Shekel Falls, Gold Eyes 2,000, Treasuries See Buyers

The Israeli shekel experienced a 0.4% decline, reaching 4.05 per U.S. dollar on Friday, marking a cumulative drop of more than 5% since the commencement of the conflict.

Israeli stocks, as tracked by the iShares MSCI Israel ETF EIS, witnessed a 1.8% decrease.

Gold, as measured by the SPDR Gold Trust GLD, continued its positive trend, trading at $1,975 per ounce, just 1.3% below the significant $2,000 per ounce threshold.

European stocks, particularly Germany’s DAX Index, which is tracked by the iShares MSCI Germany ETF EWG, were nearly 1% down.

Treasuries rose as bond yields fell.

Futures on the S&P 500 index were down by 0.5% one hour ahead of the opening of Wall Street.

Read Now: Nasdaq, S&P 500 Futures Sag On Rate Worries, Mixed Earnings: Analyst Touts 2 Data Points For Possible Recovery

Photo: Shutterstock