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    South Dakota has a syphilis problem

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    Tyler Broghammer leaves his office nearly every day armed with a small blue cooler.

    Inside is a weapon against South Dakota’s syphilis epidemic: syringes of penicillin. The sexually transmitted infection case manager at Oyate Health Center in Rapid City also carries rapid STI tests and condoms on his near daily drive around town, meeting with people he’s learned may have the disease.

    Broghammer is one of two STI case managers at Oyate Health finding and treating people who have syphilis. The organization is one of several working to address the epidemic in South Dakota through collaborative partnerships.

    COVID-19 ‘completely overwhelmed’ screening

    Syphilis is a bacterial infection most often spread through sex that can be cured, but can cause serious health problems without treatment and can be spread from mothers to unborn babies.

    South Dakota experienced a 2,493% increase in adult syphilis cases from the five-year median in 2022, according to the state Department of Health, with 1,504 cases reported — the highest rate of syphilis cases in the country at the time. That was a 90% increase from 2021.

    The number of syphilis cases in the state dropped in 2023 to 1,374 cases, according to the state’s infectious disease dashboard.

    Syphilis cases are down by 335 cases in the first quarter of this year compared to 2023, according to a state Department of Health spokesperson.

    The state had the second highest rate of congenital syphilis in the country in 2022 with 40 cases, which is 351.8 cases per 100,000 births, and was a 150% year-over-year increase. The state saw a 1,233% increase in congenital syphilis among infants from the five-year median in 2022.

    The state reported 54 congenital syphilis cases in 2023 and 18 through April of that year. So far this year, there have been nine reported cases.

    A cooler is filled with doses of penicillin on April 24, 2024, at the Oyate Health Center in Rapid City. (Seth Tupper/South Dakota Searchlight)

    Syphilis was close to being eradicated in the United States in the 1990s, but cases in South Dakota were increasing in the years prior to the COVID-19 pandemic. Syphilis infections nationwide have climbed rapidly in recent years, reaching a 70-year high in 2022, according to the most recent data from the Centers for Disease Control and Prevention. That rise comes amid a shortage of penicillin, the most effective treatment, due to the nationwide increase in syphilis cases. The shortage is predicted to last until the end of this year.

    Hospitals were overwhelmed with treating the coronavirus in 2020 and 2021 and patients were hesitant to get screened or treated for STIs, said Meghan Curry O’Connell, a member of the Cherokee Nation and chief public health officer at the Great Plains Tribal Leaders’ Health Board in Rapid City.

    “The whole system we have to make sure people are screened and treated for STIs was completely overwhelmed by COVID, like everything else,” said Curry O’Connell, who is a family physician by training. “Particularly in South Dakota, added challenges included difficulty in accessing care in very rural areas, which compounded the impacts of the pandemic.”

    Native American communities hit hardest

    Native American communities have been hit the hardest by the epidemic in South Dakota and nationally. About 90% of congenital syphilis cases in South Dakota are among Indigenous babies, according to the state Health Department.

    Syphilis causes a range of symptoms, including rashes, sores and hair loss. But if the disease isn’t treated, symptoms may go away even though the infection remains, making it a prolific spreader unless sexually active people are educated on the disease, practice safe sex and are regularly tested, Curry O’Connell said.

    The disease can potentially persist for decades if untreated, which can lead to death. If pregnant people are infected, it poses a dangerous risk to their baby; congenital syphilis can cause bone deformities, severe anemia, jaundice, meningitis and even death. In 2022, the CDC recorded 231 stillbirths and 51 infant deaths caused by syphilis nationally, out of 3,761 congenital syphilis cases reported that year.

    The Great Plains Tribal Leaders’ Health Board and tribal leaders from North Dakota, South Dakota, Nebraska and Iowa have asked the federal Department of Health and Human Services to declare a public health emergency in their states. A declaration would expand staffing, funding, and access to contact tracing data across their region.

    “It’s important to get treated, because we want to prevent any of those outcomes, and it’s just so easy for people to do,” Curry O’Connell said. “Most people just need one shot of penicillin if newly infected.”

    The rate of congenital syphilis infections among Native Americans ( 644.7 cases per 100,000 people in 2022) is comparable to what the rate for the entire U.S. population was in 1941 (651.1) before doctors began using penicillin to cure syphilis, according to KFF Health News.

    The risk is especially high for people with limited access to health care.

    “If you’re putting off care or don’t have a regular relationship with a doctor, those people are more likely to go untreated,” Curry O’Connell said. “For whatever reason or barrier — if a person can’t get time off of work, they have a distance to travel, they don’t have immediate transportation or anything — it could end up that the symptom goes away.”

    How SD entities are addressing the epidemic

    Broghammer’s position is funded by a grant from the Indian Health Service. His “boots on the ground” method is the most effective way to treat patients, though it’s also a “grind,” Broghammer said.

    Whether due to homelessness, financial or privacy concerns, many patients struggle to find their way to Oyate Health on the west side of Rapid City, Broghammer said. He’ll meet patients anywhere: their home, hotels or even in parking lots.

    “Some days I’ll get five to six phone calls reaching out to us, which is great. Other days we’re picking up the phone and trying to locate people but might not find anybody,” Broghammer said. “It’s not just as simple as a phone call and meeting with them. We have a decent sized population of houseless relatives where it’s difficult to find them — no phone or address. Sometimes we literally have nothing to go off of.”

    Some other health care systems will test for syphilis but won’t go to the patient’s location.

    “Underlying all of this is it’s very resource intensive, especially in rural areas,” Curry O’Connell said. “However, there’s not anything we know of yet that can replace it. Boots on the ground, going out to talk to people, giving testing and doing what needs to be done is just basic public health work, and there’s nothing else that really works better.”

    Some tribes and Indian Health Service locations are also sending nurses across South Dakota reservations to find and treat people. The state Department of Health plans to launch its Wellness on Wheels program in May, with five vans traveling across the state to provide basic health care to rural communities — including STI testing, treatment, education, counseling and referrals to community resources.

    The vans will also provide pregnancy care services, safe sleep guidance and developmental screening for children, WIC services, maternal depression screening, immunizations and oral health.

    “We hope to use these vans several times a week to reach clients who might not have access to one of our physical locations,” said Tia Kafke, media spokesperson for the department, in an emailed statement. “The vans will operate in the winter as much as possible, weather permitting.”

    The state, tribes and tribal health board have monthly meetings about syphilis, Curry O’Connell said. IHS recommends every patient age 16 and older be screened for syphilis at least once a year. Pregnant patients should be screened three times during their pregnancy.

    Broghammer often receives calls from the state Department of Health with leads on people who tested positive for syphilis.

    “They save me time and energy, so I know they’re working their tails off,” Broghammer said.

    The state department started piloting a rapid testing partnership with a health care provider in Mission, on the Rosebud Reservation, in December. Fifty patients were tested in the first three months with eight testing positive and being treated for the disease.

    The move to rapid testing is an important development, professionals agree, because patients are able to be treated immediately rather than days or weeks later when results come in from laboratories. The department has seven normal testing centers across the state.

    The number of syphilis cases in South Dakota has decreased since it peaked in 2022, though it’s still at epidemic levels. Congenital syphilis is only prevented by treating pregnant females. The number of congenital syphilis cases in South Dakota increased from 2022 to 2023.

    Prenatal care, intervention key to addressing congenital syphilis

    Though Broghammer sees the collaborations’ effect, he said there could be more entities working together in the state to put more boots on the ground.

    Curry O’Connell said more effort is needed to test pregnant patients who aren’t receiving prenatal care. Nearly one-third of congenital syphilis cases in the first half of 2023 did not receive prenatal care, according to the state.

    Most women still will interact with the health care system at some point during their pregnancy, even if they don’t receive prenatal care. They should be screened with a rapid test at that point, Curry O’Connell said.

    “If someone goes into urgent care or goes in for something that’s not even pregnancy related, that would be a place to start, because a lot of women will receive some sort of care during pregnancy,” Curry O’Connell said. “It’s trying to maximize the screening potential of those visits that’s important.”

    Education, Broghammer said, is an important tool.

    “I think the biggest thing is to just get checked,” Broghammer said. “If you’re sexually active, be safe: get screened and get checked. Be mindful of your partners and safe sex practices.”

    South Dakota Searchlight is part of States Newsroom, a nonprofit news network supported by grants and a coalition of donors as a 501c(3) public charity. South Dakota Searchlight maintains editorial independence. Contact Editor Seth Tupper for questions: info@southdakotasearchlight.com. Follow South Dakota Searchlight on Facebook and Twitter.

    Rishi Sunak accused of ‘gaslighting’ UK on economy as MoD ‘hacked’ by China – UK politics live

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    Prime Minister Rishi Sunak has vowed to ‘fight’ on (Henry Nicholls/PA) (PA Wire)

    Labour’s Rachel Reeves has accused the government of gaslighting the public about the economy, as she warns that the Tories’ disastrous local election results show the country has voted for change.

    Accusing ministers of making deluded, over-optimistic statements which are out of touch with Britons struggling with the cost of living, the shadow chancellor warned that voters at the general election have a choice between five more years of chaos with the Tories or stability with Sir Keir Starmer’s party.

    It came as reports revealed that the Ministry of Defence was targeted in a cyberattack on a third party payroll system including the details of tens of thousands of British armed forces and veterans.

    The MoD has been working over the last three days to understand the scale of the recently-discovered hack, and MPs will be informed officially in parliament on Tuesday afternoon, Sky News reported.

    Senior Tory Tobias Ellwood alleged that the targeting of a payroll system “points to China” and could be part of “strategy to see who might be coerced”. China’s foreign ministry said it “firmly opposes and fights all forms of cyberattacks”.

    1715083055

    Government reviewing third-party contractor’s operations after cyberattack

    The government is reviewing the operations of a third-party contractor whose systems were hacked in a cyber attack on the Ministry of Defence, Downing Street has said.

    Rishi Sunak’s official spokesman said: “In relation to the specific contractor involved in this incident, a security review of that contractor’s operations is under way and appropriate steps will be taken after that.”

    Andy Gregory7 May 2024 12:57

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    No 10 declines to attribute cyberattack to specific state

    Downing Street has declined to attribute the reported cyberattack on the Ministry of Defence to a specific state or actor.

    Asked whether China was responsible for the attack, Rishi Sunak’s official spokesman said: “The defence secretary is going to give an update to parliament on this this afternoon.

    “You will appreciate I’m obviously limited in what I can say until then, other than the Ministry of Defence has already taken immediate action, isolating the network and supporting personnel affected.

    “I can’t get into any further speculation around the origination of the attack.”

    Andy Gregory7 May 2024 12:41

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    Muslim group issues 18 demands for Keir Starmer to win back voters lost over Gaza

    A Muslim campaign group has issued Sir Keir Starmer with 18 demands in order to win back support lost due to his stance on Israel’s war in Gaza.

    The Muslim Vote, which aims to organise voters against MPs who did not back a ceasefire in the conflict, has called for the Labour leader to apologise for his early stance on Israel’s campaign against Hamas.

    And it has urged Sir Keir to promise to cut military ties with Israel and let Muslims pray in schools and for Labour figures to return “zionist money”.

    Our political correspondent Archie Mitchell reports:

    Andy Gregory7 May 2024 12:33

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    Record proportion of voters expect Labour to win next election, polling suggests

    Just one in five voters expect the Conservative Party to win at the next general election, new polling by Redfield & Wilton suggests.

    That compares with 63 per cent who believe Labour will win – the highest proportion ever recorded by the pollster.

    The situation marks an utter reversal in summer 2021, prior to the Partygate scandal, when 55 per cent of voters believed the Tories would win the next election and less than 25 per cent thought Labour would.

    The two parties were tied on around 40 per cent in the early days of Liz Truss’s premiership, until Tory fortunes plummeted significantly and Labour’s rose correspondingly in the wake of her disastrous mini-Budget.

    Andy Gregory7 May 2024 12:21

    1715080379

    Humza Yousaf signs official resignation letter to King

    Scotland’s outgoing first minister Humza Yousaf has signed his official resignation letter to King Charles.

    Mr Yousaf signed the letter at the Scottish Parliament in Edinburgh.

    He is expected to make a speech at Holyrood later ahead of a vote on new SNP leader John Swinney becoming Scotland’s new first minister.

    Andy Gregory7 May 2024 12:12

    1715079613

    Tories must unite to bring back voters who stayed away in local elections, minister says

    Rishi Sunak must win back “disgruntled” Conservative voters to give the party a hope of general election victory, work and pensions Secretary Mel Stride has said.

    Mr Stride insisted the Tories still have “all to play for” in the general election despite the drubbing inflicted in local and regional contests. But in a message to the prime minister’s Tory critics, Mr Stride said the party had to be “united” to win back voters.

    Mr Stride, a close ally of Mr Sunak’s, said a lot of Conservative voters “stayed away” from the ballot boxes because they were “disgruntled” – but insised the upcoming general election will be an “entirely difference contest”.

    Acknowledging that the results from the local elections had been “very painful”, he told Times Radio: “This is a volatile electorate, there are undoubtedly people that we need to win back to the Conservative cause.

    “I suspect a large number of those people stayed away on election day last Thursday, and it’s down to us now to do absolutely everything we can in a united way as the party to bring back those people to the Conservative fold.”

    Andy Gregory7 May 2024 12:00

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    Sian Berry steps down days after re-election

    Former Green Party co-leader Sian Berry has stepped down from the London Assembly just days after being re-elected, to make way at City Hall for the party’s mayoral candidate Zoe Garbett.

    Andy Gregory7 May 2024 11:51

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    Watch: Infected blood scandal is greatest injustice country has seen, claims Andy Burnham

    Infected blood scandal greatest injustice country has seen, claims Andy Burnham

    Andy Gregory7 May 2024 11:37

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    Rachel Reeves says government ‘gaslighting’ public about economy

    Shadow chancellor Rachel Reeves has accused the government of “gaslighting” the public about the economy, saying ministers’ over-optimistic statements are “out of touch” with Britons still struggling with the cost of living, reports Sophie Wingate.

    Seeking to get ahead of the Tories’ response to a raft of economic data this week, the Labour frontbencher argued that Jeremy Hunt and Rishi Sunak’s likely message of an improving economy is “deluded”.

    In a speech in the City of London on Tuesday, she warned that voters at the general election have a choice between “five more years of chaos” with the Tories or “stability” with Sir Keir Starmer’s party.

    As Labour celebrates a string of victories in regional mayoral contests, local elections and a by-election in Blackpool South, Ms Reeves said the results showed that people “voted for change”.

    Her intervention comes ahead of the Bank of England’s latest interest rates decision on Thursday and figures covering the economy’s performance over the first three months of this year on Friday.

    Andy Gregory7 May 2024 11:22

    1715074277

    Security services ‘investigating whether China trying to build profiles of British military personnel’

    The UK’s security services are investigating whether China is attempting to build profiles of members of the armed forces and people in other sensitive roles through a series of hacks of different databases holding personal information, British officials familiar with the matter have told Bloomberg.

    Tory MP Tobias Ellwood earlier told the BBC that the targeting of a payroll system “points to China” and could be part of “strategy to see who might be coerced”.

    Andy Gregory7 May 2024 10:31

    Lucid stock down on Q1 loss, confirms Gravity SUV on track for ‘late 2024’ launch

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    EV maker Lucid (LCID) reported mixed first quarter results as a wider-than-expected loss trumped the company’s confirmation that its Gravity SUV is still on track for a 2024 debut.

    For the quarter, Lucid reported revenue of $172.7 million, topping expectations of $150.1 million and nearly 16% higher than a year ago. Lucid’s loss per share, however, came in at $0.30, higher than estimates of $0.25, with its adjusted EBITDA loss coming in at $598.4 million compared to the $505.1 million forecast by analysts per Bloomberg.

    Lucid stock slide over 10% in early trade on Tuesday..

    Last month, Lucid announced that it produced 1,728 vehicles and delivered 1,967 vehicles in the first quarter, compared to 2,391 vehicles produced and 1,734 vehicles delivered in Q4. The sequentially higher delivery numbers were positive news for investors, and the company said that it is targeting 9,000 vehicles produced in 2024. Last year, Lucid produced 8,428 vehicles and delivered 6,001 to clients.

    Lucid’s latest round of EV price cuts announced in February likely boosted sales, but there was concern it impacted the company’s margins, which Lucid doesn’t officially break out.

    “If you look at in Q1, despite the pricing actions we took in the current quarter, our gross margin improved sequentially and that was as a result of cost optimization initiatives that were taking in the company, and technology is playing a critical role — battery costs, you know, [have] come down,” Lucid interim CFO Gagan Dhingra said to Yahoo Finance in a call shortly after Lucid’s earnings release.

    Dhingra also noted the company worked with suppliers to bring down bill of material (BOM) costs, as well as logistics costs, to improve margins.

    Another area of concern for investors is capital expenses incurred for its Gravity production activities. Lucid said capital expenditures hit $198.2 million in the quarter, with expenditures expected to tally $1.5 billion in 2024.

    A Lucid Gravity fully electric EV car is displayed during the Geneva Motor Show 2024 at Palexpo on Feb. 26, 2024, in Geneva, Switzerland. (John Keeble/Getty Images) (John Keeble via Getty Images)

    Rawlinson was optimistic that those costs would pay off for Lucid. “I’m really optimistic that [Gravity] is going to give us great scale, and so much of the cost structure is not about the BOM in itself — it’s about the economies of scale in terms of amortizing those damn fixed costs, and what we need is volume and I believe that Gravity is gonna give us volume,” Rawlinson said to Yahoo Finance.

    In terms of its cash position, Lucid said it had $4.62 billion in cash and cash equivalents on hand, enough liquidity to last into the Q2 of 2025. Lucid announced in late March that it struck a funding agreement with its majority shareholder Ayar Third Investment Company for a $1 billion investment. Ayar is an affiliate of Saudi Arabia’s Public Investment Fund (PIF).

    “We are a cornerstone of [Saudi Arabia’s 2030] vision, we are mutually incentivized for success,” Rawlinson said regarding Lucid’s deep ties with Saudi Arabia’s PIF sovereign wealth fund. “PIF wants us to succeed, this isn’t like a normal mere financial investment. But why are they confident in us? Because what differentiates us is that we’ve got the world’s highest technology in the space.”

    Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

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    Former Georgia Republican Lt. Gov. Geoff Duncan says he is voting for Biden in November

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    CNN
     — 

    Former Georgia Republican Lt. Gov. Geoff Duncan on Monday said he will vote for President Joe Biden in November, arguing former President Donald Trump “has disqualified himself through his conduct and his character.”

    “Unlike Trump, I’ve belonged to the GOP my entire life. This November, I am voting for a decent person I disagree with on policy over a criminal defendant without a moral compass,” Duncan, a CNN contributor, wrote in an opinion piece published in the Atlanta Journal-Constitution.

    Duncan told CNN’s Laura Coates Monday night that Trump “is not a Republican” and “doesn’t represent our brand.”

    “Donald Trump’s not a Republican. He doesn’t represent our brand. He doesn’t represent our future. He’s a horrible human being at this point, we’re watching that play out hour by hour in the courtroom,” Duncan said. “It’s time to move on. If we’re going to heal as a party and truly get back to doing the things that we should do – and that’s be conservative but not angry or crazy or liars – we should turn the page immediately from Donald Trump.”

    In the op-ed titled, “Why I’m voting for Biden and other Republicans should, too,” Duncan outlined why he has decided against backing the GOP nominee. While Duncan admitted Biden’s age is a concern for many and his “progressive policies aren’t to conservatives’ liking,” he wrote he was left with no alternative as he argued a second Trump term would hinder the Republican Party from moving forward.

    “The GOP will never rebuild until we move on from the Trump era, leaving conservative (but not angry) Republicans like me no choice but to pull the lever for Biden,” Duncan wrote. “The alternative is another term of Trump, a man who has disqualified himself through his conduct and his character. The headlines are ablaze with his hush-money trial over allegations of improper record-keeping for payments to conceal an affair with an adult-film star.”

    Duncan criticized fellow members of his party, including Senate Minority Leader Mitch McConnell and New Hampshire Gov. Chris Sununu, calling it “disappointing to watch an increasing number of Republicans fall in line behind former president Donald Trump.” “This mentality is dead wrong,” he added.

    Duncan also slammed Bill Barr, once an attorney general for the former president who has since emerged as one of Trump’s most prominent critics, for recently saying he would vote for the presumptive Republican nominee over Biden in November.

    “Ironically, having served as his attorney general until December 2020, Barr saw firsthand Trump’s ability to cause damage. Barr’s declaration that the Justice Department uncovered no evidence of widespread voter fraud that could change the outcome of the 2020 election infuriated his boss and set off a chain of events that ended with Jan. 6,” Duncan wrote.

    “Trump has shown us who he is. We should believe him. To think he is going to change at the age of 77 is beyond improbable,” Duncan later added.

    Trump’s attempt to overturn the 2020 election in Georgia caused Duncan and other Georgia GOP election officials, including Gov. Brian Kemp and Secretary of State Brad Raffensperger, to push back against Trump’s claims of fraud in the state.

    Duncan was president of the Georgia state Senate when Rudy Giuliani and other Trump allies spread conspiracy theories about the 2020 election before Georgia state lawmakers in meetings he said at the time he did not “sanction.”

    Last year, he testified in front of the Fulton County grand jury that would later indict Trump and others for their attempts to overturn the election in the state. Trump has pleaded not guilty to all criminal charges he faces.

    Duncan told CNN’s Jake Tapper after the 2020 election that Trump attacking Kemp and Raffensperger “disgusts” him and spoke about the threats elected officials in the Peach State have received.

    “All of us in this position have got increased security around us and our families and it’s not American, it’s not what democracy is all about but it’s reality right now. So, we are going to continue to do our jobs. Gov. Kemp, Brad Raffensperger and myself all three voted and campaigned for the president but, unfortunately, he didn’t win the state of Georgia but it doesn’t change our job descriptions,” Duncan said.

    In 2021, Duncan announced he would not run for reelection in 2022, explaining he would instead focus on reforming the GOP.

    “We have to move on as Republicans, we have to, and this is our first step to it. … I think Georgians are going to vote against Donald Trump,” Duncan said on “Laura Coates Live.”

    This story has been updated with additional information.

    CNN’s Jack Forrest and Rashard Rose contributed to this report.

    Asian stocks creep higher, Australia rises on less hawkish RBA By Investing.com

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    Investing.com– Most Asian stocks rose on Tuesday amid persistent optimism over an eventual decline in U.S. interest rates, with indexes in Japan and South Korea blazing past their peers in catch-up trade. 

    Australian stocks also extended gains after the Reserve Bank of Australia struck a less hawkish chord than markets were expecting, reinforcing bets that it will not hike rates any further in 2024.

    Regional markets took a positive lead-in from Wall Street, particularly from gains in the technology sector after a swathe of strong first-quarter earnings in recent sessions. 

    But U.S. stock index futures fell slightly in Asian trade, while overall gains in regional markets were also limited in anticipation of more cues on U.S. rates, specifically from Federal Reserve officials set to speak later in the week. 

    Nikkei, KOSPI surge in catch-up trade 

    Japan’s and South Korea’s were the best performers in Asia on Tuesday, rising 1.2% and 1.9%, respectively. 

    The two rose in catch-up trade after a long weekend, with their gains coming largely in response to softer-than-expected U.S. data from Friday. Technology stocks were the biggest boosts to the two indexes. 

    Friday’s payrolls data was a key point of support for Asian markets, as traders began once again pricing in potential interest rate cuts by the Federal Reserve. Traders see a that the Fed will cut rates by 25 basis points in September. 

    Gains in other Asian markets were somewhat limited on Tuesday, especially as Fed officials warned that while the central bank will eventually cut rates this year, it still needed more convincing that inflation was coming down. More Fed speakers are also on tap this week. 

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    ASX 200 gains as RBA strikes less hawkish chord 

    Australia’s index rose 1.2%, extending gains after the RBA .

    While the central bank warned that Australian inflation will take longer to reach its 2% to 3% annual target, it still stopped short of directly warning markets over any potential rate hikes. Traders had fears a warning of more rate hikes after stronger-than-expected inflation data for the first quarter.

    Expectations of an extremely hawkish RBA were also undermined by weak data for the first quarter, which showed that domestic spending was slowing. 

    Some weak earnings also limited gains. ANZ Group (ASX:) fell 0.9% after a middling profit for the six months to March 31. 

    Broader Asian markets were muted. A rebound in Chinese shares appeared to be running out of steam, with the and marking small moves after racing to five-month peaks in April.

    Hong Kong’s index fell 0.4% after rising for 10 consecutive sessions, which also saw the index enter a bull market from February lows.

    Futures for India’s index pointed to a muted open, after the index clocked mild losses in the prior session.

    Trump seeks delay in classified documents case, saying prosecutors mishandled evidence

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    Getty Images

    Former President Donald Trump, left, and special counsel Jack Smith.



    CNN
     — 

    Donald Trump’s attorneys have found a new reason to seek to delay the classified documents case: Some of the documents found in boxes at Mar-a-Lago have shifted out of order since FBI agents seized them two years ago.

    Trump’s attorneys indicated in a filing Monday that the shuffling of documents within boxes in evidence also could be grounds for the case to be tossed. They said they would file a motion to dismiss if the prosecution “cannot prove in a reliable way how it seized and handled the key evidence in the case, which will be a central issue at any trial.”

    In a brief order Monday, federal Judge Aileen Cannon paused the deadline the defendants faced this week for certain pretrial disclosures and said there would be a follow up order resetting pretrial deadlines and hearings. The order did not provide any further explanation.

    Special counsel Jack Smith’s office acknowledged in a recent court filing that, in at least some of the boxes obtained in the Mar-a-Lago search, the documents are now in a different order within each box than when the Justice Department first took custody of the boxes.

    “President Trump and counsel are deeply troubled to be learning of these facts approximately 11 months after the charges were filed in this case,” Trump’s attorneys wrote in the filing. The disclosures by Smith’s office “raise questions about the investigation and the handling of evidence that must be addressed before the matter proceeds.”

    Trump was charged with mishandling national defense information after the FBI seized boxes in August 2022 from the Florida estate that contained documents with classified markings mixed in with other documents and personal effects of the former president. Trump and his co-defendants have pleaded not guilty.

    The prosecutors noted in their court filing that the boxes have been subject to several reviews, including one sought by Trump. Cannon appointed a special master at Trump’s behest in 2022 to review the seized documents and determine what should be withheld from investigators because of privilege issues.

    The order of the documents could become critical to the defense of Trump and his co-defendants. For now, defense lawyers are asking for delays, arguing the revelation has disrupted their trial preparations.

    In Monday’s filing, Trump’s attorneys say they relied on the order of the classified material within the boxes when they reviewed them as part of the discovery process. At that point, the attorneys say the classified material was “buried within the boxes,” which they say could help clear Trump of any wrongdoing.

    The attorneys also say “it was our understanding” that classified material was found next to items that “provided favorable context” around when the document was put in the box, according to the filing.

    When the boxes were first seized in 2022, they were reviewed for privileged materials by a team of DOJ attorneys separate from the investigation team. Then, as part of another review by investigators, classified documents within the boxes were removed and swapped out with a placeholder sheet. And as part of the special master process ordered by Cannon, the boxes’ contents were scanned so that inventories of their contents could be created.

    The filing from prosecutors said the documents and placeholder sheets stayed within the boxes they were found in, but that “there are some boxes where the order of items within that box is not the same as in the associated scans.”

    Prosecutors acknowledged the discrepancy in response to a request last week from Trump co-defendant Walt Nauta that certain pre-trial deadlines be postponed.

    The defendants had been required to tell the court by Thursday what classified materials they intend to use as part of their defense, but Nauta and Trump argued they couldn’t meet that deadline because of the evidence snafu.

    Nauta has previously argued that prosecutors have not sufficiently shown that the boxes he is accused of moving out of a Mar-a-Lago storage room contained the classified documents sought by investigators in a May 2022 subpoena.

    Special counsel Smith has argued that Nauta’s ability to meet this week’s deadline  – which Cannon has since removed – should not be affected by the fact that some of the documents have fallen out of order within each box.

    A spokesperson from Smith’s office declined to comment further.

    This story has been updated with additional developments.

    Buffett Invests in T-bills instead of Stocks, Waits for Bad Stuff to Happen, Cash is King at 5%-plus

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    When the Oracle of Omaha gets dark-ish on stocks at these prices, he isn’t taken seriously, suddenly. It’s only when he hypes stocks that everyone jumps in behind him.

    By Wolf Richter for WOLF STREET.

    Treasury bills are now all the rage at Berkshire Hathaway. They have been earning between 5.0% and 5.5% since mid-2023, and Warren Buffett decided they’re a great deal, rather than stocks at current prices, and loaded up on them.

    At the end of March, the huge conglomerate held $153 billion in T-bills, up by $24 billion from three months earlier, and up by nearly $50 billion from March 2023, and up by $86 billion from March 2022 ($67 billion), according to BRK’s 10-Q filings. The year 2022 was when T-bills began paying a noticeable interest once again.

    If BRK earns an average of 5.3% on its T-bills in the current quarter, that would be about $2.4 billion in interest income with zero risk. By comparison, it reported $15.7 billion in total pre-tax income for Q1. So the income from T-bills matters.

    Total T-bills, cash, and cash equivalent jumped to $189 billion, up by $21 billion in three months, and up by $59 billion year-over-year ($130 billion in Q1 2023).

    Excluding the amounts held by “Railroad, Utilities and Energy” companies, total T-bills and cash jumped to $182 billion, and Buffett said at the shareholder meeting that it was “a fair assumption” that it would grow to $200 billion by the end of June, and that he was “quite satisfied” with that position. Cash is king.

    Converting Apple shares to T-bills.

    While loading up on T-bills – of which the government has been issuing a tsunami on a weekly basis – BRK dumped 13% of its stake in Apple in Q1, or about 116 million shares, after having sold about 10 million shares in the prior quarter. Apple remains BRK’s largest stock position, with a value of $135.4 billion on March 31, according to BRK’s 10-Q filing today.

    Obviously, Buffett praised Apple and the stock, because BRK was still holding $135.4 billion as of March 31, and he doesn’t want to tank the shares before he can unload more of them.

    But he did sell Apple, and bought T-bills with the proceeds, instead of other stocks, and that ballooning pile of interest-earning cash became a topic at the shareholder meeting on Saturday, and he was asked why he wasn’t putting this cash to work – though it’s actually working just fine, producing 5%-plus risk free.

    Earning 5%-plus risk free while waiting for bad stuff to happen.

    “I don’t think anyone sitting at this table has any idea how to use it [the cash] effectively, and therefore we don’t use it,” Buffett said.

    “We’d love to spend it, but we won’t spend it unless we think we’re doing something that has very little risk and can make us a lot of money,” he said.

    “We only swing at pitches we like,” he said. And right now, they’re not liking anything other than T-bills.

    “As the world gets more sophisticated, complicated and intertwined, more can go wrong,” and the company wants to be able to “act when that happens,” he said. Waiting for a big drop in share prices, to put this cash to work at reasonable price levels?

    Obviously…

    When Buffett gets unexcited about stocks, dark-ish about their potential, waits for them to drop, dumps a big pile of Apple, and invests in T-bills — and explains why — suddenly no one takes him seriously anymore.

    The financial media drag out voices that kindly brush it all off. Just an old folksy guy on his way out. It’s only when he hypes stocks, or a particular stock, that the financial media and the other organs of Wall Street see him as the Oracle of Omaha and jump in behind him. Some things are just funny, without anyone wanting them to be funny.

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    US soldier was arrested in Russia last week, officials say

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    Vlad Karkov/SOPA Images/LightRocket/Getty Images

    MOSCOW, RUSSIA – 2022/05/20: The Russian tricolor flag is seen on top of the Kremlin Senate located inside the Kremlin Wall. (Photo by Vlad Karkov/SOPA Images/LightRocket via Getty Images)



    CNN
     — 

    An American soldier was detained in Russia last week on suspicion of theft and is currently being held in pre-trial detention, according to two US officials.

    The soldier, a staff sergeant, was arrested on May 2 by Russian authorities, the officials said. He was stationed in South Korea and traveled to Russia of his own volition, they said.

    An Army spokesperson confirmed on Monday that the soldier was detained by Russian authorities in Vladivostok “on charges of criminal misconduct.”

    “The Russian Federation notified the U.S. Department of State of the criminal detention in accordance with the Vienna Convention on Consular Relations,” said spokesperson Cynthia Smith. “The Army notified his family and the U.S. Department of State is providing appropriate consular support to the Soldier in Russia. Given the sensitivity of this matter, we are unable to provide additional details at this time.”

    The US Embassy in Moscow is seeking consular access to the soldier and has informed his family of his detention, the officials said.

    There are a number of Americans being held in Russia, including two who have been declared as wrongfully detained by the US State Department – Wall Street Journal reporter Evan Gershkovich and former Marine Paul Whelan.

    Last July, another soldier stationed in South Korea willingly crossed into North Korea where he was immediately detained. Pvt. Travis King had been on a border tour of a civilian area when he ran across the Joint Security Area (JSA) and into North Korea.

    King was supposed to have boarded a flight back to the United States to face disciplinary procedures. But after Army escorts released him at a security checkpoint at Incheon International Airport near Seoul, King left the airport on his own.

    It took weeks of secretive and intense diplomacy involving multiple countries to secure King’s release in September. He was charged with desertion in October.

    CNN’s Jennifer Hansler contributed to this report.

    This story is breaking and will be updated.

    Stocks gain as Fed rate hopes fuel continued rally

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    Stocks rose Monday as Wall Street looked set to build on an end-of-week surge precipitated by a softer-than-expected jobs report that helped spur bets toward an earlier rate cut from the Federal Reserve.

    The S&P 500 (^GSPC) gained 0.8% while the tech-heavy Nasdaq Composite (^IXIC) rose 0.9%. The Dow Jones Industrial Average (^DJI) increased roughly 0.4%.

    Stocks rallied at the end of last week, getting a boost from a “Goldilocks” jobs report that struck the balance in providing welcome news for both the markets and the Fed. More than two-thirds of bets are now on a September rate cut from the Fed, according to the CME FedWatch Tool. Most traders now expect at least two cuts by the end of the year.

    Those bets could be swung by the return of Fedspeak this week, now that free-speaking Fed officials are untethered from a pre-meeting blackout period.

    On Monday, New York Fed president John Williams said officials will make rate cut decisions based on the totality of incoming data. Williams assured eventually “we’ll have rate cuts,” but for now monetary policy is in “a very good place.”

    Also on Monday, Federal Reserve Bank of Richmond President Thomas Barkin expressed optimism that inflation will come down to 2% as “the full impact of higher rates is yet to come.”

    Minneapolis’s Neel Kashkari is set to speak on Tuesday.

    In corporate news, Disney (DIS) will take center stage this week as earnings season starts to wind down. Its stock is up around 25% so far this year.

    Boeing (BA) sank more than 1% in afternoon trading after the the Federal Aviation Administration (FAA) said it has launched a new probe into the aircraft maker’s 787 Dreamliner after the company revealed to regulators last month it may not have completed required inspections.

    A Boeing spokesperson told Yahoo Finance, “we promptly notified the FAA and this is not an immediate safety of flight issue for the in-service fleet.”

    After a 6% post-earnings rally on Friday, Apple (AAPL) shares lost around 0.5% after Berkshire Hathaway CEO Warren Buffett revealed over the weekend the company had pared its holdings in the iPhone maker.

    Live10 updates

    • Disney earnings preview: set to report first earnings report since Nelson Peltz proxy battle win

      Disney (DIS) will report its fiscal second quarter earnings before the bell on Tuesday — its first earnings report since the media giant successfully fended off a high-profile proxy fight with activist investor Nelson Peltz.

      As a reminder, Disney recently adjusted its reporting structure after CEO Bob Iger reorganized the company into three core business segments: Disney Entertainment, which includes its entire media and streaming portfolio; Experiences, which encompasses the parks business; and Sports, which includes ESPN networks and ESPN+.

      Over the past year, Disney has been grappling with challenges that include a declining linear TV business, slower growth in its parks business, and profitability hurdles in streaming. But a recent turnaround plan from CEO Bob Iger has investors more bullish in recent months.

      Here’s how Wall Street expects Disney to perform, according to consensus estimates compiled by Bloomberg:

      • Total revenue: $22.10 billion versus $21.82 in Q2 2023

      • Adj. earnings per share: $1.10 versus $0.93 in Q2 2023

      • Entertainment revenue: $10.31 billion

      • Sports revenue: $4.33 billion

      • Experiences revenue: $8.18 billion

      • Disney+ subscribers: 4.71 million versus a loss of 4 million subscribers in Q2 2023

      Disney’s stock has been on a tear since the start of the year, up about 30% compared to the S&P 500’s (^GSPC) 10% rise over that same time period.

      The bullish sentiment has been driven by improved financials along with a slew of fresh announcements the company revealed in February — just ahead of its proxy fight win.

      “I don’t know that [Disney has] a lot left in its pocket for this earnings report,” Doug Creutz, managing director at TD Cowen, told Yahoo Finance. “I think numbers will be fine, but I don’t think you’ll see nearly as much ‘new news’ as we did three months ago.”

      Read more here.

    • A quiet economic data week is usually a good thing for stocks

      After several weeks inflation and Federal Reserve interest rate cuts driving the market narrative, it’s all quiet on the economic news front.

      There are no notable economic data releases set for this week.

      And research from Bank of America shows that’s usually a good thing for stocks. Since 2014, the S&P 500 (^GSPC) has risen 0.6% during weeks with no key macro data releases. The median gain in other weeks is 0.2%, per BofA.

    • Companies are having their best earnings season in nearly 2 years

      Stocks have remained largely resilient in recent weeks despite reports of sticky inflation and risk that the Federal Reserve holds interest rates higher for longer than investors expect. Wall Street strategists believe that’s likely due to a better-than-expected set of first quarter earnings.

      With 80% of the companies in the S&P 500 (^GSPC) done reporting, the benchmark index is pacing for 5% growth in first quarter earnings per share, per FactSet. This is the biggest year-over-year increase since the second quarter of 2022 and higher than the 3.2% growth analysts had expected prior to the start of the season.

      “Higher interest rates usually hurt U.S. stock valuations,” Jean Boivin, the head of the BlackRock Investment Institute, wrote in a weekly note on Monday. “Instead, strong Q1 earnings have supported stocks even as high rates and lofty expectations raise the bar for what can keep markets sanguine.”

      Perhaps the most notable move on the earnings front in the past month has come in second quarter outlooks. Thus far, 55% of the companies that have reported have given lower EPS guidance than analysts expected for the current quarter, well below the 10-year average of 63%, per FactSet.

      This comes as analysts have remained surprisingly optimistic on the current quarter. Typically, analysts cut earnings forecasts as the quarter rolls on. That hasn’t happened yet.

      Through the first month of the second quarter, analysts have raised their earnings per share projections for companies in the S&P 500 by an aggregate of 0.7%. This compares to a usual decline of 1.8% over the past 20 years.

      DataTrek co-founders Jessica Rabe and Nicholas Colas described this as a “bullish development.”

      “Even with all the uncertainty around monetary policy, it is hard to see US large caps falling very much when estimate revisions are positive,” the DataTrek team wrote. “The bear case for stocks needs an exogenous shock to come along, and quickly.”

      Read more here.

    • Current rates should be enough to bring inflation down: Fed’s Barkin

      Yahoo Finance’s Jennifer Schonberger reports:

      Richmond Fed president Tom Barkin said Monday he is optimistic that the current interest rates will be enough to eventually bring inflation down, and that the Fed can afford to be patient due to a strong job market.

      “The recent data whiplash has only confirmed the value of the Fed being deliberate,” Barkin said in a speech at Columbia Rotary Club in South Carolina.

      “The economy is moving toward better balance, but no one wants inflation to reemerge.”

      Barkin’s comments come after inflation showed a lack of progress in the first three months of the year after a steady decline in the second half of last year.

      Read more here.

    • Boeing countdown to Starliner first crewed mission to ISS

      Boeing (BA) stock was up more than 1% ahead of the industrial giant’s first planned astronaut launch to NASA’s International Space Station on Monday night at 10:34 p.m. Eastern.

      If the flight proves successful, it could pave the way for NASA to allow Boeing to conduct routine flights to and from the ISS for the agency. Boeing’s Starliner program has faced a series of setbacks and delays over the years. The Starliner space capsule failed to reach the ISS in 2019.

      Monday’s milestone comes amid an ongoing safety controversy and a leadership change at Boeing.

    • Trending tickers Monday

      Palantir Technologies (PLTR)

      Palantir stock rose more than 6% Monday morning to occupy the No. 1 slot on Yahoo Finance’s trending ticker page with the software developer’s first quarter earnings results due out after the market close. Analysts will be paying close attention to the company’s performance in its artificial intelligence platform (AIP) segment.

      Tyson Foods (TSN)

      Shares of Tyson Foods fell Monday despite reporting better-than-expected earnings for the second quarter. While the company beat revenue estimates, it missed on net sales due to a consumer spending slowdown and issues stemming from the company’s chicken production operations.

      Disney (DIS)

      Disney is set to deliver its quarterly results on Tuesday prior to the market open. The print will be the first results released since the media conglomerate won its proxy fight with Nelson Peltz last month. Investors will be watching for subscriber growth in streaming services, parks attendance, and Disney’s read on the summer box office.

    • Robinhood gets new legal threat from SEC as crypto crackdown continues

      Yahoo Finance’s David Hollerith reports:

      Robinhood (HOOD) said it received a Securities and Exchange Commission warning that the trading platform could face an enforcement action related to its US crypto business.

      The so-called Wells notice that Robinhood received May 4 stated that the SEC’s staff made a “preliminary determination” to recommend the action due to violations of registrations as a securities broker and transfer agent.

      Its stock, however, rose more than 1% in early morning trading Monday after dropping by as much as 7% before the market open.

      Robinhood warned in its disclosure that a potential action from the SEC could mean a civil complaint and a public court proceeding that could end in a fine, a cease-and-desist order, and other limitations on its crypto activities.

      The SEC has gone after a number of firms that let US customers trade cryptocurrencies as part of a wide-ranging crackdown on the industry. Read more here.

    • Energy stocks lead gains as oil edges higher

      Energy-related stocks gained Monday as oil inched higher. The S&P 500 Energy Sector Select ETF (XLE) rose more than 1%, leading the overall market gains.

      Crude futures rose on renewed geopolitical tensions and after Saudi Aramco increased its prices for Asian customers, signaling tight supply.

      West Texas Intermediate (CL=F) rose less than 1% to hover above $78 per barrel. Brent, the international benchmark price, also gained (BZ=F) to trade above $83 per barrel.

      Last week, oil fell more than 6% amid diplomatic efforts for a ceasefire between Hamas and Israel. By Monday, that prospect had dimmed.

      “I believe we have seen some major liquidation in the crude space from hedge funds and therefore, more buying power could be on the sidelines if we get renewed Geopolitical fears,” Dennis Kissler, senior vice president at BOK Financial, said in a note to clients on Monday.

    • Stocks edge higher on hopes of Fed rate cuts this year

      Stocks opened higher on Monday as Wall Street looked set to continue the market’s surge on Friday on bets the Federal Reserve will cut rates this year amid a softening job market.

      The S&P 500 (^GSPC) gained 0.4%, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.3%. The Dow Jones Industrial Average (^DJI) rose more than 0.4%.

      In corporate news, Disney (DIS) will report quarterly results this week, as earnings season starts to wind down.

      Apple (AAPL) shares opened slightly lower Monday after Berkshire Hathaway CEO Warren Buffett revealed over the weekend the company had pared its holdings in the iPhone maker. Apple stock gained more than 6% on Friday in reaction to the company’s quarterly results and historic share buyback announcement.

      RobinHood (HOOD) revealed it received a “Wells Notice” from the Securities and Exchange Commission (SEC) informing the trading platform of potential securities violations related to crypto trading.

    • Monday’s quick earnings primer

      Via the Yahoo Finance Morning Brief newsletter (sign up here), here’s a quick glance at the biggest companies reporting earnings today:

      Post-close

    Hamas accepts Gaza ceasefire proposal from Egypt and Qatar

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    CNN
     — 

    Hamas said it has accepted a ceasefire deal proposed by Egypt and Qatar which seeks to halt the seven-month war with Israel in Gaza.

    In a statement Monday, Hamas said the head of its political bureau, Ismail Haniyeh, told the Qatari prime minister and Egyptian intelligence minister that the militant group had accepted their proposal.

    The Israeli government is now reviewing the Hamas response, CNN has learned. The Israeli prime minister’s office has declined to comment at this stage.

    It’s unclear whether Hamas has agreed to the most recent ceasefire proposal, as outlined last week, or a revised version of it.

    The most recent framework, which Israel helped craft but has not fully agreed to, calls for the release of between 20 and 33 hostages over several weeks in exchange for a temporary ceasefire and the release of Palestinian prisoners.

    After the initial exchange, according to that framework, there would follow what sources describe as the “restoration of sustainable calm” during which the remaining hostages, captive Israeli soldiers and the bodies of hostages would be exchanged for more Palestinian prisoners.

    A diplomatic source familiar with the talks told CNN that after a day-long meeting in Doha, Qatar’s capital, between CIA Director Bill Burns and Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani, mediators had convinced Hamas to accept a three-part deal.

    “The bill is now firmly in (Israeli Prime Minister) Benjamin Netanyahu’s court,” the source said.

    The White House on Monday confirmed that there had “been a response from Hamas” to a proposed hostage deal in Israel, and that US President Joe Biden had been briefed on that response, but otherwise declined to weigh in specifically on what a deal could entail.

    Biden is “aware of where the situation and where the process is,” White House national security spokesman John Kirby told a press briefing. CIA Director Bill Burns remains in the region “working in real time on the ground,” Kirby added.

    “We still believe that reaching an agreement is the absolute best outcome not only for the hostages, but for the Palestinian people and we’re not going to stop working to that outcome,” he said.

    As news spread in Gaza of Hamas’ announcement, Palestinians began to celebrate in the street in Deir al-Balah, in the center of the Strip, and Gaza City in the north.

    AFP/Getty Images

    Palestinians in Rafah celebrate news that Hamas has accepted a ceasefire proposal, May 6, 2024.

    The news comes just hours after Israel ordered Palestinians living in Rafah, a city in southern Gaza, to “evacuate immediately.”

    The order raised fears that Israel’s long-threatened assault on the city could be imminent. More than 1 million Palestinians have fled to Rafah, where Hamas is believed to have regrouped after Israel’s destruction of much of the north of Gaza.

    A source familiar with Israeli plans told CNN that a limited incursion into Rafah was intended to keep pressure on Hamas to agree a deal that would bring about a ceasefire and a hostage release.

    Asked whether Hamas’ acceptance of a deal could change Israel’s plans for Rafah, Israel Defense Forces (IDF) spokesperson Daniel Hagari said the military would continue to operate in Gaza. He said operations are ongoing, but that the IDF is making every effort in the negotiations to bring the hostages home as “fast as possible.”

    Netanyahu has come under fierce pressure from the more extreme wing of his coalition not to accept the ceasefire proposal outlined last week, and to focus instead on destroying Hamas in Rafah.

    Orit Strook, Israel’s settlements minister and a member of the far-right Religious Zionism party, said last week that accepting the deal would “throw” Israel’s military progress “in the trash.”

    Itamar Ben Gvir, Israel’s national security minister, said Netanyahu had “promised that Israel would enter Rafah, assured that the war would not end, and pledged that there would be no reckless deal.”

    But large parts of the Israeli public have demanded Netanyahu accept a deal. Families and supporters of the hostages blocked the Ayalon Highway in Tel Aviv last week, holding a banner reading: “Rafah or the hostages – choose life.”

    Benny Gantz, a member of Israel’s war cabinet but seen as a rival and possible successor to Netanyahu, said the return of hostages was more urgent that entering Rafah.

    Responding to Monday’s announcement, the Hostages Families Forum said: “Now is the time for all that are involved, to fulfil their commitment and turn this opportunity into a deal for the return of all the hostages.”

    This is a developing story and will be updated.