Key Takeaways
- The humanitarian crisis in Gaza is rapidly worsening, with the Ministry of Health reporting 7 deaths, including a child, due to hunger and malnutrition within 24 hours, and the UN stating that Gaza faces a grave risk of famine.
- US Treasury Secretary Scott Bessent expressed optimism about a near-term trade deal with China following talks in Stockholm, despite ongoing disagreements on issues like Russian oil purchases.
- A federal appeals court has allowed President Trump’s order to strip union bargaining rights for federal workers to take effect, pausing a lower court injunction.
- Kering is reportedly in talks with a Qatari royal to sell a majority stake in its Milan Via Montenapoleone building, a move that could help the luxury group reduce its over €10 billion debt.
- US Special Envoy Steve Witkoff is actively engaged in efforts to secure the release of Israeli hostages in Gaza and end the conflict, with families of hostages indicating a plan to return 50 abductees.
The humanitarian situation in Gaza continues to deteriorate, with the Gaza Ministry of Health reporting that seven people, including a child, died from hunger and malnutrition within the last 24 hours. This brings the total hunger-related deaths in Gaza to 162, including 92 children, since the conflict began in October 2023. The UN Office for the Coordination of Humanitarian Affairs (OCHA) reiterated that Gaza faces a "grave risk of famine" and that aid remains insufficient despite recent Israeli announcements to scale up deliveries.
Amidst the escalating crisis, US Special Envoy Steve Witkoff has been actively involved in discussions aimed at securing a deal for the return of Israeli hostages and ending the war. Witkoff reportedly told families of Israeli prisoners in Gaza that there is a plan to return 50 Israeli hostages and end the war, emphasizing his and President Trump's commitment to this goal. However, some hostage families expressed skepticism, noting that despite talk of efforts, there is "nothing new in the matter." The Israeli Broadcasting Authority quoted Witkoff stating that the plan is "not to expand the war in Gaza but to end it."
In broader geopolitical news, US Treasury Secretary Scott Bessent expressed optimism regarding a potential near-term trade deal with China following two days of negotiations in Stockholm. Bessent stated that the talks "advanced our talks with China" and that he believes there are "the makings of a deal that will benefit both of our great nations." However, China faces a looming August 12 deadline to finalize a comprehensive tariff agreement with the Trump administration, and disagreements persist, including US concerns over China's purchases of Russian oil.
Domestically, a significant legal development saw a federal appeals court allow President Trump’s executive order to strip union bargaining rights for federal workers to take effect. The Ninth U.S. Circuit Court of Appeals paused a lower court injunction, stating that the government is likely to succeed on the merits of its argument against the unions' retaliation claim. This order impacts thousands of federal workers across various agencies, including those with national security missions.
In the luxury market, Kering (KER, PPRUY), the owner of Gucci, is reportedly in talks with a member of the Qatari royal family to sell a majority stake in its Via Montenapoleone building in Milan. The potential deal could help the French luxury group address its substantial debt, which exceeded €10 billion ($11.58 billion) in 2024 following a series of expensive acquisitions. Kering had acquired the 18th-century property for €1.3 billion in April of the previous year.
Meanwhile, Israeli occupation forces stormed the city of Tubas in the northern West Bank, and a Palestinian woman was reported martyred in an Israeli drone strike on the Al-Amal neighborhood northwest of Khan Younis city. In a separate regional development, Jordan's armed forces reported killing two armed individuals after a "foiled infiltration attempt" through its border with Syria.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.