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Three months after the devastating Oct. 7 attacks by Hamas in Israeli territory, the war in the Gaza Strip continues unabated, with significant developments in the last few hours.
Hezbollah Commander Killed: In a significant blow to the Lebanese group of Hezbollah, Israel reportedly killed Wissam al-Tawil, a senior commander in the Radwan force, in south Lebanon on Monday. This escalates tensions, especially following Hezbollah’s rocket attacks on northern Israel in retaliation for the assassination of a senior Hamas leader in Beirut last week. Lebanese sources describe this as a “painful” blow, with one security source telling Reuters, “Things will flare up now.”
G7 Seeks Rapid End to Military Phase: As per Reuters, the United States and its G7 allies are urgently seeking to conclude the military phase of the Gaza conflict. Italian Foreign Minister Antonio Tajani, representing Italy’s presidency of the G7, stated, “G7 countries are working with the Israeli government to find a rapid way out of the military phase.
Blinken’s Middle East Tour: U.S. Secretary of State Antony Blinken is spearheading a five-day Middle East diplomatic effort, having visited Jordan, Qatar, the United Arab Emirates, Saudi Arabia, and finally, Israel. His mission, prompted by the deadly October 7 Hamas attacks, aims to initiate peace efforts to prevent a broader conflict.
Israeli Strategy Shift: Israeli Defense Minister Yoav Gallant, in an interview with the Wall Street Journal, revealed a shift in Israel’s military strategy, stating, “We're close to the next phase in the north, including Gaza City.” He elaborated that the Israel Defense Forces (DF) are transitioning from “intense maneuvering” to “different types of special operations.”
Market Impact: The iShares Israel MSCI ETF (NYSE:EIS), tracking Israeli stocks, has not only recovered from its pre-Hamas attack levels in late November but also climbed higher in December. However, since late December, this upward trajectory has plateaued, with the ETF’s performance remaining broadly flat.
Contrasting the broader market’s resilience, Israeli tech stocks have faced a tougher start to the new year. The ARK Israel Innovative Technology ETF (NYSE:IZRL), managed by Cathie Wood, is a notable example. It has experienced a downturn, currently down 3.7% year to date. Since late December, the Israeli shekel (ILS) has depreciated by over 3% against the U.S. dollar, following a strong November-December rally.
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