Iranian State Broadcaster Hit As Iran Urges Trump To Make Israel Halt War

Political

Summary:

Iranian missiles struck Israel's Tel Aviv and the port city of Haifa before dawn, destroying homes and fuelling concerns among world leaders at this week's G7 meeting that the confrontation could lead to a broader regional conflict.

An Israeli strike hit Iran's state broadcaster on Monday as Iran called on U.S. President Donald Trump to force a ceasefire in the four-day-old aerial war, while Israel's prime minister said his country was on the "path to victory".

Israeli forces stepped up their bombardment of Iranian cities, while Iran proved capable of piercing Israeli air defences with one of its most successful volleys yet of retaliatory missile strikes.

"If President Trump is genuine about diplomacy and interested in stopping this war, next steps are consequential," Iran's Foreign Minister Abbas Araqchi said on X.

"Israel must halt its aggression, and absent a total cessation of military aggression against us, our responses will continue. It takes one phone call from Washington to muzzle someone like Netanyahu. That may pave the way for a return to diplomacy."

Sources told Reuters that Tehran had asked Qatar, Saudi Arabia and Oman to press Trump to use his influence on Israel to push for an immediate ceasefire. In return, Iran would show flexibility in nuclear negotiations, said the two Iranian and three regional sources.

Israeli Prime Minister Benjamin Netanyahu told troops at an air base that Israel was on its way to achieving its two main aims: wiping out Iran's nuclear programme and destroying its missiles.

"We are on the path to victory," he said. "We are telling the citizens of Tehran: ‘Evacuate’ — and we are taking action."

Late on Monday, Israel said it had hit Iran's broadcasting authority, and footage showed a newsreader hurrying from her seat as a blast struck. Iran's State News Agency also reported the strike.

Israel's defence minister said Israel had attacked the broadcaster after the evacuation of local residents.

Meanwhile, Iranian state media reported that Iran was preparing for the "largest and most intense missile attack" yet against Israel.

'DESPERATE'

Israel launched its air war on Friday with a surprise attack that killed nearly the entire top echelon of Iran's military commanders and its leading nuclear scientists. It says it now has control of Iranian airspace and intends to escalate the campaign in coming days.

Tehran's retaliation is the first time in decades of shadow war and proxy conflict that missiles fired from Iran have pierced Israeli defences in significant numbers and killed Israelis in their homes.

Iran says more than 224 Iranians have been killed, most of them civilians. Media published images of wounded children, women, and the elderly from cities across the country.

State TV broadcast scenes of collapsed presidential buildings, burned-out cars, and shattered streets in Tehran. Many residents were trying to flee the capital, describing queues for petrol and bank machines that were out of cash.

"I am desperate. My two children are scared and cannot sleep at night because of the sound of air defence and attacks, explosions. But we have nowhere to go. We hid under our dining table," Gholamreza Mohammadi, 48, a civil servant, told Reuters by phone from Tehran.

In Israel, 24 people have been killed so far in Iran's missile attacks, all of them civilians. Round-the-clock television images showed rescuers working in ruins of flattened homes.

Item 1 of 17 A drone photo shows the damage over residential homes and a school at the impact site following a missile attack from Iran on Israel, in Bnei Brak, Israel June 16, 2025. REUTERS/Chen Kalifa

[1/17]A drone photo shows the damage over residential homes and a school at the impact site following a missile attack from Iran on Israel, in Bnei Brak, Israel June 16, 2025. REUTERS/Chen Kalifa Purchase Licensing Rights, opens new tab

"It's terrifying because it's so unknown," said Guydo Tetelbaum, 31, a chef in Tel Aviv who was in his apartment when the alerts came in shortly after 4 a.m. (0100 GMT). He tried to reach a shelter but his door was blown in.

Trump has consistently said the Israeli assault could end quickly if Iran agrees to U.S. demands that it accept strict curbs to its nuclear programme.

Talks between the United States and Iran, hosted by Oman, had been scheduled for Sunday but were scrapped, with Tehran saying it could not negotiate while under attack.

On Monday, Iranian lawmakers floated the idea of quitting the nuclear non-proliferation treaty, a move bound to be seen as a setback for any negotiations.

'TEHRAN WILL PAY THE PRICE'

Before dawn on Monday, Iranian missiles struck Tel Aviv and Haifa, killing at least eight people and destroying homes. Israeli authorities said seven of the missiles fired overnight had landed in Israel. At least 100 people were wounded.

Iran's Revolutionary Guards said the latest attack employed a new method that caused Israel's multi-layered defence systems to target each other so missiles could get through.

"The arrogant dictator of Tehran has become a cowardly murderer who targets the civilian home front in Israel to deter the IDF," Israeli Defence Minister Israel Katz said.

"The residents of Tehran will pay the price, and soon."

Global oil prices shot up on Friday at the prospect of conflict disrupting supplies from the Gulf. Prices eased on Monday, suggesting traders think exports could be spared despite Israeli attacks that hit domestic Iranian oil and gas targets.

The sudden killing of so many Iranian military commanders and the apparent loss of control of airspace could prove to be the biggest test of the stability of Iran's system of clerical rule since the 1979 Islamic Revolution.

Iran's network of regional allies who could once have been expected to rain rockets on Israel - Hamas in Gaza and Hezbollah in Lebanon - have been decimated by Israeli forces since the start of the Gaza war.

Netanyahu has said that, while toppling the Iranian government is not Israel's primary aim, it believes that could be the outcome.

Iran's currency has lost at least 10% of its value against the U.S. dollar since the start of Israel's attack.

Art teacher Arshia, 29, told Reuters his family was leaving Tehran for the town of Damavand, around 50 km (30 miles) to the east, until the conflict was over.

"My parents are scared. Every night there are attacks. No air raid sirens, and no shelters to go to. Why are we paying the price for the Islamic Republic's hostile policies?" said Arshia, who withheld his surname for fear of reprisal from authorities.

the main known facilities of Iran's nuclear programme.

Source: Reuters

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Stocks

Economic

Middle East Situation

US stocks have remained resilient despite escalating tensions between Israel and Iran.

Since Israel first launched missiles on Iran before the market open on Friday, the S&P 500 (^GSPC) is essentially flat.

"So far, we think the US equity market hasn't baked in a significant escalation or broadening [of the conflict]," RBC Capital Markets head of US equity strategy research Lori Calvasina wrote in a note to clients on Sunday.

Calvasina said the key risk to markets from the conflict would be an escalation of the attacks that leads to a jump in oil prices. Oil prices initially surged on Friday, with West Texas Intermediate futures (CL=F) hitting a high of $77 before paring back gains. By Monday morning, WTI futures had fallen to about $70 per barrel, reflecting just a 3% increase since the start of the conflict.

Strategists have argued that a closure of the Strait of Hormuz — a waterway between the Persian Gulf and the Gulf of Oman that accounts for about 20% of global oil flows — would be the likely catalyst to keep sending oil prices higher. But that is looking increasingly unlikely.

On Monday, the Wall Street Journal reported Iran is seeking to deescalate the conflict, citing insight from "Middle Eastern and European" officials. Stocks moved higher on the report, while oil futures quickly hit their lows of the session.

For investors, the prevailing market fear of the conflict is that a large increase in oil prices could disrupt an already murky inflation picture, with investors waiting for increased tariffs to eventually lead to price increases later this year. This could keep the Federal Reserve from cutting interest rates and potentially weigh on the health of the US consumer.

But as DataTrek Research co-founder Nick Colas pointed out in a note on Monday morning, that would typically require a large spike in oil prices. Colas analyzed the time period from 1987 through 2019 and found that WTI crude prices typically double compared to the previous year prior to recessions. Colas argued this puts the key level to watch for WTI crude at $120 a barrel, a far cry from the roughly $70 it sat at on Monday morning. This large of a jump in oil would require a "protracted bout of military action," per Colas.

"While we assume Mideast tensions will soon subside, as they have repeatedly done over the last few years, oil prices can eventually impact the US economy and investors are best served by maintaining exposure to the Energy (XLE) sector," Colas wrote.

Source: finance.yahoo

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Commodity

Middle East Situation

Gold prices have fallen back below $3,400 an ounce as the conflict between Israel and Iran has not seen regional escalation. But while the precious metal continues its broader consolidation, commodity analysts at Bank of America say it still has a path to $4,000 an ounce.

In its latest report, the bank’s precious metals team, led by Michael Widmer stated that gold retains significant upside potential as investment demand has only just begun to grow. However, the analysts also cautioned that the chaos in the Middle East is not expected to provide sustainable bullish momentum for the yellow metal.

Although gold is a popular safe-haven asset, historically, event-induced demand has never proven to be sustainable. Some analysts note that gold is facing selling pressure at the start of the week, as the conflict has not impacted global oil supplies—an event that would typically drive oil prices higher, influencing inflation and global economic growth.

“When it comes to gold, wars are not always a clear-cut bullish price driver,” the analysts said. “The conflict adds, however, to the confluence of factors that have been supportive for the yellow metal.”

Rather than focusing on specific geopolitical events, Bank of America analysts are monitoring the broader economic landscape and gold’s growing appeal as an important global monetary asset.

This comes as U.S. government debt continues to grow at an unsustainable pace. Bank of America noted that gold is attracting new interest as Congress debates a new spending bill that aims to cut taxes—which is expected to increase the deficit by trillions of dollars.

“Market concerns over fiscal sustainability are unlikely to fade, regardless of the outcome of Senate negotiations,” the analysts said. “Rates volatility and a weaker USD should then keep gold supported, especially if the U.S. Treasury or the Fed is ultimately forced to step in and support markets. As such, while wars and conflicts are usually not sustained price drivers, we see a path for gold to rally to $4,000/oz over the next 12 months.”

Although gold appears a little crowded as prices have consolidated at elevated levels, Bank of America believes it still has room to grow.

“We estimate that investors have allocated 3.5% of their portfolios (including global equity, investment-grade, and high-yield debt exposure) to gold, which does not seem excessive and remains below the all-time highs of 2011,” the analysts said. “Meanwhile, central banks have continued increasing their allocations. Their holdings are now equivalent to just under 18% of outstanding U.S. public debt, up from 13% a decade ago.”“That tally should serve as a warning to U.S. policymakers,” they said. “Continued apprehension over trade and U.S. fiscal deficits may well divert more central bank purchases away from U.S. Treasuries and into gold.”

If demand does remain stable, the analysts expect gold prices to continue consolidating between $3,000 and $3,500 an ounce.

A final supportive factor for gold is the broadening rally in the precious metals sector, as silver and platinum have attracted new bullish momentum.

“Although silver had gone through a period of underperformance, the market has remained in deficit, mainly due to constrained mine supply. Hence, market participants have long anticipated a normalization in the gold-to-silver ratio, which has finally occurred, accompanied by an increase in assets under management at physically backed ETFs,” the analysts said. “We had a price objective of $40/oz for Q4 2025, so that rally arrived a bit earlier than we had anticipated, but we’re sticking with our forecast. If trade disputes normalize and global growth accelerates, silver should take another leg higher.”

Source: Kitco

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Stocks

Relative calm returned to global markets, with stocks climbing and oil sinking alongside gold as fears subsided that Israel’s war against Iran would escalate into a wider conflict. Equities extended gains on news reports Iran is signaling it wants to restart talks over nuclear programs.

Equities bounced after Friday’s slide, with the S&P 500 up about 1%. West Texas Intermediate crude slid 2.5%, erasing an earlier rally. Treasuries moved away from session lows as the drop in oil eased inflation angst just days ahead of the Federal Reserve decision. Before that, the market will face a demand test during a $13 billion sale of 20-year bonds. The dollar fell.

President Donald Trump said Iran wants to talk about de-escalating the conflict with Israel even as the two sides exchanged fire for the fourth consecutive day. Asked if the US would get more involved militarily, Trump said he didn’t want to discuss it.

Tehran is signaling it wants to de-escalate hostilities with Israel and is willing to resume nuclear talks with the US as long as Washington doesn’t join the Israeli attacks, the Wall Street Journal reported Monday citing Middle Eastern and European officials it didn’t identify. A similar report by Reuters says Iran conveyed the message through Qatar, Saudi Arabia and Oman.

The outbreak of hostilities between Israel and Iran disrupted the momentum that had driven the S&P 500 back near record levels. While markets initially adopted a cautious, risk-off stance to assess how the conflict might unfold, sentiment improved on Monday as investors speculated the attacks were unlikely to draw in more parties.

“Focus will remain on geopolitical headlines, but as long as the conflict stays limited between Israel and Iran, it’s unlikely to materially impact the markets,” said Tom Essaye at The Sevens Report.

Stocks Rise on Reports Iran Wants to Restart Talks: Markets Wrap_1

“Markets got a reminder that tariffs aren’t the only potential source of market volatility,” said Chris Larkin at E*Trade from Morgan Stanley. “Right now, markets are signaling they expect the situation in the Middle East will remain contained, but any surprises could have an oversized impact on sentiment.”

The S&P 500 risks sinking 20% if inflation spikes on the back of higher oil prices, according to a report by RBC Capital Markets strategists led by Lori Calvasina.

In a worst-case scenario, they see the gauge returning to its April lows if the attacks drive up energy prices. And in a less-severe case, the index may fall about 13%, the strategists said.

“The conflict has the potential to generate some additional angst about the health of the consumer, the broader economy, and the path of the Fed, a narrative shift that seems likely to be problematic for stock prices,” the strategists wrote in the note.

Meantime, the trading desk at JPMorgan Chase & Co. led by head of global market intelligence Andrew Tyler said potential pullbacks ahead would present buying opportunities.

They added that the bull case remains in place, assuming tariff relief in the longer term is still underway, but advised caution until there is more clarity on the US involvement in Middle East.

Israel launched an attack on the South Pars gas field, forcing the halt of a production platform, following strikes on Iran’s nuclear sites and military leadership last week. However, critical crude oil-exporting infrastructure has so far been spared and there’s been no blockage of the vital Strait of Hormuz.

While an attack on Iran’s gas production is a concern, the biggest fear for the oil market centers on Hormuz. Middle East producers ship about a fifth of the world’s daily output through the narrow waterway, and prices could soar further if Tehran attempts to disrupt shipments through the route.

Iran is prepared to deliver a “major blow” to Israel following its recent strikes on Iranian cities and targets, Iran’s semi-official Mehr News Agency reported, citing a senior security official. The statement comes as Iranian state TV briefly went off air after an attack disrupted its broadcast.

Tensions in the Middle East will only add to the conundrum that major central banks face as they assess risks to inflation and growth from tariffs and stop-start commerce flows.

Investors will focus most on the Federal Reserve decision on Wednesday, with policymakers signaling an extended hold on rates. Investors and economists will look to Chair Jerome Powell for clues on what might eventually prompt the central bank to make a move, and when.

source : Bloomberg

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Devin

Economic

US president Donald Trump kicked off his first meeting at the G7 leaders summit in Alberta, Canada, by suggesting that Russia should be invited to rejoin the group from which it was expelled following the invasion of Crimea in 2014.

The European members of the group have prepared a wide portfolio of subjects to address at the summit, including proposals to toughen G7 sanctions on Russia. European Commission president Ursula von der Leyen has proposed lowering the G7 price cap on Russian crude to $45/bl and banning imports of refined products made from Russian oil.

But Trump, at the beginning of his meeting with Canadian prime minister Mark Carney today, said that "you spend so much time talking about Russia, and [Russian president Vladimir Putin] is no longer at the table, so it makes life more complicated."

Expelling Russia was a mistake, Trump said, blaming the decision on former US president Barack Obama and former Canadian prime minister Justin Trudeau.

The broader political background is in some ways similar to the G7 summit in 2018, also hosted by Canada, when Trump first told his fellow western leaders they should not have expelled Russia from the group.

Now as then, sanctions against Russia are on the G7 agenda and the US Congress is advancing legislation to target Russia's energy exports.

The key difference is that Trump in 2025 has sufficient control over the Republican majority in both chambers of Congress to block any legislation he does not like. "They'll be guided by me" on the Russia sanctions legislation, he said earlier this month, calling it a "harsh bill".

"At the right time, I'll do what I want to do. But they're waiting for me to decide on what to do," Trump said.

Trump has argued that imposing new economic penalties against Russia would derail the ongoing Russia-Ukrainian peace talks, even though he has acknowledged the negotiations have made no progress.

Trump is scheduled to meet with Ukrainian president Volodymyr Zelenskiy on the sidelines of the G7 summit, the White House said.

Not seeing eye-to-eye on trade, either

Trump's fellow leaders were hoping to push him to roll back the unilateral tariffs he imposed on nearly all US trading partners, but Trump's public comments at the start of his meeting with Carney indicated no willingness to compromise on this issue as well.

"I think we have different concepts," Trump said. "I have a tariff concept. Mark has a different concept, which is something that some people like, but we're going to see if we can get to the bottom of it today. I am a tariff person."

Canada's strong response to Trump's tariffs made him roll back the broad tariffs he imposed on the US' North American neighbors at the beginning of his second term. The bulk of US imports from Canada and Mexico remains duty-free, but Trump's tariffs on steel, aluminum, cars and auto parts do not make an exemption for Canada and Mexico.

The effective US tariff rate on imports from Canada and Mexico — the amount of duties collected from all imported goods divided by their value — rose in April to 2.3pc and 4.1pc respectively, up from nearly zero in January, according to US Department of Commerce data.

Trump is separately meeting with Mexico president Claudia Sheinbaum later today.

Despite a busy pace of meetings with fellow leaders, Trump extended the customary press gaggle at the beginning of his meeting with Carney to take questions on US domestic politics, including his directive Sunday night to the US immigration authorities to carry out massive raids in the largest US cities.

Carney in the end had to cut Trump off, asking him to carry on with their meeting.

"We have a few more minutes with the president and his team, and then we actually have to start the [G7] meeting to address some of these big issues," Carney said.

Source: Argus Media

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Olivia Brooks

Economic

Commodity

Stocks

U.S. stock indexes climbed and oil fell from last week's highs on Monday after conflict between Israel and Iran left crude production and exports unaffected, while investors stayed braced for a week packed with central bank meetings.

Geopolitics loomed large as Group of Seven leaders began annual talks in Canada. Iranian strikes on Israel and a promise of retaliation were followed by a Wall Street Journal report that Tehran was seeking an end to hostilities, against a backdrop of existing international strains prompted in part by Donald Trump's tariff policy.

Markets took comfort after a torrid session on Friday saw oil surge 7% and Wall Street indexes lose more than 1%.

At 10:48 a.m. the Dow Jones Industrial Average (.DJI), was 1.17% higher, the S&P 500 (.SPX), gained 1.16% and the Nasdaq Composite (.IXIC), was also up 1.51%.

U.S. crude fell 3.44% to $70.47 a barrel and Brent fell to $71.63 per barrel, down 3.5% on the day.

"Markets came to the conclusion that for now, the Israeli/Iranian conflict is localized," Andy Brenner, Head of International Fixed Income at National Alliance Securities, said in a note to clients.

Any sustained inflationary impact from the oil price outlook could make the Federal Reserve more nervous about giving too many hints at its Wednesday meeting about interest rate cuts later in the year.

Investors still expect two cuts by December, with a first move in September seen as most likely.

"The key is how much flexibility the Fed thinks it has. We've been pleasantly surprised we've not yet seen inflationary pass-through from the tariffs," said Ben Laidler, head of equity strategy at Bradesco BBI.

U.S. Treasury yields fell after the report of Iran's outreach to Israel, with the 10-year notes yielding 0.9 basis points to 4.415%, from 4.424% late on Friday.

MSCI's gauge of stocks across the globe (.MIWD00000PUS), marched 1.09% higher after the U.S. open.

Earlier in the trading day, Europe's STOXX 600 (.STOXX), had been boosted by a rebound in travel stocks (.SXTP), and Gulf stocks also recovered.

Chinese blue chips (.CSI300), gained after data showed rising retail sales and industrial output in line with expectations. SS

More data, meetings coming

U.S. retail sales data is due on Tuesday and may show a pullback in autos dragging the headline number down even as core sales edge higher. A market holiday on Thursday means weekly jobless claims figures are out on Wednesday.

Central banks in Norway and Sweden also meet this week, with the latter expected to trim rates.

The Swiss National Bank meets on Thursday and is considered certain to cut by at least a quarter point to take rates to zero, with some chance it may go negative given the strength of the Swiss franc.

The Bank of Japan holds a policy meeting on Tuesday and is widely expected to hold rates at 0.5%, while leaving open the possibility of tightening later in the year.

There is also speculation it could consider slowing the rundown of its government bond holdings from next fiscal year.

German government bond yields fell on Monday, with the benchmark 10-year Bunds yielding 2.52%, from 2.536% late on Friday.

The calmer mood across markets saw some of gold's safe-haven bid reverse and it was down 1.04% to $3,396.59 an ounce. .

Source: Kitco

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Adam

The Federal Reserve is widely expected to hold interest rates steady at its meeting this week, but investors will be watching for something else — whether central bank policymakers are still committed to two rate cuts this year.

The Fed’s latest round of projections, released Wednesday, will include the much-studied "dot plot," a chart updated quarterly that shows each Fed official's prediction about the direction of the central bank's benchmark interest rate.

The last dot plot, released in March, revealed a consensus among Fed officials for two cuts this year as some were already factoring the uncertainties of President Trump’s economic policies into their projections. They made the same prediction last December.

Many Fed watchers expect central bank officials to stick with what they have already signaled as they weigh numerous unknowns. The latest curveball came late last week as Israel’s airstrikes across Iran stoked fears that a protracted war could lead to higher oil prices and inflation this summer.

“This meeting will be all about the dot plot,” former Kansas City Fed president Esther George said. Due to how fluid things are at the moment, she predicts that “they will be reluctant to signal changes from where they were earlier.”

Wilmington Trust chief economist Luke Tilley said he isn’t expecting many changes, either.

“I don't think that the dots will change very much, and I don't think the narrative will change very much either. Right now, it's two cuts, and I imagine it will stay pretty much the same.”

'May have to force something'

The Fed and its chair, Jerome Powell, are under an extreme amount of political pressure to speed up the timetable for any cuts, as President Trump continues to hammer Powell publicly for not easing policy sooner.

The president last Thursday said he "may have to force something" as part of his ongoing push for the central bank to lower rates by a full percentage point, but he noted that he would not fire Powell before his term is up in 2026 — a move that would almost certainly be challenged legally.

He also referred to Powell as a “numbskull,” adding to a string of insults coined by Trump in recent months.

Trump has been citing lower inflation as a reason for the central bank to cut. But Powell and many of his fellow policymakers have made it clear in recent weeks they are still more worried about the risks of higher prices from Trump’s tariffs than any rise in unemployment as they weigh both sides of their dual mandate.

EY-Parthenon chief economist Gregory Daco expects Powell on Wednesday to stress the risk of longer-lasting inflation because of tariffs and acknowledge that difficult trade-offs may emerge if inflation stays elevated while growth and employment soften.

He said Powell will likely emphasize that with inflation still above the Fed's 2% target and the job market consistent with full employment, the bar for cutting rates remains high.

“Chair Powell will likely strike a tone of cautious patience, reiterating that policy remains data dependent and that the Fed is prepared to recalibrate policy over time,” Daco said.

The latest measures of inflation have, in fact, shown milder increases in prices even as tariffs were turned on full blast — a trend highlighted last week by Trump and Treasury Secretary Scott Bessent, who told lawmakers last Thursday that “there is no tariff inflation.”