Israel turns its sights on Hezbollah

Benjamin Netanyahu’s position seems secure for now, but Israel’s longest-serving prime minister is looking increasingly vulnerable as he shifts his sights from Hamas to Hezbollah. [View in browser]( [Bloomberg]( Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up [here](. The next target in Benjamin Netanyahu’s military sights is [Lebanon-based Hezbollah](. In his first interview with Israeli media since Hamas’s attack on Oct. 7, the prime minister said his forces are [winding down combat operations]( in Gaza and fighting in the southern city of Rafah — the last major bastion of Hamas — will end “very soon.” The military now needs to redeploy some forces to the north of the country, where cross-border exchanges with Hezbollah have spiked. The US and France are leading diplomatic efforts to prevent an all-out war between Israel and the Iran-backed militant group, which is far stronger than Hamas. The US’s highest-ranking military officer warned Israel that taking on Hezbollah would provoke Iran to respond in a way it didn’t with Hamas. Israel, though, keeps stressing that Hezbollah is too dangerous a threat to leave alone. It’s [keen to get a commitment]( of US support if a full-blown conflict erupts. Its defense minister, Yoav Gallant, will meet with Secretary of State Antony Blinken in Washington today to discuss that. Tens of thousands of Israelis have been forced to leave their homes in northern Israel because of the skirmishes with Hezbollah (the same’s true for a similar number of Lebanese on their side of the border). Within Israel, politicians and the public are demanding the government acts to ensure they can return to their towns and villages. It’s just one of many reasons why Netanyahu faces mounting criticism. On Saturday, tens of thousands of Israelis took to the streets of Tel Aviv, calling for new elections and the return of hostages held by Hamas. The country’s tech leaders are among those [getting more frustrated](. Some of the highest-profile ones — including Eyal Waldman, whose daughter was murdered in the Hamas assault — are considering entering politics to help oust Netanyahu from power. His position seems secure for now, but Israel’s longest-serving prime minister is looking increasingly vulnerable.— [Paul Wallace]( WATCH: Netanyahu said Israeli forces will soon end the intense stage of fighting in Gaza and will focus on targeted operations against Hamas. Onur Ant reports. Global Must Reads Marine Le Pen’s far-right National Rally made further gains ahead of the first round of France’s snap legislative election on Sunday, according to [Bloomberg’s poll of polls](, increasing the likelihood of Emmanuel Macron having to share power with the opposition. The president’s surprise decision to call the vote following his battering in European elections [has unsettled investors]( confronting potentially seismic shifts in French economic policy. Sources: Ifop; Elabe; Harris Interactive; Ipsos; Odoxa; OpinionWay; Cluster17 [Sign up for the Paris Edition newsletter]( for special coverage throughout the French election. If Keir Starmer’s Labour Party wins the UK election [as expected]( on July 4, he’ll be welcoming fellow leaders, including Macron and Germany’s Olaf Scholz, for talks just two weeks later. People close to Starmer expect him to use the European Political Community summit to begin establishing a “[new geopolitical partnership](” with the European Union, part of a push to ease post-Brexit trade friction, boost cooperation and make it easier for Britons to work there — as long as there’s no hint of reversing the 2016 vote to leave the bloc. A heart surgeon, an ex-mayor of Tehran and a former nuclear-accord negotiator are among six men, most of them anti-US hardliners, contesting Iran’s presidential election on Friday. While ultimate power rests with Supreme Leader Ayatollah Ali Khamenei, the president [can influence policy]( by drawing on a base of popular support, political affiliations and links to powerful institutions. Russia said air defenses downed four missiles during a Ukrainian attack on the occupied Crimean peninsula, while a fifth was struck and diverted from its trajectory [before exploding]( over the city of Sevastopol. Officials said four people died. Inside Russia, the return of thousands of men from Ukraine, including prisoners released to fight in return for a pardon, is [starting to unleash]( a crime wave. A recent spate of violent attacks in China has prompted a reaction on social-media platforms such as Weibo, exposing [widespread public discontent]( about the nation’s downturn. A stabbing in Shanghai last week in one of the city’s metro stations garnered about 164 million reads, with some speculating that the culprit was a stocks investor, a group battered during China’s $7 trillion market meltdown earlier this year. At least 15 police officers and a priest were killed as gunmen targeted [churches and synagogues]( in the predominantly Muslim Russian region of Dagestan. The US, Japan and South Korea condemned in “the strongest possible terms” the [deepening military cooperation]( between Russia and North Korea, calling it a grave concern and a threat to stability. Indian Prime Minister Narendra Modi’s vast domestic agenda is in jeopardy after [his party failed to win]( an outright majority in parliament for the first time in a decade, forcing it to work with a coalition of parties. The Philippines said last week’s encounter with China in the disputed South China Sea where a Filipino soldier lost a finger was a “[deliberate act](” by Beijing. Washington Dispatch As Joe Biden and Donald Trump prepare for their first 2024 presidential debate on Thursday, their campaigns continue to maneuver ahead of an event that could shake up the contest. The Biden operation plans to highlight today’s second anniversary of the [Supreme Court ruling]( that overturned Roe v. Wade, the 1973 decision that had guaranteed abortion rights. Vice President Kamala Harris is due to speak at an event in Maryland, continuing the campaign’s high-profile emphasis on abortion, an issue that has [bolstered Democrats]( since the judgment. Over the weekend, Trump heightened the drama over his choice of a running mate by saying that [he’d already decided](, but hadn’t told any of the several Republicans vying for the position. He told a reporter that his running mate would attend the CNN debate in Atlanta, but several of the vice presidential contenders plan to be there. One thing to watch today: A gauge of Texas factory activity is expected to show it contracted at a slower pace this month. [Sign up for the Washington Edition newsletter]( for more from the US capital and watch Balance of Power at 1 and 5 p.m. ET weekdays on Bloomberg Television. Chart of the Day China and the EU [agreed to start talks]( on the bloc’s plans to impose tariffs on electric vehicles imported from the Asian nation, following a video call yesterday between Chinese Commerce Minister Wang Wentao and EU Trade Commissioner Valdis Dombrovskis. The EU this month announced plans to impose levies as high as 48% on EVs shipped from China as of July. The bloc has opened a series of investigations, citing unfair trade practices such as massive state subsidies, prompting Beijing to retaliate with an escalating campaign of threats targeting European goods. And Finally More than 1,300 pilgrims died during the annual Hajj pilgrimage in Saudi Arabia, as temperatures during the gathering reached 52C (126F), the highest level in two decades. This year, the health ministry said treatment was given to almost half a million people, including 141,000 unauthorized pilgrims. The fatalities [put a fresh spotlight]( on the threat from a hotter world and the risk it poses for large public events. First responders carry a woman during the Hajj pilgrimage last week. Photographer: Fadel Senna/AFP/Getty Images Thanks to the 34 people who answered the Friday quiz and congratulations to Hurdle H. “Trip” Lea III, who was the first to name Thailand as the country where a former leader was charged last week under a stringent lese majeste law that protects the nation’s royal family from criticism. 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