Israeli Strikes Kill Palestinians Protecting Gaza Aid Trucks, Hamas Says

Political

Summary:

Israeli airstrikes killed at least six Palestinians guarding aid trucks against looters, Hamas officials said on Friday, underlining the problems hindering supplies from reaching hungry people in Gaza following Israel's 11-week-long blockade.

The Israeli military said 107 trucks carrying flour and other foodstuffs as well as medical supplies entered the Gaza Strip from the Kerem Shalom crossing point on Thursday. But getting the supplies to people sheltering in tents and other makeshift accommodation has been fitful.

So far, an umbrella network of Palestinian aid groups said, 119 aid trucks have entered Gaza since Israel eased its blockade on Monday in the face of an international outcry. But distribution has been hampered by looting by groups of men, some of them armed, near the city of Khan Younis, the network said.

"They stole food meant for children and families suffering from severe hunger," the network said in a statement, which also condemned Israeli airstrikes on security teams protecting the trucks.

A Hamas official said six members of a security team tasked with guarding the shipments were killed. There was no immediate comment from the Israeli military.

The aid groups network also said the amount of aid coming into Gaza was still inadequate and only included a narrow range of supplies. It said Israel's agreement to allow trucks to enter the war-shattered enclave was a "deceptive manoeuvre" to avoid international pressure calling for the lifting of the blockade.

So far, Israel says it has allowed around 300 trucks to enter Gaza but aid groups say many of the trucks have been held up at the Kerem Shalom crossing and not yet reached people in need.

The Israeli military said it had conducted more strikes in Gaza overnight, hitting 75 targets, including weapons storage facilities and rocket launchers. Palestinian medical services said at least 25 people had been killed in the strikes.

Israel imposed its blockade on Gaza in early March, accusing Hamas of stealing aid intended for civilians, shortly before breaking a two-month-old ceasefire after the two sides deadlocked on terms for extending it.

Hamas has rejected the accusation and says many of its own fighters have been killed protecting the trucks from looters.

Israel launched an air and ground war in Gaza after Hamas militants' cross-border attack on October 7, 2023, which killed some 1,200 people by Israeli tallies and saw 251 hostages abducted into Gaza.

The Israeli campaign has since killed more than 53,600 Palestinians, according to Gaza health authorities, and devastated the coastal strip. Aid groups say signs of severe malnutrition are widespread.

Source: Reuters

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Warren Takunda

Commodity

Middle East Situation

Crude oil prices fell for a third consecutive trading day on Thursday ahead of the US-Iran nuclear talks. Traders are growing concerned about the possible return of oil supply from Iran, which holds around one-third of the world’s oil reserves.

Adding to the pressure, a Bloomberg report stated that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) is considering a third consecutive production hike in July, compounding fears of an oversupplied market.

Oil prices continued to decline during Friday’s Asian session. As of 4:40 am CEST, Brent futures were down 0.59% to $64.06 per barrel, while West Texas Intermediate (WTI) futures fell 0.6% to $60.83 per barrel—both touching their lowest levels in over a week.

Potential oversupply overshadows geopolitical tensions

Crude prices have experienced notable volatility in recent weeks as market participants weigh rising geopolitical tensions against mounting supply from major oil-producing nations. Broader macroeconomic factors—such as easing US-China trade tensions and renewed selling in US Treasuries—have also been influencing oil market movements.

Earlier in the week, prices briefly spiked following a CNN report that Israel was preparing to launch strikes against Iran’s nuclear facilities, citing intelligence from US sources. However, the rally proved short-lived, with analysts suggesting the warning may have been a strategic move by the US to exert pressure on Iran ahead of the nuclear negotiations.

The geopolitical boost was quickly overshadowed on Wednesday by data showing a surge in US crude inventories. According to the Energy Information Administration (EIA), US oil stockpiles rose to 443.2 million barrels in the week ending 16 May—the highest level since July 2024. The report also indicated that net US crude imports had increased for a third consecutive week, while domestic demand remained weaker than expected.

OPEC+ may accelerate production hike

News about OPEC+’s potential acceleration in production hike sent the oil price down further on Thursday. The oil production cartel is reportedly considering hiking crude output by 411,000 barrels per day (bpd) in July. The decision is yet to be finalised on 1 June when the group holds the next meeting.

The group, which accounts for around 40% of global oil supply, has jointly reduced production by approximately 2.2 million bpd in 2023. The quicker-than-expected phased rollback began with a 135,000 bpd increase in April, tripling to 411,000 bpd in May and June. The acceleration is seen as a punitive measure against members which failed to comply with agreed production quotas, with Kazakhstan and Iraq identified as recent overproducers.

Crude prices have consistently fallen following OPEC+ announcements of larger-than-expected production increases in both April and May. However, the potential July decision may already be priced in by markets—unless the group surprises traders with an even more aggressive supply boost.

Demand outlook remains weak

The demand outlook remains fragile amid ongoing concerns over slowing global growth, particularly driven by the US tariffs. Crude prices had previously dropped to a four-year low on 9 April and again on 5 May. The oil market rebounded following the US and China’s trade talks earlier this month, when the world’s two largest economies reached an agreement to pause high tariffs on each other for 90 days.

While near-term pressure remains supply-driven, there is cautious optimism that a sustained recovery in market sentiment, driven by further progress in US tariff negotiations, could support a rebound in oil demand.

“While the immediate pressure comes from the supply side, I believe that in the longer term, further progress on US tariff negotiations with key partners could revive demand and offer more meaningful support for oil,” Dilin Wu, a research strategist at Pepperstone Australia, said.

Source: Euronews

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Adam

Economic

China–U.S. Trade War

U.S. stock index futures slid on Friday after President Donald Trump recommended 50% tariffs on the European Union, while Apple stock dropped after he warned that the company would have to pay tariffs if its phones were not made in the United States.

"The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with," Trump said in a post on Truth Social.

He also said in a separate post prior to this that Apple (AAPL.O), opens new tab would be subject to 25% tariffs if phones sold in the U.S. were not made within its borders. Apple's shares were down almost 4% in premarket trading.

At 08:08 a.m. ET, Dow E-minis were down 625 points, or 1.49%, S&P 500 E-minis were down 93.25 points, or 1.59%, and Nasdaq 100 E-minis were down 405 points, or 1.91%.

"The impact of tariffs for both sides on the surface is jolting... the market doesn't like uncertainty," said Andre Bakhos, managing member at Ingenium Analytics LLC.

"In the end, it will help the U.S. and other countries if we can get the EU at the table."

Other megacap and growth stocks turned sharply lower, with Amazon (AMZN.O), opens new tab and Nvidia (NVDA.O) , opens new tab sliding more than 2% each.

Wall Street's "fear gauge", the CBOE Volatility Index (.VIX) , opens new tab, spiked to a more than two-week high and was last at 24.6 points.

Risk sentiment had remained in check after the Republican-controlled U.S. House of Representatives passed the sweeping tax and spending bill that would enact much of Trump's policy agenda by a narrow margin on Thursday. The bill now heads to the Senate, which Republicans control 53-47, for approval.

If it becomes a law, it will add about $3.8 trillion to the federal government's $36.2 trillion debt in the next decade, according to the nonpartisan Congressional Budget Office.

Long-dated government bond yields eased on Friday, with those on the 10-year note off 9 basis points to 4.46%.

All three main stock indexes were set for modest weekly losses as worries about mounting debt pushed Treasury yields higher. Moody's downgrade of the U.S. credit rating late last week had initially sparked concerns.

Trading activity is expected to thin on Friday, heading into a long weekend, as markets will be shut on Monday for Memorial Day.

Source: Reuters

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Warren Takunda

Economic

U.S. futures and global markets slumped Friday after President Donald Trump posted a pair of tariff threats on social media, one aimed at Apple and the other at the European Union.

Futures for the S&P 500 and the Dow Jones Industrial Average slid 1.5% and Nasdaq futures tumbled 1.7% before the bell. Oil prices fell and Treasury yields sank.

Markets took a sharp turn downward after Trump posted on social media that he wants “a straight 50% Tariff” on the EU beginning June 1 because representatives of the bloc have been difficult in negotiations.

European markets fell nearly immediately after Trump’s post on his own Truth Social site. Germany’s DAX quickly swung to a 1.9% loss, while the CAC 40 in Paris fell 2.4%. London’s FTSE 100 shed 1.1%.

Trump has dialed back or paused many of his tariff threats in recent weeks, bringing some peace to markets which had been swinging wildly in both directions for weeks as Trump fired off tariff threats.

Shares of Apple were down 3.8% in morning trading after Trump threatened to put a 25% tariff on Apple products unless the company moves its iPhone manufacturing to the United States.

The threat delivered over social media could dramatically increase the price of iPhones, potentially hurting sales and the profits of one of America’s leading technology companies.

Ross Stores tumbled 13% after it issued lower guidance than Wall Street was hoping for. The company, like many others have done recently, pulled its full-year guidance over broader economic uncertainty related to Trump’s tariffs.

Shoemaker Deckers Brands, the owner of Hoka and Ugg, slid 19%, even after the company posted record sales and profit that easily beat Wall Street expectations. Decker also pulled its full year guidance, specifically citing the uncertainty over U.S. trade policy.

U.S. Treasury yields tumbled after jumping earlier in the week over concerns about mounting U.S. government debt.

The yield on the 10-year Treasury fell to 4.48% while the two-year yield, which more closely tracks expectations for action by the Federal Reserve, slipped to 3.92%.

Treasury yields had spiked earlier in the week as details of the Republican-backed spending bill came out. The bill, passed overnight in the House of Representatives on Thursday, would cut taxes and could add trillions of dollars to the U.S. debt.

The House’s multitrillion-dollar spending bill, which aims to extend some $4.5 trillion in tax breaks from Trump’s first term while adding others, is expected to be amended when it gets to the Senate for a vote.

Oil prices tumbled for the fourth day in a row.

U.S. benchmark crude oil tumbled $1.07, or 1.3%, to $60.13 per barrel while Brent crude, the international standard, fell 99 cents to $63.45 per barrel.

In Asia, Tokyo’s Nikkei 225 gained 0.5% to 37,160.47 after the government reported a core inflation rate of 3.5% in April, the highest since early 2023. Core inflation excludes volatile food and energy prices.

The surge in prices has increased the likelihood that the Bank of Japan might raise its benchmark interest rate at its next policy meeting, analysts said.

But uncertainty over Trump’s tariff hikes will limit what the BOJ can do, given recent signs of weakness in the economy, Min Joo Kang of ING Economics said in a report.

He added that “with US tariffs likely to impact manufacturing and exports negatively throughout this year, the BOJ’s policy changes are likely to be gradual.”

Hong Kong’s Hang Seng picked up 0.2% to 23,601.26, while the Shanghai Composite Index lost 0.9% to 3,348.37.

Seoul’s Kospi retreated 0.1% to 2,592.09 and the S&P/ASX 200 in Australia gained 0.2% to 8,360.90.

Source: AP

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Glendon

Economic

Commodity

Market Overview

Gold (XAU/USD) advanced to $3,328 in Friday’s Asian session, marking its highest level in over two weeks and setting up its strongest weekly performance since mid-April.

The gains came despite mixed U.S. economic indicators—jobless claims eased to 227,000 and flash PMIs rose modestly—signaling resilient domestic activity. However, those figures failed to lift the U.S. Dollar Index, which remains under pressure due to persistent fiscal concerns.

The House of Representatives recently approved a tax and spending package projected to increase the national debt by $3.8 trillion over the next decade. As the greenback falters, capital is moving into traditional safe havens, driving gold higher.

Silver Tracks Gold, Holding Above $33 as Risk Appetite Falters

Silver (XAG/USD) followed gold’s lead, trading at $33.02 by midday Friday. While typically more volatile than gold, silver found sustained buying interest amid rising market anxiety.

The gold-to-silver ratio narrowed slightly, reflecting stronger relative demand for silver in the short term.

Traders are weighing the potential implications of a more dovish Federal Reserve in 2025. Swaps markets now price in a 60% chance of at least one rate cut by March, a shift from 45% a week ago.

With real yields declining and inflation expectations steady, both gold and silver are gaining favor among asset managers seeking inflation-hedged exposure.

Eyes on Fed and Fiscal Policy as Metals Remain in Focus

Precious metals may continue to see upside if incoming U.S. housing data disappoints or if key FOMC officials hint at a policy pivot. Investors are also monitoring U.S. fiscal developments and rising geopolitical tensions, which have added an undercurrent of risk aversion to global markets.

“Markets aren’t reacting to one headline—it’s the accumulation of systemic risks and softening policy stances that’s pushing capital into metals,” noted a commodities analyst at Rabobank. Gold remains supported above $3,300, with near-term resistance at $3,346 and $3,379.

Short-Term Forecast

Gold eyes $3,346 as momentum builds within a rising channel; silver holds firm above $33.02, but a break above $33.70 is needed to confirm fresh upside in both metals.

Gold Prices Forecast: Technical Analysis

Gold – Chart

Gold is trading at $3,328 after bouncing off trendline support near $3,310, maintaining its upward trajectory within a rising channel on the 2-hour chart. This latest leg higher comes after price respected both the 50-EMA ($3,285) and 200-EMA ($3,269), reinforcing bullish structure. A strong candle has just printed above the midline of the channel, hinting at renewed momentum.

If the move holds, the next resistance to watch is $3,346, followed by $3,379. The bullish continuation looks more convincing now that gold has also cleared the prior high at $3,310.

For traders, a pullback to the $3,310–$3,285 zone could offer a better entry, especially if supported by a bullish candlestick setup like an engulfing or hammer. As long as price stays inside this channel, the uptrend remains intact.

Silver (XAG/USD) Price Forecast: Technical Outlook

Silver – Chart

Silver is holding above $33.02 after bouncing from trendline support and the 50-EMA ($32.97), a confluence that has acted as a pivot zone in recent sessions. The price is now moving within a rising wedge, with higher lows forming since mid-May and a clear push off $32.62 earlier this week.

The structure shows continued buyer interest, but the consolidation beneath $33.70 suggests overhead pressure still exists. A break above $33.70 could open the door to $34.04 and $34.42.

On the downside, if price slips below the $33.02 support, a retest of the 200-EMA at $32.71 could follow. For now, the bias leans bullish, but momentum needs to hold for this setup to develop further.

Source: Kitco

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Michelle

Forex

Economic

U.S. President Donald Trump said on Friday that he is recommending a straight 50% tariff on goods from the European Union starting on June 1, saying the EU has been hard to deal with on trade.

Stock markets across Europe fell sharply with the STOXX 600 index last down 1.8%, U.S. stock index futures moved sharply lower while the eurotrimmed its gains.

COMMENTS:

HOLGER SCHMIEDING, CHIEF ECONOMIST, BERENBERG, LONDON:

"This is a major escalation of trade tensions. With Trump you never know but this would be a major escalation. The EU would have to react and it is something that would really hurt the US and European economy. But Trump is highly volatile and I would not bet on this coming through."

GERRY FOWLER, HEAD OF EUROPEAN EQUITY STRATEGY, UBS, LONDON:

"The 10% tariff that Europe is currently experiencing was always going to be a best case scenario considering that’s what the UK was able to achieve anyway. So tariffs were likely to go up, they could obviously in the worst case scenario not only be 20% but potentially higher, but also cause retaliation against some of the Mag 7.

So this is much worse but it is also a bit like the China tariffs -probably not a sustainable tariff.

"Even the fact that he’s used the phrase “I recommend” suggests this is part of the late stage negotiation tactics. But if they’re even close to being implemented, then obviously Europe’s retaliation would be very significant so quite problematic."

FIONA CINCOTTA, SENIOR MARKET ANALYST, CITY INDEX, LONDON:

"The market was in this sense of perhaps there are going to be trade deals and worst case scenario is potentially being avoided after Liberation day and then there was that pause. But this latest threat is worse than the worst case scenario."

"We're seeing a big impact in equities in Germany particularly, because they're very much an export nation to the US, which will be impacted and so those companies are going to see profits hit, they're going to see revenue and margins hit. So we're seeing the this play out much more in the equities market than others."

Source: TradingView

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Glendon

Economic

Stocks

President Donald Trump on Friday threatened to put a 25% tariff on Apple products unless iPhones are manufactured in the United States.

The threat delivered over social media could dramatically increase the price of iPhones, potentially hurting sales and the profits of one of America's leading technology companies. The company now joins Amazon, Walmart and other major companies as being in the White House's crosshairs as they try to respond to the uncertainty and inflationary pressures unleashed by the import taxes being imposed by Trump.

“I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” Trump posted on Truth Social. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.”

Apple, led by CEO Tim Cook, in response to Trump's tariffs on China was looking to shift iPhone manufacturing to India as it adjusts supply chains. That plan has become a festering source of frustration for the U.S. president, who also brought it up last week during his Middle East trip.