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Tag: Middle East tensions

  • Israel identifies the remains of one more hostage

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    Israel says the remains of another hostage that Hamas handed over the day before have been identified as Eliyahu Margalit, as the Palestinian militant group looks for more bodies under the rubble in the Gaza Strip and urges more aid to be allowed into the embattled enclave.Israel’s Prime Minister’s Office said Saturday Margalit’s body was identified after testing by the National Center for Forensic Medicine and his family has been notified. The 76-year-old was abducted on Oct. 7, 2023, when Hamas attacked Israel, from the horse stables where he worked in Kibbutz Nir Oz.Margalit is the 10th returned hostage body since the ceasefire went into effect over a week ago. Hamas handed over an 11th body this week, but it wasn’t that of a hostage. The effort to find the remains followed a warning from U.S. President Donald Trump that he would green-light Israel to resume the war if Hamas doesn’t live up to its end of the deal and return all hostages’ bodies, totaling 28.In a statement Saturday, the hostage forum, which supports the families of those abducted, said Margalit’s return brings a measure of solace to his family, but that they won’t rest until the remaining 18 hostages are returned. The forum says it will continue holding weekly rallies until all remains are brought back.The handover of hostages’ remains, called for under the ceasefire agreement, has been among the key sticking points — along with aid deliveries, the opening of border crossings into Gaza and hopes for reconstruction — in a process backed by much of the international community to help end two years of devastating war in Gaza.Hamas has said it is committed to the terms of the ceasefire deal, including the handover of bodies. However, the retrieval of bodies is hampered by the scope of the devastation and the presence of dangerous, unexploded ordnance. The group has also told mediators that some bodies are in areas controlled by Israeli troops.Margalit’s body was found after two bulldozers plowed up pits in the earth in the city of Khan Younis.Nine Palestinians killed by Israeli fireMeanwhile, Hamas is accusing Israel of continuing its attacks and violating the ceasefire.On Friday the Civil Defense, a first responders’ agency operating under the Hamas-run Interior Ministry, said nine people were killed, including women and children, when their vehicle was hit by Israeli fire in Gaza City. The Civil Defense said the car crossed into an Israeli-controlled area in eastern Gaza.As part of the first phase of the ceasefire, Israel still maintains control of about half of Gaza.The Civil Defense said that Israel could have warned the people in a manner that wasn’t lethal. The group recovered the bodies on Saturday with coordination from the U.N., it said.Israel’s army said it saw a “suspicious vehicle” crossing the yellow line and approaching the army’s troops. It said it fired warning shots but the vehicle continued to approach in a manner that posed an “imminent threat.” It says it acted in accordance with the ceasefire.Demands for aidHamas is also urging mediators to increase the flow of aid into Gaza, expedite the opening of the Rafah border crossing with Egypt and start reconstruction of the battered territory.The flow of aid remains constrained because of continued closures of crossings and restrictions on aid groups.United Nations data on Friday showed 339 trucks have been offloaded for distribution in Gaza since the ceasefire began a week ago. Under the agreement, some 600 humanitarian aid trucks would be allowed to enter each day.COGAT, the Israeli defense body overseeing aid in Gaza, reported 950 trucks — including commercial trucks and bilateral deliveries — crossing on Thursday and 716 on Wednesday, the U.N. said.Gaza’s more than 2 million people are hoping the ceasefire will bring relief from the humanitarian disaster caused by Israel’s offensive. Throughout the war, Israel restricted aid entry to Gaza — sometimes halting it altogether.Famine was declared in Gaza City, and the U.N. says it has verified more than 400 people who died of malnutrition-related causes, including more than 100 children.Israel says it let in enough food, accusing Hamas of stealing much of it. The U.N. and other aid agencies deny the claim.Israel’s campaign in Gaza has killed nearly 68,000 Palestinians, according to the Health Ministry, which is part of the Hamas-run government in the territory. Its figures are seen as a reliable estimate of wartime deaths by U.N. agencies and many independent experts. Israel has disputed them without providing its own toll.Thousands more people are missing, according to the Red Cross. Magdy reported from Cairo, Egypt.

    Israel says the remains of another hostage that Hamas handed over the day before have been identified as Eliyahu Margalit, as the Palestinian militant group looks for more bodies under the rubble in the Gaza Strip and urges more aid to be allowed into the embattled enclave.

    Israel’s Prime Minister’s Office said Saturday Margalit’s body was identified after testing by the National Center for Forensic Medicine and his family has been notified. The 76-year-old was abducted on Oct. 7, 2023, when Hamas attacked Israel, from the horse stables where he worked in Kibbutz Nir Oz.

    Margalit is the 10th returned hostage body since the ceasefire went into effect over a week ago. Hamas handed over an 11th body this week, but it wasn’t that of a hostage. The effort to find the remains followed a warning from U.S. President Donald Trump that he would green-light Israel to resume the war if Hamas doesn’t live up to its end of the deal and return all hostages’ bodies, totaling 28.

    In a statement Saturday, the hostage forum, which supports the families of those abducted, said Margalit’s return brings a measure of solace to his family, but that they won’t rest until the remaining 18 hostages are returned. The forum says it will continue holding weekly rallies until all remains are brought back.

    The handover of hostages’ remains, called for under the ceasefire agreement, has been among the key sticking points — along with aid deliveries, the opening of border crossings into Gaza and hopes for reconstruction — in a process backed by much of the international community to help end two years of devastating war in Gaza.

    Hamas has said it is committed to the terms of the ceasefire deal, including the handover of bodies. However, the retrieval of bodies is hampered by the scope of the devastation and the presence of dangerous, unexploded ordnance. The group has also told mediators that some bodies are in areas controlled by Israeli troops.

    Margalit’s body was found after two bulldozers plowed up pits in the earth in the city of Khan Younis.

    Nine Palestinians killed by Israeli fire

    Meanwhile, Hamas is accusing Israel of continuing its attacks and violating the ceasefire.

    On Friday the Civil Defense, a first responders’ agency operating under the Hamas-run Interior Ministry, said nine people were killed, including women and children, when their vehicle was hit by Israeli fire in Gaza City. The Civil Defense said the car crossed into an Israeli-controlled area in eastern Gaza.

    As part of the first phase of the ceasefire, Israel still maintains control of about half of Gaza.

    The Civil Defense said that Israel could have warned the people in a manner that wasn’t lethal. The group recovered the bodies on Saturday with coordination from the U.N., it said.

    Israel’s army said it saw a “suspicious vehicle” crossing the yellow line and approaching the army’s troops. It said it fired warning shots but the vehicle continued to approach in a manner that posed an “imminent threat.” It says it acted in accordance with the ceasefire.

    Demands for aid

    Hamas is also urging mediators to increase the flow of aid into Gaza, expedite the opening of the Rafah border crossing with Egypt and start reconstruction of the battered territory.

    The flow of aid remains constrained because of continued closures of crossings and restrictions on aid groups.

    United Nations data on Friday showed 339 trucks have been offloaded for distribution in Gaza since the ceasefire began a week ago. Under the agreement, some 600 humanitarian aid trucks would be allowed to enter each day.

    COGAT, the Israeli defense body overseeing aid in Gaza, reported 950 trucks — including commercial trucks and bilateral deliveries — crossing on Thursday and 716 on Wednesday, the U.N. said.

    Gaza’s more than 2 million people are hoping the ceasefire will bring relief from the humanitarian disaster caused by Israel’s offensive. Throughout the war, Israel restricted aid entry to Gaza — sometimes halting it altogether.

    Famine was declared in Gaza City, and the U.N. says it has verified more than 400 people who died of malnutrition-related causes, including more than 100 children.

    Israel says it let in enough food, accusing Hamas of stealing much of it. The U.N. and other aid agencies deny the claim.

    Israel’s campaign in Gaza has killed nearly 68,000 Palestinians, according to the Health Ministry, which is part of the Hamas-run government in the territory. Its figures are seen as a reliable estimate of wartime deaths by U.N. agencies and many independent experts. Israel has disputed them without providing its own toll.

    Thousands more people are missing, according to the Red Cross.

    Magdy reported from Cairo, Egypt.

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  • Asia Stocks Stage Relief Rally, Earnings in Focus: Markets Wrap

    Asia Stocks Stage Relief Rally, Earnings in Focus: Markets Wrap

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    (Bloomberg) — Asian stocks advanced, as the focus shifted from Middle East tensions to company earnings and economic data for insight into the direction of central bank policy.

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    Benchmarks across the region recouped some of last week’s slide as traders took comfort in the absence of further escalation from Iran following Israel’s retaliatory strike. Hong Kong rallied more than 2%, with measures from Chinese authorities to bolster the city’s status as a financial hub giving an added boost.

    Demand for safe havens eased, after traders last week were whipsawed by Middle East tensions as well as hawkish comments from Federal Reserve officials indicating reluctance to cut rates anytime soon. Oil and gold both fell. The dollar was weaker while the yield on 10-year US Treasury yields advanced.

    “We are seeing a relief rally underway this morning as geopolitical risks subside,” said Kyle Rodda, a senior market analyst at Capital.com in Melbourne. “The move basically squares the ledger now and allows the markets to go back to focus on macroeconomic and corporate fundamentals.”

    Contracts for US equities edged higher after the S&P 500 recorded its worst week since March 2023. Asian chip stocks also slumped after Nvidia tumbled 10% on Friday, the most in four years.

    Investors are recalibrating their positions after stronger-than-expected US data forced the Fed resets the clock on its first interest rate cut. Data prints later in the week are likely to help finesse policy bets, with both US growth and the Fed’s preferred measure of inflation due. Investors must also absorb a hefty slate of Treasuries auctions, a major test of whether yields have peaked for the year.

    Higher-than-expected interest rates amid persistent inflation are perceived as the biggest threat to financial stability among market participants and observers, the Fed said in its semiannual Financial Stability Report published Friday.

    More than half of the “Magnificent Seven” cohort of tech megacaps will report earnings this week — leaving investors wondering whether those firms are going to live up to the high expectations set for artificial intelligence. “Nevertheless, this may offer market participants the opportunity to watch for any signs of weakness in rallies to sell the rip.”

    “This week will present a slew of big tech earnings, which has the tendency to crush earnings expectations,” said Jun Rong Yeap, a market strategist at IG Asia.

    Profits for the seven biggest growth companies in the S&P 500 — Apple Inc., Microsoft Corp., Alphabet Inc., Amazon.com Inc., Nvidia, Meta Platforms Inc. and Tesla Inc. — are on course to surge 38% in the first quarter, according to Bloomberg Intelligence. When excluding them, the rest of the benchmark index’s profits are anticipated to shrink by 3.9%.

    Elsewhere this week, inflation readings in Australia and Malaysia are due. Bank Indonesia will give a policy decision just as the currency comes under pressure, while earnings at global growth bellwether Caterpillar are due.

    Key events this week:

    • Eurozone consumer confidence, Monday

    • Philippines and US military forces commence annual war games near Taiwan and South China Sea, Monday

    • ECB President Christine Lagarde speaks, Monday

    • Eurozone S&P Global Manufacturing PMI, S&P Global Services PMI, Tuesday

    • UK S&P Global, CIPS Manufacturing PMI, Tuesday

    • Australia CPI, Wednesday

    • Indonesia rate decision, Wednesday

    • IBM, Boeing, Meta Platforms earnings, Wednesday

    • Malaysia CPI, Thursday

    • South Korea GDP, Thursday

    • Turkey rate decision, Thursday

    • US GDP, wholesale inventories, initial jobless claims, Thursday

    • Microsoft, Alphabet, Airbus, Caterpillar earnings, Thursday

    • Japan rate decision, Tokyo CPI, inflation and GDP forecasts, Friday

    • US personal income and spending, University of Michigan consumer sentiment, Friday

    • Exxon Mobil, Chevron earnings, Friday

    Some of the main moves in markets:

    Stocks

    • S&P 500 futures rose 0.3%, ending a six-day losing streak as of 11:48 a.m. Tokyo time

    • Nikkei 225 futures (OSE) rose 0.7%

    • Japan’s Topix rose 1.3%, more than any closing gain since March 21

    • Australia’s S&P/ASX 200 rose 1%, more than any closing gain since March 21

    • Hong Kong’s Hang Seng rose 2.3%, more than any closing gain since April 2

    • The Shanghai Composite rose 0.1%

    • Euro Stoxx 50 futures rose 0.4%

    Currencies

    • The Bloomberg Dollar Spot Index fell 0.1%

    • The euro was little changed at $1.0666

    • The Japanese yen was little changed at 154.65 per dollar

    • The offshore yuan was little changed at 7.2516 per dollar

    Cryptocurrencies

    • Bitcoin rose 0.2% to $64,756.97

    • Ether fell 0.2% to $3,143.95

    Bonds

    • The yield on 10-year Treasuries advanced four basis points to 4.66%

    • Australia’s 10-year yield advanced seven basis points, more than any closing advance since April 11

    Commodities

    • West Texas Intermediate crude fell 0.3% to $82.92 a barrel

    • Spot gold fell 0.7% to $2,375.91 an ounce

    This story was produced with the assistance of Bloomberg Automation.

    –With assistance from Matthew Burgess, Michael G. Wilson, Richard Henderson and Tassia Sipahutar.

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    ©2024 Bloomberg L.P.

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