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Greece’s Asylum Freeze Sparks Global Outcry Amid Crete Migrant Surge

In a move that has ignited fierce backlash from human rights organizations and the United Nations, Greece has passed legislation temporarily halting asylum applications from migrants arriving by sea from North Africa. The three-month suspension, approved by parliament with 177 votes in favor and 74 against, allows for expedited repatriation without prior identification. Prime Minister Kyriakos Mitsotakis defended the measure as a “difficult but necessary decision” in response to a sharp rise in irregular arrivals, particularly from Libya to the island of Crete. Over 7,000 migrants have reached Crete and nearby Gavdos this year, straining local resources and prompting concerns from the tourism industry. Rights groups, including the International Rescue Committee, have condemned the ban as illegal and inhumane, warning it violates international and European law. The UNHCR echoed these concerns, emphasizing that the right to seek asylum is a fundamental human right regardless of how or wh...
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Market Turmoil: Stocks Plunge, Oil Surges After Israel Strikes Iran

Global financial markets are reeling after Israel launched a military strike on Iran, escalating geopolitical tensions in the Middle East. Investors rushed to safe-haven assets, sending stock futures tumbling while oil and gold prices surged.  


Stock Market Reaction  

U.S. stock futures dropped sharply in premarket trading, with the Dow Jones Industrial Average falling 531 points (1.2%), the S&P 500 down 1.3%, and the Nasdaq 100 sliding 1.4%. The heightened uncertainty has also pushed Treasury yields lower and Bitcoin prices into decline.  

Oil Prices Surge  

Crude oil prices spiked following the attack, with Brent crude jumping 5% to $72.81 per barrel, while West Texas Intermediate (WTI) crude surged 5% to $71.45 per barrel. The fear of further escalation in the Middle East, a key oil-producing region, has raised concerns about potential disruptions in global energy supplies.  

Gold and Defense Stocks Rise  

Gold prices climbed 1% to $3,436 per Troy ounce, reaching an all-time high as investors sought refuge in the precious metal. Defense stocks, including Lockheed Martin and RTX Corporation, saw gains as markets anticipated increased military spending.  

Geopolitical Fallout 

Israel’s operation, dubbed “Rising Lion,” targeted Iran’s nuclear facilities and military leadership. Iranian officials confirmed that the head of the Islamic Revolutionary Guard Corps was killed in the strikes, while Israel warned that the operation could last “as many days as it takes”. Iran has vowed severe retaliation, raising fears of prolonged instability in the region.  

As markets brace for further volatility, investors are closely watching developments in the Middle East and assessing the broader economic impact of the escalating conflict.

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