Israel Latest: Emergency Cabinet Talks; Hezbollah Fires Missiles

Israeli Prime Minister Benjamin Netanyahu is meeting opposition leader and ex-Defense Minister Benny Gantz to discuss formation of an emergency national government following Saturday’s attacks.

(Bloomberg) — Israeli Prime Minister Benjamin Netanyahu is meeting opposition leader and ex-Defense Minister Benny Gantz to discuss formation of an emergency national government following Saturday’s attacks.

Iran-backed militant group Hezbollah said it launched guided missiles from Lebanon into Israel. More than 1,200 Israelis and some 900 Palestinians have been killed in fighting since the surprise attack by Gaza-based Hamas against Israel. 

Israel’s military is building a base for thousands of soldiers in preparation for the next phase of its retaliation. Hamas, which the US and Europe have declared a terrorist group, said it was prepared to kill hostages in the case of a major Israeli offensive.

For more on the Israel-Hamas war, click here.

All time stamps are Israeli time.

Netanyahu Meets Gantz for Talks on Unity Government (12:05 p.m.)

Prime Minister Netanyahu and opposition leader Gantz are meeting to discuss the formation of a possible emergency government.

Israel’s ruling coalition said Tuesday it wants to establish a national unity government with the opposition, authorizing Netanyahu to act for its formation.

Gantz is the leader of Israel’s second-largest opposition party, with 12 seats in Israel’s parliament. Gantz has said that a wartime cabinet would focus strictly on security challenges.

Bank of Israel Interventions Should Suffice to Hold Markets (12:03 p.m.)

The Bank of Israel’s $45 billion package of support measures for the shekel “should be sufficient to hold the market around these levels,” according to Daniel Hass, head of fixed income and currency strategy at Bank Hapoalim in Tel Aviv.

“It may slide a little bit further but that will be dependent on how the conflict continues,” he said in an interview with Bloomberg Television. The program wasn’t designed to return the Israeli currency back below 3.8 per dollar, he said. “Their objective isn’t to change the trend, what they want to do is regulate volatility in the market and they want to stabilize the currency.”

Israeli Ground Invasion of Gaza Could Spill Regionally (11:30 a.m.)

Head of Palestinian National Initiative party says he has reason to believe Israeli forces are planning a ground invasion of Gaza, which could lead to an “explosion” in tensions in the wider region and result in Hezbollah joining the fight.

Mustafa Barghouti urged both Israel and Hamas to de-escalate and work toward a ceasefire. His Palestinian National Initiative party, or Al-Mubadara in Arabic, is based in Ramallah and describes itself as a democratic movement of non-violent resistance.

Two Missiles Fired From Lebanon Toward Israel (10:47 a.m.)

The Iran-backed Hezbollah group said it hit an Israeli military post with guided missiles, adding that the attack was in response to the killing of its members earlier this week.

Israel Defense Forces said they struck the Islamic University in Gaza, where they said Hamas was developing and producing weapons.

Gaza Set to Lose All Power Supply Soon (10:43 a.m.) 

Zafer Melhem, an official with the Palestinian energy authority, said Gaza’s only power plant had a diesel stockpile of around 300,000 liters left — just enough to keep it going for about 12 hours. 

The power plant is unable to receive additional fuel after Israel cut off supplies in the wake of the Hamas attack.

Israel Strikes on Gaza (9:37 a.m.)

IDF said it destroyed advanced detection systems used by Hamas to monitor Israeli aircraft, while warplanes hit areas that served as “terror hubs.”

Navy vessels and artillery struck targets in Khan Yunis and Gaza docks, killing a Hamas diver who attempted to infiltrate Israel.

Israeli authorities said they regained control of the Gaza border fence. However, there may still be infiltrators hiding out in Israel from Saturday’s incursion.

China Backs Aid to Gaza in First Public Response (7:12 a.m.) 

China’s special envoy for the Middle East called for humanitarian support for the Palestinian people in his first public response to the Hamas attack on Israel.

Zhai Jun, who has served as China’s special envoy on Middle East issues since 2019, made the call for aid in a telephone conversation with an official at Egypt’s Ministry of Foreign Affairs,a statement from the Chinese Foreign Ministry said.

US Discussing Safe Passage for Gaza Civilians (06:46 a.m.)

The US is discussing safe passage for civilians in Gaza with Israel and Egypt, National Security Adviser Jake Sullivan said. 

“We are focused on this question, there are consultations ongoing,” he said, according to a transcript of his remarks at a briefing. “The details of that are something that are being discussed among the — the operational agencies, and I don’t want to share too much of that publicly at this time.”


More stories like this are available on

©2023 Bloomberg L.P.