Israel has agreed to a U.S. request to temporarily delay its ground assault on the Gaza Strip, according to The Wall Street Journal. This allows the U.S. more time to deploy its missile defense system to protect American organizations in the region. The defense system's deployment could be in place as early as later this week. Israel's Defense Forces Chief of Staff, Aviv Kochavi, had previously indicated on the 24th that the ground assault was postponed due to "strategic considerations."
On the same day, The Times of Israel, citing military sources, reported that four rockets were fired from Lebanon towards the northern Israeli city of Shlomi. The Jerusalem Post noted that air raid sirens sounded in Shlomi. The Israeli military confirmed that all rockets landed in open areas, causing no casualties or property damage. The "Iron Dome" air defense system was not activated as the rockets were not directed at densely populated areas.
According to Global Times, citing CNN on the 25th, the United Nations Relief and Works Agency for Palestine Refugees (UNRWA) warned that humanitarian aid in Gaza would be forced to halt from the evening of the 25th if new fuel shipments don't arrive. Nearly 600,000 displaced individuals are currently seeking shelter in 150 UNRWA facilities in Gaza, with these shelters accommodating four times their design capacity. If UNRWA's services in Gaza are forced to end, it would signify the end of a lifeline for these 600,000 displaced civilians.
Turkey's Stance
AFP reported that Turkish President Recep Tayyip Erdogan stated on the 25th that he had canceled his planned visit to Israel due to what he described as Israel's "inhumane war" on Hamas militants in Gaza. Erdogan told members of his ruling party in parliament, "We had plans to go to Israel, but we've canceled them. We won't be going." Erdogan views Hamas as "liberators" fighting for their land. Erdogan called for an immediate ceasefire.
On the 25th, Turkish Foreign Minister Mevlüt Çavuşoğlu visited Qatar, meeting with Qatari Emir Tamim and Prime Minister and Foreign Minister Mohammed. They discussed bilateral relations and the Israel-Palestine situation. Both countries reaffirmed their support for the Palestinian people's rights and rejected double standards on the Israel-Palestine issue.
Reports indicate that Turkey has suspended its energy cooperation plans with Israel.
UN Secretary-General's Response
On October 25th, UN Secretary-General António Guterres responded to Israeli Foreign Minister Yair Lapid's call for his resignation and apology. Guterres expressed shock at the misinterpretation of his remarks to the Security Council on the 24th. He denied defending Hamas attacks and had previously condemned Hamas's actions against Israel on October 7th. He stated that the Palestinian people's grievances could not justify Hamas's attacks.
The previous day, both Lapid and Israel's UN representative, Gilad Erdan, expressed dissatisfaction with Guterres's remarks, suggesting that Hamas's attacks were a result of the suffocating occupation faced by the Palestinian people. They called for his apology and resignation.
Financial Market
Reactions Following Erdogan's firm decision to cancel his Israel trip, Turkey's main stock index plummeted by 7.1% on Wednesday, October 25th, marking its largest decline since February of this year. Trading was halted twice during the day due to circuit breakers.
On Wednesday, oil prices initially dropped but later surged. WTI crude for December delivery rose by 1.97% to close at $85.39 per barrel. Brent crude for December delivery increased by 2.34% to close at $90.13 per barrel.
COMEX gold futures for December delivery rose by 0.44%, closing at $1,994.90 per ounce.
Funds did not rush into long-term U.S. Treasuries as a safe haven. Long-term U.S. bond prices plummeted, mirroring the significant decline in U.S. stocks on the same day.
