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Israeli strikes kill Palestinians at Gaza funeral of earlier strike victim
Gaza health officials reported that an 'Israeli airstrike' killed eight Palestinians, and injured 20 others who were attending a funeral for a victim killed earlier in the day by another strike. The death toll on Friday was at least 12 according to medics, including at least 3 Palestinians who were killed by Israeli airstrikes in other parts of the enclave. Hamas has condemned Nuseirat's strike against Gaza mourners as a "brutal massacre" and called on mediators as well as the United Nations to take action to stop Israeli attacks. When asked about the attack on Nuseirat by the Israeli military, it said that they struck a "cell" belonging to the Islamic Jihad militants group. This group holds sway over parts of the enclave, along with Hamas. The military said that it was "aware" of claims that uninvolved people were injured as a result. ISRAEL ORDERS EVACUATIONS AFTER?CEASEFIRE Residents of an area east Deir al-Balah, in the central Gaza Strip, said that Israeli forces used drones in order to broadcast audio messages telling them to leave their home. This forced some families to flee to safety. Gaza health officials report that the deaths bring to more than 1,100 Palestinians killed in Israeli attacks, mostly civilians. Since an October ceasefire was signed between Israel and Hamas militants, Gaza health officials say. Hamas doesn't usually reveal its losses. The ceasefire has stopped major fighting, but not daily Israeli attacks. Israel claims it is targeting militants. In the same time period, militants have killed four Israeli soldiers in Gaza. Conflict?monitor ACLED is a U.S. research group that tracks political violence. It said Israeli airstrikes against Hamas and?other?militants grew to over 40 in June. This was the highest monthly total ever since the ceasefire. It said that other strikes killed and injured civilians near the line that divides?the sides. This included women and children. According to Israeli statistics, the war began on October 7, 2023 when Hamas-led forces attacked southern Israel, killing about 1,200 people, and taking 250 hostages. Gaza health officials report that Israel's offensive has killed over 73,000 Palestinians. Hamas controls a small strip of land on the coast where nearly all Gaza's two million residents live, mostly in tents and damaged buildings.
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Gold to experience its biggest weekly decline since early June due to inflation and rate hike worries
Gold prices rose Friday, but were on track for their biggest weekly drop?in the past six weeks as tensions between the U.S. and Iran escalated. This fueled inflation fears while also reinforcing expectations that interest rates will be raised in the U.S. By 11:50 am EDT (1550 GMT), spot gold had risen 1.2% to $4,017.09 an ounce. Prices fell to their lowest levels since July 1, earlier in the day, and are down about 2.5% for the entire week. U.S. Gold?futures delivered in August fell by 0.5%, to $3973.10. The U.S. Dollar rose for the second consecutive session, increasing the price of bullion for foreign buyers. Chris Gaffney is president of EverBank's world markets. He said that the main reasons for gold's decline were a stronger U.S. Dollar and increased global inflation fears. The U.S. escalated its renewed bombing campaign against Iran by hitting bridges and airports. Tehran responded by launching strikes on U.S. bases in the Middle East. Brent crude oil was up by more than 14 percent in the week after the attacks. The price of gold has dropped by about 25% since U.S.-backed Iran's war began in late Feburary, due to expectations that inflation-driven war could cause interest rates to rise for longer. Gold is often seen as an inflation hedge, but higher interest rates can have a negative impact on this non-yielding metal. "Recent data has decreased the likelihood of a rate increase at the next FOMC Meeting, but global interest levels continue to rise and the recent 'increase in oil price could lead the Federal Reserve to adopt a more hawkish stance with regard to?U.S. Gaffney stated that interest rate policy was a priority. According to the CME FedWatch Tool, traders see a 53.3% probability of an interest rate increase in September. Philip Jefferson, Fed vice chair, said on Thursday that he was "open" to raising interest rates if inflation did not improve in the near future. Goldman Sachs stated in a report that "gold's percentage in private portfolios is still low. Recent?geopolitical events, such as the Iranian nuclear deal and wider tensions? may accelerate diversification to private investors beyond central banks." Spot silver increased 1.1% to $66.09; platinum fell 1.3% to $1.597.13 and palladium remained steady at $1.249.81. All three metals are headed for weekly losses. (Reporting and editing by Jan Harvey in Bengaluru, Noel John from Bengaluru)
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Israeli strikes kill Palestinians at Gaza funeral of earlier strike victim
Gaza health officials reported that an Israeli airstrike on Friday killed eight 'Palestinians' and injured 20 others who were attending a funeral for a victim whose body was buried in Nuseirat, a central Gaza Strip area. The person had been?killed earlier by another Israeli attack on the?area. The death toll on Friday was at least 12 according to medics, including at least 3 Palestinians who were killed by Israeli airstrikes in other parts of the enclave. Hamas has condemned Nuseirat's strike against Gaza mourners as a "brutal massacre" and called on mediators as well as the United Nations to act in order to stop Israeli attacks. The Israeli military stated that it would check a request for a comment, but did not provide one immediately. ISRAEL ORDERS EVACUATIONS EVACUATED CEASEFIRE Residents of an area east of Deir al-Balah, in the central Gaza Strip, said Israeli forces broadcasted audio messages ordering them to leave their homes. Some families were forced to flee to safety. Gaza's health officials say that the deaths "add to a total" of more than 1100 Palestinians killed by Israelis since a ceasefire was signed between Israel and Hamas militants in October. Hamas doesn't usually reveal its losses. Israel continues to launch daily strikes despite the ceasefire. Israel claims it is pursuing militants. In the same time period, militants have killed four Israeli soldiers. Conflict monitor ACLED (a U.S. research group that tracks political violent) said Israeli airstrikes on Hamas and militants grew to over 40 in June. This was the highest monthly total since the ceasefire. It said that other strikes killed and injured civilians near the line dividing both sides, including women?and children. According to Israeli statistics, the war began on October 7, 2023 when Hamas-led forces attacked southern Israel, killing about 1,200 people, and taking 250 hostages. Gaza health officials claim that Israel's "subsequent" offensive has resulted in the deaths of more than 73,000 Palestinians. Hamas controls a small strip of land on the coast where nearly all of Gaza's two million residents live, mostly in tents and damaged buildings.
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Ontario buys 11 new aircraft to fight'very difficult' fires
Premier Doug Ford announced at a Friday press conference that Ontario would spend C$650 million ($465million) to purchase 'five new helicopters' and six new water-bombers in order to fight wildfires spreading quickly. On Thursday, heavy smoke from Canadian fires covered a large area of the U.S., from the Midwest up to the Northeast. Officials warned residents to stay inside whenever possible. Ford has not said when the planes will arrive. He said: "We won't put a price on the safety of our communities... We will spare no cost." Ontario has so far deployed 150 fire crews to the ground, and more than 80 water bombers and helicopters. Fires are mainly concentrated in the sparsely-populated and remote northwest region of the province where air travel is the only mode of transportation. Ford said, "This is an extremely difficult situation. Even flying into these communities using dirt runways is very difficult when there is fire." As of today, 650,000 acres (26,300 sq km) have been set ablaze, compared with 600,000 acres last year. (1 Canadian dollar = 1.4012 dollars) (Reporting and editing by Deepa Babyington, David Ljunggren)
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Ambani's Reliance outperforms the profit forecast on oil-tochemicals and telecom strength
Mukesh Ambani, the billionaire Indian, and his Reliance Industries beat market expectations on Friday for its first-quarter profit, thanks to strong performance in their oil-tochemicals, retail, and telecom businesses. The results showed the resilience of Reliance’s diverse businesses during a quarter that was marked by?elevated oil prices, geopolitical conflicts and supply-chain interruptions. Reliance’s operating performance improved across its?three main verticals. The oil-to chemicals business, including its'refining operations', saw a 17.2% increase in core earnings from the previous year. Mukesh Ambani, Chairman of O2C Business, said that the business had a strong performance in the quarter. This was supported by record-high middle distillate cracks and improved downstream petrochemical deltas. Jio Platforms continued to be the key growth driver in the telecom sector, with a core earnings increase of 15.1%. It has 533 million subscribers and average revenue per user at 215.6 rupees. Investors are awaiting the IPO, which may be India's biggest ever. Jio Platforms could raise up to $3.8 billion. Mukesh Ambani pledged to 'tighten the grip of Jio Platforms on India's data market and push into foreign markets. According to LSEG, Reliance’s consolidated net income fell by 22.4%, to 209.46 billion rupiahs ($2.18 billion) for the three-month period ended June 30. This was higher than analysts' average estimates of 185.5 billion rupiahs. The decline in net profit was primarily due to an 'unique gain' from the sale of a stake in Asian Paints during the previous quarter.
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US consumer sentiment improved in July; renewed Middle East conflict is a downside risk
U.S. consumer confidence increased to a?high of five months in July. However, the 'improvement' is only temporary because the renewed conflict in?the Middle East has raised gasoline prices. The University of Michigan's Surveys of Consumers reported on Friday that its Consumer Sentiment Index had risen to 54.4 in this month. This is the highest reading since last February. It was 49.5 at the end of June. The economists surveyed by? The economists polled by? The survey was conducted between June 23 and July 13 with over?70% completed interviews before the collapse of the U.S.-Iran ceasefire last week which drove oil prices up to a?month high. In response, gasoline?prices are up. Joanne Hsu is the director of Surveys of Consumers. She said that the rise in consumer sentiment this month was widespread, affecting all groups, regardless of age, income, wealth or political party. However, as?prices remain frustratingly high, the consumer's attitude towards the economy is not ebullient; sentiment has fallen 12% since a year ago. The upward trend in sentiment may be difficult to maintain if the recent drop in gas prices continues. In June, the survey's measure of consumer expectations for inflation in the next year was 4.6%. This month it is 4.2%. Consumers' expectations of inflation over the next five-year period remained at 3.3%. This week, government data showed that consumer inflation had moderated in June. (Reporting By Lucia Mutikani; Editing by Chizu Nomiyama)
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Gold to experience its biggest weekly decline in six weeks on inflation and rate hike worries
Gold was stable on Friday, but on course to suffer its largest weekly loss in six years as escalating tensions between the U.S. and Iran drove up energy prices, fueling inflation fears, and reinforcing expectation of U.S. rate hikes. By 0932 am EDT (1332 GMT), spot gold was unchanged, at $3.970.35 an ounce. It is still near its lowest price since July 1. Prices have fallen by more than 3% for the entire week. U.S. Gold Futures?for August Delivery fell 0.5% to $3973.10. The U.S. Dollar rose for the second consecutive session, increasing the price of bullion for foreign buyers. Chris Gaffney is president of EverBank's world markets. He said that the main reasons for the gold sell-off were a stronger U.S. Dollar and increased global inflation fears. The U.S. escalated its renewed bombing campaign against Iran by hitting bridges and airports. Tehran responded by launching strikes on U.S. bases in the Middle East. Brent crude oil was up by more than 14 percent in the week after the attacks. The price of gold has dropped by about 25% since U.S.-backed Iran's war began in late Feburary, due to expectations that inflation-driven war could cause interest rates to rise for longer. Gold is often seen as an inflation hedge, but higher interest rates can be detrimental to the metal. Gaffney stated that "Recent data has decreased the likelihood of a rate increase at the next FOMC Meeting, but global interest rates are continuing to rise and the recent increase in oil prices may drive the Federal Reserve into a more hawkish position?on U.S. rate policy." According to the CME FedWatch Tool, traders are pricing in a 53.3% probability of an interest rate increase in the U.S. in September. Philip Jefferson, Fed vice chair, said on Thursday that he was "open" to raising interest rates if inflation did not improve in the near future. Goldman Sachs stated in a report that "gold's percentage in private portfolios is still low. Recent?geopolitical events, such as the Iranian nuclear deal and wider tensions?may increase diversification from central banks towards private investors." Silver spot fell by 0.8%, platinum was down 3.3% at $1,563.49 and palladium dropped 1.5% at $1,230.42. All three metals are headed for losses this week. (Reporting and editing by Jan Harvey in Bengaluru, Noel John from Bengaluru)
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As AI trade wobbles, chipmakers and other high flying stocks fall
This week, a rotation of the top winners from the recent rally gained momentum. Chip stocks fell to their'severest weekly decline for more than a month and sparked new concerns about the sustainability of AI-driven growth. Investors pulled back on AI-exposed stocks that had fueled portfolio returns for much of this year. If current levels are maintained, the Philadelphia SE Semiconductor Index has fallen 11% in one week. This would be its biggest drop since March 2025. The index is down almost 24% since its all-time June high. This would confirm that it has been in bear market. Toni Meadows is the head of investment for BRI Wealth Management. She said, "The pullback reflects profit taking and increasing scrutiny of AI Capex Sustainability." "Valuations in semi-conductor stock had priced near-perfect supply, which was always going leave stocks vulnerable at some point during what has been an explosive rise." As of Friday's early trading, the chip index had risen nearly 62% this year. Nvidia shares fell by 3% while Qualcomm and Broadcom each lost 2%. Micron and SanDisk, two of the most popular memory chip makers, each lost about 3%. SpaceX dropped 4% after a 'last-second abort' of Starship’s 13th test flight. This was after the IPO price fell below $135 earlier this week. SK Hynix shares listed in the U.S. fell 2.7%, and were trading at or near their initial offering price. Stock has dropped more than 9% in the last week. The sharp turn around this month has been attributed to several factors by analysts. Moonshot, a Chinese AI startup, unveiled Kimi K3, which it described as the world's biggest open-weight AI model. This has rekindled investor scrutiny over the pace at which U.S. technology companies can expect to see returns on their AI investments. According to a report published on Thursday, Alphabet's Google has been months behind schedule in releasing Gemini 3.5 Pro, the most powerful AI model. Globally, traders have experienced a volatile July. South Korea's KOSPI Index confirmed a bear-market last week. It is still up almost 70% this year. Japan's Nikkei fell into correction territory last Friday. The tech sector in Europe is one of the biggest losers for this week, despite having achieved its largest quarterly increase since 2001. The S&P 500 Momentum Index, which has outperformed the benchmark S&P 500 this year by more than two to one, has pulled back 10 percent in July, compared with a 0.8% decline in the overall market. Strong predictions from Taiwan's TSMC and European semiconductor equipment manufacturer ASML failed to stop the slide. Now, the focus is on two of Wall Street’s so-called "Magnificent Seven" group. Next week, Alphabet is scheduled to announce its quarterly earnings. Space stocks also fell this week after rising earlier in the year, anticipating the possible boost that the sector could receive from SpaceX’s debut. Rocket Lab and Intuitive Machines fell 3% and 4.4% respectively on Friday, and are expected to lose about 20% this week. (Reporting from Johann M Cherian in Bengaluru and Shashwat Chanhan; editing by Sriraj Kalluvila).
Fuel price surge pushes Philippine inflation above central bank target
The Philippines' annual inflation rate increased more than expected in March. It breached the central bank's target range of 2% to 4.0%. This was primarily due to the sharp rise in 'fuel prices' amid the escalating Middle East tensions.
In March, headline inflation was 4.1% higher than a year ago. This is significantly higher than the 2.4% in February and also above the median polled forecast of 3.7%. This is the highest reading of inflation since July 2024 when it was 4.4%.
Inflation grew at the fastest rate since January 2023 - 1.4% on a monthly basis. This reflects a dramatic increase in prices.
Transport costs were the main driver, as they soared because of rising energy prices globally. Diesel prices jumped 59.5% from a year ago, and gasoline prices jumped 27.3%. These are the highest gains since September 2022 when Russia's invasion in Ukraine disrupted global energy markets. Diesel and gasoline both declined by 1.3% in February.
The transport index has risen by 9.9% year-on-year. This is the highest since January 2023, when it soared 11.1%.
The Philippines is heavily dependent on Middle East crude oil. This makes it susceptible to price fluctuations and supply shocks during times of geopolitical conflict.
Core inflation (excluding food and energy) also increased to 3.2% in March, up from 2.9% the previous month, indicating emerging second-round effects.
The central bank projected earlier that inflation would fall between 3.1% and 3.9% for the month of March.
It kept its key rate at 4.25% in response to the rising risks at an unexpected 'off-cycle' meeting on 26 March. The policy will focus primarily on'second-round effects of global oil price shocks. The next monetary review is set for April 23. Reporting by Mikhail Flores, Nestor Corrales and Kevin Buckland; Editing by John Mair & Kevin Buckland
(source: Reuters)