Tag: Military events

U.S. retaliates in Iraq after three U.S. troops wounded in attack

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U.S. Army soldiers watch as fellow Coalition soldiers pass by near the entrance to the International Zone on May 30, 2021 in Baghdad, Iraq.

John Moore | Getty Images News | Getty Images

The U.S. military carried out retaliatory air strikes on Monday in Iraq after a one-way drone attack earlier in the day by Iran-aligned militants that left one U.S. service member in critical condition and wounded two other U.S. personnel, officials said.

The back-and-forth clash was the latest demonstration of how the Israel-Hamas war is rippling across the Middle East, creating turmoil that has turned U.S. troops at bases in Iraq and Syria into targets.

Iran-aligned groups in Iraq and Syria oppose Israel’s campaign in Gaza and hold the United States partly responsible.

At President Joe Biden’s direction, the U.S. military carried out the strikes in Iraq at 1:45 GMT, likely killing “a number of Kataib Hezbollah militants” and destroying multiple facilities used by the group, the U.S. military said.

“These strikes are intended to hold accountable those elements directly responsible for attacks on coalition forces in Iraq and Syria and degrade their ability to continue attacks. We will always protect our forces,” said General Michael Erik Kurilla, head of U.S. Central Command, in a statement.

A U.S. base in Iraq’s Erbil that houses U.S. forces came under attack from a one-way drone earlier on Monday, leading to the latest U.S. casualties.

The base has been repeatedly targeted. Reuters reported on another significant drone attack in October on the barracks at the Erbil base on Oct. 26, which penetrated U.S. air defenses but failed to detonate.

The Pentagon did not disclose details about the identity of the service member who was critically wounded or offer more details on the injuries sustained in the attack. It also did not offer details on how this drone appeared to penetrate the base’s air defenses.

“My prayers are with the brave Americans who were injured,” U.S. Defense Secretary Lloyd Austin said in a statement.

The White House National Security Council said Biden was briefed on the attack on Monday and ordered the Pentagon to prepare response options against those responsible.

“The President places no higher priority than the protection of American personnel serving in harm’s way. The United States will act at a time and in a manner of our choosing should these attacks continue,” NSC spokesperson Adrienne Watson said.

Still, it is unclear if the latest U.S. retaliation will deter future action against U.S. forces, who are deployed in Iraq and Syria to prevent a resurgence of Islamic State militants.

The U.S. military has already come under attack at least 100 times in Iraq and Syria since the Israel-Hamas war began in October, usually with a mix of rockets and one-way attack drones.

The U.S. embassy compound in Baghdad also came under mortar fire earlier in December, the first time it had been attacked in more than a year, in a major escalation.

The latest unrest came less than a week after Austin returned from a trip to the Middle East focused on containing efforts by Iran-aligned groups to broaden of the Israel-Hamas war.

That includes setting up a U.S.-led maritime coalition to safeguard Red Sea commerce following a series of drone and missile attacks against commercial vessels by Houthi militants in Yemen.

The Pentagon said on Thursday that more than 20 countries have agreed to participate in the new U.S.-led coalition, known as Operation Prosperity Guardian.

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December 25, 2023
CNBC Daily Open: Stocks rebound from their worst week this year — but analysts aren’t optimistic
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Traders work on the floor of the New York Stock Exchange (NYSE) on February 27, 2023 in New York City.

Spencer Platt | Getty Images

This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

Stocks rebounded from last week’s lows but are still on track to end February in the red.

What you need to know today

Stocks in the U.S. rose on Monday, but are still on track to end February lower. Asia-Pacific markets traded mixed Tuesday. Japan’s Nikkei 225 was flat even as the country’s industrial production in January fell 4.6% month-over-month, its biggest decline in eight months.

The U.K. and the EU signed a new trade deal. Known as the Windsor Framework, it remedies problems caused by the Northern Ireland Protocol, which mandates checks on goods that travel from Great Britain to Northern Ireland. Sterling jumped on the news.

Culture clashes may have contributed to China’s decision not to pick up the phone when the U.S. Department of Defense called after shooting down an alleged Chinese spy balloon, according to a researcher at a China-backed think tank.

Meta will create a new team that focuses on generative artificial intelligence models, CEO Mark Zuckerberg said on Monday. The team will build “creative and expressive” tools for the company’s products like Messenger and Instagram.

PRO The S&P 500 might fall back to a bear market in March, warned Mike Wilson, Morgan Stanley’s chief U.S. equity strategist. “With the equity market showing signs of exhaustion after the last Fed meeting, the S&P 500 is at critical technical support,” Wilson wrote.

The bottom line

Markets pulled back from their lows of last week and managed to stage a rebound. The Dow Jones Industrial Average inched up 0.22%, the S&P increased 0.31% and the Nasdaq Composite rose 0.63%.

Investors felt they had slightly more breathing room after Treasury yields eased from their peaks on Friday, with the interest-rate-sensitive 2-year yield dipping from a 16-year high. As Ross Mayfield, investment strategy analyst at Baird, wrote, “the rapid shift in Fed funds expectations and the spike in short-term yields has been risk-off in the stock market, so some reprieve on rates today will likely boost equities.”

Additionally, a decline in orders placed with manufacturers may have given investors a sign of slowing inflation — such signs are increasingly rare. Data released Monday showed that sales of durable goods like appliances, TVs and autos dropped 4.5% in January, worse than analysts’ expectations of a 3.6% fall. By contrast, orders increased 5.1% in December. Though a plunge in airplane orders contributed to much of the decline, orders were still down 5.1% when excluding defense.

Earnings reports from major retailers like Target, Costco and Macy’s will be released this week and give an indication whether consumer spending will remain strong or start faltering. Regardless of what happens, analysts from JPMorgan’s Mislav Matejka to Morgan Stanley’s Mike Wilson aren’t too optimistic. It might be best to brace for a bumpy landing for the time being.

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February 27, 2023
CNBC Daily Open: Oil pops and stocks flop — it feels like 2022 again for markets
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Brent Delta Topside oil platform at Seaton Port in the United Kingdom on May 5, 2017.

Ian Forsyth | Getty Images News | Getty Images

This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

It feels like 2022 again for markets. But investors want a fresh start this year.

What you need to know today

Adidas shares tanked 11.64% after the company warned it could lose around 1.2 billion euros ($1.3 billion) in revenue if it can’t clear its Yeezy stock. The German sportswear company ended a partnership with Ye (formerly known as Kanye West), the face of Yeezy, after he made antisemitic comments.

PRO With its earnings beat and vast restructuring plan, Disney has been making the news lately. But is it wise entering the Magic Kingdom? Two investors make their case for and against buying the stock.

The bottom line

A selloff in the U.S. markets, rising oil prices and escalating U.S.-China tensions — it feels like we’re back in the worst part of 2022.

U.S. stocks had a terrible week. The Nasdaq dropped 0.61% on Friday, giving it a 2.41% loss for the week. The Dow gained 0.5% and the S&P rose 0.2%, but they still ended the week lower, with the S&P turning in its worst weekly performance in nearly two months.

Higher energy prices are back, too. The Brent contract for April, which covers oil from Europe’s North Sea, hit $86.39 a barrel, having risen more than 8% for the week. U.S. West Texas Intermediate crude futures rose to $79.72 a barrel, an 8.63% increase for the week — its best since October. Those prices spiked about 2% each on Friday after Russia said it would cut oil production next month to retaliate against Western sanctions.

Relations between the United States and China are fraying. After the U.S. shot down a suspected spy balloon last week, the Commerce Department imposed sanctions on six Chinese aerospace companies that it said support China’s espionage program. On Sunday, the U.S. military shot down a fourth unidentified object — following a second object downed on Friday and a third over the Yukon on Saturday. Though the objects’ origins are still unclear, it’s increasingly likely more sanctions will come.

Amid all that, investors are focusing on the upcoming U.S. consumer price index reading for January with renewed intensity. The numbers will indicate whether we’ll be forced to relive the dark days of 2022, or if there’s hope in at least one part of the economy — America’s consumers.

Subscribe here to get this report sent directly to your inbox each morning before markets open.
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February 12, 2023
North Korea launches missile toward sea after U.S.-South Korea drills

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North Korea fired two short-range ballistic missiles toward its eastern waters on Sunday, the latest of a recent barrage of weapons tests, a day after it warned the redeployment of a U.S. aircraft carrier near the Korean Peninsula was inflaming regional tensions.

South Korea’s Joint Chiefs of Staff said in a statement that it detected two missile launches Sunday between 1:48 a.m. and 1:58 a.m. from the North’s eastern coastal city of Munchon. It added that South Korea’s military has boosted its surveillance posture and maintains a readiness in close coordination with the United States.

Japanese Vice Defense Minister Toshiro Ino also confirmed the launches, saying Pyongyang’s testing activities are “absolutely unacceptable” as they threaten regional and international peace and security.

Ino said the weapons could be submarine-launched ballistic missiles. “We are continuing to analyze details of the missiles, including a possibility that they might have been launched from the sea,” Ino said.

North Korea’s pursuit of the ability to fire missiles from a submarine would constitute an alarming development for its rivals because it’s harder to detect such launches in advance. North Korea was believed to have last tested a missile launch from a submarine in May.

The South Korean and Japanese militaries assessed that the missiles flew about 350 kilometers (217 miles) and reached maximum altitudes of 90 to 100 kilometers (56 to 60 miles) before falling into the waters between the Korean Peninsula and Japan.

Japanese Prime Minister Fumio Kishida separately instructed officials to gather and analyze all information they could and expedite any updates about the tests to the public. His office said it also was seeking to ensure the safety of all aircraft and ships in waters around Japan while preparing for any contingencies.

The U.S. Indo-Pacific Command said in a statement that the launches didn’t pose any immediate threat to U.S. personnel or territory, or to its allies. But it said the launches highlight “the destabilizing impact” of North Korea’s unlawful weapons of mass destruction and ballistic missile programs. It said U.S. commitments to the defense of South Korea and Japan remain “ironclad.”

The launch, the North’s seventh round of weapons tests in two weeks, came hours after the United States and South Korea wrapped up two days of naval drills off the Korean Peninsula’s east coast.

The drills involved the nuclear-powered aircraft carrier USS Ronald Reagan and its battle group, which returned to the area after North Korea fired a powerful missile over Japan last week to protest the carrier group’s previous training with South Korea.

On Saturday, North Korea’s Defense Ministry warned that Reagan’s redeployment was causing a “considerably huge negative splash” in regional security. The ministry called its recent missile tests a “righteous reaction” to intimidating military drills between South Korea and the United States.

North Korea regards U.S.-South Korean military exercises as an invasion rehearsal and is especially sensitive if such drills involve U.S. strategic assets such as an aircraft carrier. North Korea has argued it was forced to pursue a nuclear weapons program to cope with U.S. nuclear threats. U.S. and South Korean officials have repeatedly said they have no intentions of attacking the North.

North Korea has launched more than 40 ballistic and cruise missiles in over 20 different events this year, exploiting a division in the U.N. Security Council deepened over Russia’s war on Ukraine as a window to speed up arms development.

The record number of tests included last week’s launch of a nuclear-capable missile that flew over Japan for the first time in five years. It was estimated to have traveled about 4,500-4,600 kilometers (2,800-2,860 miles), a distance sufficient to reach the U.S. Pacific territory of Guam and beyond.

South Korean officials say Pyongyang may up the ante soon by conducting an intercontinental ballistic missile or a nuclear test explosion, following a traditional pattern of manufacturing diplomatic crises with weapons tests and threats before offering negotiations aimed at extracting concessions. There are also concerns about provocations along the Koreas’ land and sea borders.

Sunday’s launches came on the eve of the 77th anniversary of the foundation of the North Korean ruling Workers’ Party.

Earlier this year, North Korea tested other nuclear-capable ballistic missiles that place the U.S. mainland, South Korea and Japan within striking distance.

North Korea’s testing spree indicates its leader, Kim Jong Un, has no intention of resuming diplomacy with the U.S. and wants to focus on expanding his weapons arsenal. But some experts say Kim would eventually aim to use his advanced nuclear program to wrest greater outside concessions, such as the recognition of North Korea as a legitimate nuclear state, which Kim thinks is essential in getting crippling U.N. sanctions lifted.

South Korean officials recently said North Korea was also prepared to test a new liquid-fueled intercontinental ballistic missile and a submarine-launched ballistic missile while maintaining readiness to perform its first underground nuclear test since 2017.

Watch: Tensions with North Korea get worse

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October 8, 2022