Israel-Hamas War, Day 17: IDF Intensifies Gaza Strikes, US Works To Delay Ground Invasion For Hostage Release

It’s been 17 days since the conflict between Hamas and Israel began Oct. 7. Here are the most recent updates:

• The Israel Defense Forces (IDF) launched fresh airstrikes in Gaza on Monday, while also engaging Hamas militants on the ground in operations within the besieged Palestinian territory, Reuters reported. Signs of the conflict spreading emerged as Israeli aircraft also struck Hezbollah targets in southern Lebanon overnight and Israeli forces clashed with Palestinians in the occupied West Bank.
• Gaza’s health ministry reported 436 casualties in the last 24 hours due to Israeli airstrikes, primarily in the densely populated southern Gaza Strip.
• On Sunday, the Palestinian militant group Hamas said its fighters confronted an armored unit that infiltrated a southern area of Gaza. There has been no official Israeli response regarding these reported losses.
• In a joint statement issued on Sunday, President Joe Biden and the leaders of Britain, Canada, France, Germany and Italy called on Israel to protect civilians while defending itself and urged the release of all hostages believed to be held in Gaza.

• The Biden administration advised Israel to postpone a ground invasion of Gaza to facilitate hostage negotiations and allow more humanitarian aid to reach the sealed-off enclave, according to multiple U.S. officials.
• American officials also emphasized the need for additional time to prepare for potential attacks on U.S. interests in the region by Iran-backed groups, which are expected to intensify once Israel deploys fully into Gaza, according to the New York Times.
• Regarding the hospital strike last week, Hamas has not provided evidence linking it to Israel, as reported by the Times. A senior Hamas official stated there is no remaining evidence of the munition that struck the Ahli Arab hospital in Gaza City, resulting in numerous casualties. Israel said the explosion was caused by a misfired Palestinian rocket.

Monday Market Reactions

Following 10 consecutive sessions of losses, the Israeli shekel stabilized, albeit having depreciated to its weakest level against the dollar in over eight years.

At the beginning of the week, domestic stocks in Israel got off to a sluggish start, with a 0.8% decline on Monday. The iShares MSCI Israel ETF EIS has recorded a 14% drop since the start of the conflict.

A hour before the New York market open, S&P 500 futures were down 0.3% on Monday.

U.S. Treasuries experienced another round of selloffs, resulting in a 7-basis-point increase in the yield on the 10-year Treasury note, approaching nearly 5%. Meanwhile, the price of gold, tracked by the SPDR Gold Trust GLD, surprisingly held steady at $1,980 per ounce.

Crude oil saw a modest 0.3% decline, whereas Bitcoin BTCUSD/USD displayed strength, surging 2.2% and surpassing the $30,000 mark.

Photo via Shutterstock.