Business
Oil dips, stocks mixed on US-Iran truce hopes
– Stock markets were mixed while oil prices fell again on Friday (May 29) on investor optimism that the United States and Iran would reach a deal to extend their ceasefire – despite Washington and Tehran offering conflicting views on the state of negotiations.
Oil markets have been up and down this week as investors assess the chances of a breakthrough deal that could potentially resume shipping through the crucial Strait of Hormuz.
Those hopes had been briefly dashed by new US military strikes on Iran on Wednesday, countered by the Revolutionary Guard’s targeting of an American airbase in the region.
On Friday, US President Donald Trump held a meeting during which he said he would make a “final determination” on a peace deal. Iran’s foreign ministry said negotiations were ongoing and there was no final agreement.
Nevertheless, the reports of progress sent the S&P 500 to a record high before it pared those gains slightly at the close. Other Wall Street indices also rose on Friday, while Europe’s main markets were flat ahead of the weekend.
While details of the possible agreement are scarce, “oil traders are taking an optimistic view that the end could be in sight for disruption in the region,” said Derren Nathan, head of equity research at Hargreaves Lansdown.
However, “the market’s patience may be tested if a deal is not agreed by early June, and this could have big ramifications for the oil price and the global stock market rally,” said Kathleen Brooks, research director at XTB.
Art Hogan of B. Riley Wealth Management told AFP the tech sector was continuing to drive equity markets.
“It looks like we’ll wrap up a ninth consecutive week of higher markets, largely driven by some new names coming out to be beneficiaries of artificial intelligence today,” he said, citing Dell, Micron and SanDisk among individual companies that have delivered big gains.
EUROPEAN INFLATION
In Europe, French data showed Friday that its economy contracted 0.1 per cent in the first quarter, while inflation in May accelerated to 2.4 per cent, above the ECB’s target of two percent.
Germany saw inflation slow in May to 2.6 per cent, though analysts still expect an interest rate hike for the eurozone, possibly at the next ECB meeting on June 11.
Still, “recession risks are easing as oil prices moderate and the probability of worst-case scenarios fades,” wrote Matthew Martin of Oxford Economics.
“While reduced risks from the war have helped, the improvement in equity prices is mostly because of a robust earnings season. The driver is overwhelmingly AI-related capital expenditure,” he said.
Global AI bullishness has driven a historic rally recently, this week pushing the market capitalizations of chipmakers Micron and SK hynix across the US$1 trillion threshold.
Seoul’s stock market led the charge in Asia on Friday, surging 3.6 per cent while Tokyo’s Nikkei closed at a record high.
For a three-day period starting on August 1, the government has announced a slight decrease in the cost of petroleum products, including gasoline and high-speed diesel (HSD).
The Petroleum Division said that the price of high-speed diesel has been lowered by Rs0.66 per litre, resulting in a new retail price of Rs392.38 per litre.
Additionally, the price of gasoline has been lowered by Rs0.12 per litre, to Rs336.03 per litre.
According to the letter, the updated pricing will go into effect between August 1 and August 3.
According to the administration, the little cut was taken after accounting for both domestic economic and budgetary factors as well as global oil costs.
In light of persistent economic pressures and swings in the world’s crude oil markets, the most recent adjustment provides customers with little respite.
The most recent update comes after the government regularly reviews fuel costs, which are decided by the currency rate, domestic tax laws, and global market trends.
In July 2026, the Federal Board of Revenue (FBR) collected Rs820 billion in net revenue, exceeding the monthly target by Rs40 billion.
The July tax collection target was set at Rs780 billion, but net receipts came in at Rs820 billion, according to FBR documents.
According to the papers, gross tax collections for the month totaled Rs918 billion. Net receipts were Rs820 billion after Rs98 billion of this sum was reimbursed to taxpayers under different refund categories.
Gross collections under the income tax head was Rs343 billion. Net income tax revenues fell short of the objective of Rs323 billion, coming in at Rs308 billion after the payment of Rs35 billion in refunds.
In July, sales tax collections came to Rs413 billion, while sales tax refunds were Rs53 billion.
The Federal Excise Duty (FED) collected Rs48 billion, compared to the objective of Rs47 billion, according to the FBR.
In July 2026, customs duty receipts totaled Rs115 billion, surpassing the designated objective of Rs105 billion by Rs10 billion.
Foreign investors became net purchasers at the Pakistan Stock Exchange (PSX) for the first time in almost two years, indicating restored confidence in the country’s capital market at the beginning of the current fiscal year.
According to official data, foreign investors invested $34.4 million in the PSX in July 2026, a significant reversal from June 2026 when they sold $180 million worth of shares and pulled money out of the market.
The data showed that foreign investors were net buyers for the first time in nearly 23 months, with banking and exploration companies receiving the greatest investment in the month.
Foreign investors made investments in the banking sector to the tune of $13.8 million during July, while investments in exploration businesses amounted to $6.7 million.
However, the data also revealed that international investors preferred to dispose of cement stocks over the same period.
An earthquake with a magnitude of 4.7 occurs close to Naples, Italy, resulting in damage and disruptions.
For three days, Pakistan lowers the price of petrol and diesel.
FBR surpasses its July revenue goal by Rs40 billion.
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