Israeli Defense Minister Yoav Gallant said on Friday that his country will intensify attacks on Iran-backed Hezbollah in Lebanon until security in the northern Israeli towns is restored. “We have been hitting Hezbollah very hard over the last year and, in particular, over the last few weeks,” Gallant stated in a video message. “We will continue and increase this effort. We plan to bring security to the towns in the north and to safely return home” the people who evacuated, he added. Gallant’s comments come amid conflict between Israel and Hezbollah that started in October 2023, after Hamas attacked Israeli territory and triggered the ongoing war in Gaza, but intensified after mass explosions of communication devices used by Hezbollah members, largely attributed to Israel.
China cuts 7-day reverse repo rate, banks’ reserve requirement ratio
SHANGHAI -China’s central bank said on Friday it was lowering the borrowing cost of its seven-day reverse repurchase agreements, as part of the biggest stimulus package since the pandemic unveiled by Beijing this week to support the economy. The People’s Bank of China said the rate would be lowered by 20 basis points to 1.50% from 1.70% earlier, according to an online statement, taking effect from Friday. The rate cut decision aims to “further strengthen counter-cyclical adjustment of monetary policy and support stable growth of the economy”, the PBOC said. Borrowing costs of 14-day reverse repos, temporary repos and reverse repos would be adjusted by the same margin, it added. “Today’s 20-basis-point cut in 7-day open market operation reverse repo rate and the 50bp cut in reserve requirement ratio (RRR) represent implementation of the policies announced earlier,” said Frances Cheung, head of FX and rates strategy at OCBC Bank, referring to the RRR cut the PBOC announced on Friday morning. The PBOC last lowered the borrowing cost of the short-term liquidity tool by 10 basis points in July.
NN: Chinese central bank has unleashed 1 of Chinas most Aggressive stimulus packager EVER.
Israel rejects US-backed Lebanon ceasefireIsraeli forces preparing for potential ground offensive in Lebanon proposal…….
BEIRUT/JERUSALEM, Sept 26 (Reuters) – Israel rejected proposals on Thursday for a ceasefire with Hezbollah and conducted a military exercise simulating manoeuvres in Lebanon, defying allies including the United States which had called for an immediate halt in fighting.
Israel’s relentless pressure on Iran-backed Hezbollah in Lebanon, including intense airstrikes and assassinations of some of its senior commanders raised concern that it will mount a ground invasion which would lead to a wider war in the region. The military, which has vowed to secure Israel’s northern border and return thousands of its citizens to their communities there, said the exercise of its 7th brigade took place a few kilometres from the Lebanese border.
Shortly afterwards the Israeli military said it was carrying out precise strikes in Beirut, where the sound of a blast was heard and smoke was seen rising in the southern suburbs, a Hezbollah stronghold. “There will be no ceasefire in the north,” Foreign Minister Israel Katz said on X. “We will continue to fight against the Hezbollah terrorist organization with all our strength until victory and the safe return of the residents of the north to their homes.” The comments dashed hopes for a swift settlement, after Lebanese Prime Minister Najib Mikati had expressed hope that a ceasefire could be reached soon, Hundreds of thousands of people have fled their homes seeking safety in the face of the heaviest Israeli bombardment since a 2006 war. World leaders have voiced concern that the conflict – running in parallel to Israel’s war in Gaza – was escalating rapidly.
Hezbollah has faced off against the Israeli military since the Shi’ite Muslim movement was created by Iran’s Revolutionary Guards in 1982 to counter an Israeli invasion of Lebanon. It has since evolved into Tehran’s most powerful Middle East proxy.
Israeli forces preparing for potential ground offensive in Lebanon
Oil Plunges Over 2% on Rumor Saudis Ready To Increase Output
Brent crude and the U.S. benchmark shed well over 2% on Thursday on mainstream media rumors that Saudi Arabia is planning to unleash more oil on the market, with the Kingdom willing to give up its $100-per-barrel price target. According to a Financial Times report earlier in the day citing unnamed sources, Saudi Arabia is willing to reduce its $100 price target to pump more oil, and OPEC+ is preparing to increase output collectively in December.
Russian Deputy Prime Minister Alexander Novak said earlier on Thursday that OPEC+ was not discussing any proposals for changes to the expanded cartel’s output cuts. OPEC+ was originally expected to begin unwinding part of its 2.2 million bpd of oil output cuts beginning in October this year. That has since been delayed due to the oil price crash in late August and early September. OPEC+ delayed the start of the unwinding of the cuts by two months until December 2024. The cartel’s monthly report for September saw a reduced demand growth outlook, which has put heavy downward pressure on oil prices. The monthly report has turned bulls into bears, with traders now appearing to view the market as its most bearish since 2011. Foregoing its $100-per-barrel price target will mean that Saudi Arabia will have to accept low oil prices in order to regain market share. Saudi Arabia has been pumping some 9 million barrels per day (bpd) of crude for over a year, without veering from its target–a move that has cost it market share not only from non-OPEC+ producers but also from within the cartel itself. NN Audio File:
the Saudis are not stupid
‘Millions’ rush to shelters as sirens sound in central Israel
The Israel Defense Forces (IDF) declared that millions of Israelis are running to shelters as sirens sound throughout central Israel, including Tel Aviv. The military said the air alarms were triggered due to a missile being fired from Yemen toward central Israel, adding that the rocket was successfully intercepted by the Arrow air defense system. In addition, the IDF clarified that the sound of explosions was the result of the “interception process and the interception fragments.” NN: It looks like a curse to me!
Russia Claims OPEC+ Is Not Discussing Any Changes to Oil Its Production Plan
The OPEC+ alliance is not discussing any proposals of changes to its current oil production plan, which envisages the group starting to add supply to the market in December, Russia’s Deputy Prime Minister Alexander Novak said on Thursday. OPEC+ initially planned to begin unwinding part of the 2.2 million barrels per day (bpd) of crude production cuts from October this year. However, after oil prices crashed in late August and early September, OPEC+ delayed the start of the unwinding of the cuts by two months until December 2024. According to Novak, Russia’s top oil official and representative at the OPEC+ meetings, the group, at present, isn’t looking to make any changes to its current production plan.
In addition, the Russian official claimed that all OPEC+ producers are currently in full compliance with the agreed output quotas.
“All countries are generally fulfilling their obligations under the agreement. We are observing and monitoring the situation on the market in terms of the balance of supply and demand,” Russian news agency Interfax quoted Novak as saying on the sidelines of an energy conference in Russia. Earlier today, reports emerged that Saudi Arabia is determined to begin bringing back production as of December 1, as it now seeks to regain the market share it had lost over the past months with its large output cut. Saudi Arabia is willing to endure short-term oil price and revenue pain as it is making a U-turn in policy and going to take back market share and ditching its unofficial $100 oil price target, the Financial Times reported on Thursday, quoting sources with knowledge of the latest Saudi thinking. This latest thinking suggests that the Kingdom has come to accept that it would have to endure a period of lower oil prices if it wants to take market share back.
Israel rejects US-backed Lebanon ceasefire proposal…….. Hezbollah Releases Video Of ‘Qader-1’ Missile That Hit Tel Aviv
Israel rejected proposals on Thursday for a ceasefire with Hezbollah and conducted a military exercise simulating manoeuvres in Lebanon, defying allies including the United States which had called for an immediate halt in fighting.
Israel’s relentless pressure on Iran-backed Hezbollah in Lebanon, including intense airstrikes and assassinations of some of its senior commanders raised concern that it will mount a ground invasion which would lead to a wider war in the region. The military, which has vowed to secure Israel’s northern border and return thousands of its citizens to their communities there, said the exercise of its 7th brigade took place a few kilometres from the Lebanese border.
Shortly afterwards the Israeli military said it was carrying out precise strikes in Beirut, where the sound of a blast was heard and smoke was seen rising in the southern suburbs, a Hezbollah stronghold.
“There will be no ceasefire in the north,” Foreign Minister Israel Katz said on X. “We will continue to fight against the Hezbollah terrorist organization with all our strength until victory and the safe return of the residents of the north to their homes.” The comments dashed hopes for a swift settlement, after Lebanese Prime Minister Najib Mikati had expressed hope that a ceasefire could be reached soon, Hundreds of thousands of people have fled their homes seeking safety in the face of the heaviest Israeli bombardment since a 2006 war. World leaders have voiced concern that the conflict – running in parallel to Israel’s war in Gaza – was escalating rapidly. Hezbollah has faced off against the Israeli military since the Shi’ite Muslim movement was created by Iran’s Revolutionary Guards in 1982 to counter an Israeli invasion of Lebanon. It has since evolved into Tehran’s most powerful Middle East proxy. The United States, France and several other allies called for an immediate 21-day ceasefire across the Israel-Lebanon border. They also expressed support for a ceasefire in Gaza following intense discussions at the United Nations. Israeli Prime Minister Benjamin Netanyahu, heading to New York to address the U.N., said he had not yet given his response to the truce proposal but had instructed the army to fight on. Hardliners in his government said Israel should reject any truce and keep hitting Hezbollah until it surrenders. Hezbollah has fired hundreds of missiles at targets in Israel including, for the first time, its commercial hub Tel Aviv, although Israel’s aerial defence system has ensured that the damage has been limited.
gold hits new all-time high
Gold rose to a fresh all-time high on Thursday as precious metals continued to record gains. The upward trend reflected wider market confidence as central banks started easing their tight monetary policy stances, coupled with a safe-haven appeal of precious metals in an uncertain geopolitical environment. Gold added 0.57% at 6:38 am ET, selling for $2,672.34 per ounce, while silver jumped 1.82% and went for $32.40 per ounce. Platinum surged 2.43% at 6:40 am ET, going for $1,015.62 per ounce and palladium grew by 1.70% and sold for $1,051.33 per ounce. NN: I can’t wait to short the shit out of this insanity.
Israel rejects U.S.-backed Lebanon ceasefire proposal
BEIRUT/JERUSALEM, Sept 26 (Reuters) – Israel rejected proposals on Thursday for a ceasefire with Hezbollah, defying allies including the United States which had called for an immediate three-week halt in fighting to allow for diplomacy to avert a wider war.
“There will be no ceasefire in the north,” Foreign Minister Israel Katz said on X. “We will continue to fight against the Hezbollah terrorist organization with all our strength until victory and the safe return of the residents of the north to their homes.”
The comments dashed hopes for a swift settlement, after Prime Minister Najib Mikati had expressed hope that a ceasefire could be reached soon in Lebanon, where hundreds of thousands of people have fled their homes seeking safety. World leaders voiced concern that the conflict – running in parallel to Israel’s war in Gaza – was escalating rapidly. The heaviest fighting in nearly two decades between Israel and the Iran-backed Hezbollah group has raised fears of a new Israeli ground offensive across the Lebanese-Israeli frontier. Israeli Prime Minister Benjamin Netanyahu, heading to New York to address the U.N., said he had not yet given his response to the truce proposal but had instructed the army to fight on. Hardliners in his government said Israel should reject any truce and keep hitting Hezbollah until it surrenders.
Israel has launched the heaviest air strikes against Lebanon since a 2006 war over the past week, killing more than 600 people, as months of cross-border fire with the Iranian-backed Hezbollah movement spiralled close to all-out war.
Hezbollah has fired hundreds of missiles at targets in Israel including, for the first time, its commercial hub Tel Aviv, although Israel’s aerial defence system has ensured that the damage has been limited. On Wednesday, Israel’s army chief made the most explicit public comment yet on the possibility of a ground assault on Lebanon, telling troops near the border to be prepared to cross.
Israel’s airstrikes sharply intensified since Monday, when more than 550 people were killed in Lebanon’s deadliest day since the end of a 1975-1990 civil war. The bombing follows attacks last week when pagers and walkie talkies exploded across Lebanon, killing scores of people and wounding thousands including Hezbollah members.
China’s Politburo Supercharges Stimulus With Housing, Rates Vows
- Politburo calls for measures to stop property market decline
- Pledge to ensure fiscal spending among steps signaling urgency
The readout came hours earlier than normal, just as afternoon trading began. After its release, China’s CSI 300 Index — a gauge of onshore Chinese stocks — extended gains to 4.2%, erasing losses for the year, while a gauge of developers tracked by Bloomberg jumped 15.9%. The focus on the economy in the Politburo meeting this month — the first time since 2018 — was unusual and speaks to officials’ desire to allay rising economic anxiety after China’s growth slowed to the worst pace in five quarters. “This stimulus package endorsed by today’s Politburo meeting represents a strategic shift in macro policy,” said Bruce Pang, chief economist for Greater China at Jones Lang LaSalle Inc. “If there are more substantial fiscal supports and a pick-up in government spending, it will probably be sufficient to drive a turnaround in business confidence, market sentiment and economic activities.”