Electricity went out in the Gaza Strip after its only power plant stalled, Hamas said. Israel cut fuel supplies to the territory following Saturday’s attack by the militant group. Hospital beds and medical supplies are running very low, according to Palestinian authorities, as Israel prepares for a possible ground invasion.
(Bloomberg) — Electricity went out in the Gaza Strip after its only power plant stalled, Hamas said. Israel cut fuel supplies to the territory following Saturday’s attack by the militant group. Hospital beds and medical supplies are running very low, according to Palestinian authorities, as Israel prepares for a possible ground invasion.
Israeli jets struck Hezbollah targets in Lebanon after the militia launched guided missiles at an army post in northern Israel, in a further indication the Israel-Hamas conflict is spreading.
Israel Mourns ‘Another Level of Cruelty’ as Gazans Await Attack
At least 1,200 Israelis have been killed so far in the violence with Hamas, which is designated a terrorist organization by the US and EU. Retaliatory strikes on Gaza have left more than 1,000 Palestinians dead, authorities say. US Secretary of State Antony Blinken it due to travel to Israel this week.
For more on the Israel-Hamas war, click here.
All time stamps are Israeli time.
Gaza Runs Out of Power After Plant Stalls (4:02 p.m.)
Electricity went out in Gaza after its only power plant stopped working. The station is unable to receive additional fuel after Israel cut off supplies in the wake of the Hamas attack.
Putin Warns Conflict Big Risk for Energy Markets (3:35 p.m.)
Russian President Vladimir Putin said the escalating conflict between Israel and Hamas risks triggering “severe consequences,” including for global energy markets.
The Russian leader called on the Israeli government and Hamas to minimize civilian casualties. He spoke at an energy conference in Moscow.
UBS Bans Work Travel for Mideast Staff (2:40 p.m.)
UBS Group AG has imposed a work-related travel ban on its staff within the Middle East and postponed a wealth management event that was due to take place in Qatar this month as the conflict between Israel and Hamas militants escalates.
The Swiss bank, which has hundreds of staff across the region covering wealth management and investment banking, told employees to stop business travel within the region, according to an internal memo that was seen by Bloomberg and confirmed by a UBS spokesman.
Israel’s Ports Near Gaza Disrupted, Insurer Says (2:12 p.m.)
The oil port of Ashkelon, which is very close to the Gaza border, has been constantly attacked by missiles and the navy has restricted entry for vessels, according to the insurer UK P&I Club, citing its local correspondent. Some have managed to unload while moored at sea bouys.
UN Workers Killed in Gaza Airstrikes (1:58 p.m.)
The United Nations Relief and Works Agency for Palestine Refugees in the Near East, UNRWA, said nine of its staffers were killed in airstrikes on Gaza since Oct. 7 on Saturday.
Bank of Israel Governor Urged to Stay On by Flug (1:45 p.m.)
A former Israeli central bank governor said her successor — Amir Yaron — should stay in the job when his five-year term comes to an end in December, with the institution now at the forefront of efforts to stabilize markets following the attack by Hamas.
Bank of Israel Governor Is Urged to Stay On by Flug as War Rages
The Bank of Israel’s $45 billion package of measures to smooth out volatility in the shekel has provided “a huge amount for the market,” Karnit Flug said in an interview with Bloomberg Television on Wednesday.
CDS Show Investors Most Jittery in a Decade on Israel (1:30 p.m)
With the shekel being defended by Israel’s central bank, investors were using credit default swaps as the means of expressing their concerns about the conflict.
The cost to hedge against default by the Israeli government in the next five years jumped for a second day to 97 basis points, showing the highest level of risk perception since January 2014.
The TA-35 equity benchmark drifted lower, halting two days of gains, though the country’s technology stocks continued to rally. The shekel was little changed around the 3.95-per-dollar mark, the level it has held since policymakers unveiled a $45 billion program to limit volatility.
Oil And Gas Drift Lower As Supply Unaffected (1 p.m.)
Oil and gas prices drifted lower as no further supply disruptions emerged as a result of the conflict. In Europe, the first cold snap of the season was set to become the main driver of natural gas prices in the coming days. The top oil officials from Russia and Saudi Arabia, Deputy Prime Minister Alexander Novak and Energy Minister Prince Abdulaziz bin Salman, will meet in Moscow later on Wednesday to discuss the situation in Israel and how it might affect markets.
Israeli Aircraft Strike Back at Hezbollah in Lebanon (12.57 p.m.)
Israeli aircraft struck terror targets belonging to the Hezbollah organization in Lebanon in response to an anti-tank missile fired earlier. The Israeli Defense Force also struck the area from which the launch originated.
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