Latest News
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.
Latest News
CM Maryam asks officials to keep vigilant during monsoon season
Punjab Chief Minister Maryam Nawaz Sharif has ordered careful supervision and effective monitoring of WASA activities to ensure quick drainage of rainwater in case of heavy downpour.
She asked all the concerned departments in the province to stay on high alert during the rainy weather and stressed the need for regular monitoring of the stormwater drains and canals. Teams of the irrigation department have been asked to keep a watchful watch on water flow in canals to avoid urban floods.
The chief minister further advised the authorities to guarantee that all the manhole covers in the urban and rural regions be tight and also asked to take precautionary measures in the construction sites so as to avoid any mishaps.
Particular attention will be given to structurally deficient buildings and traffic management and public advisories will continue to be issued across the province.
District administrations were urged to issue notifications for possible roof collapses, while Safe City Authority and CTO personnel to be on full alert to keep the traffic moving on vital roads and highways.
“All field teams should be fully prepared and all departments should remain active and vigilant for the lives and property of the citizens during the rainy season,” Maryam Nawaz said.
Latest News
Shahnaz Baloch, the BLA commander, is openly distanced from his family.
The family and close relatives of Shahnaz Baloch, a commander of the proscribed Balochistan Liberation Army (BLA), have in a public statement announced complete dissociation from her activities.
Shahnaz Baloch, a resident of Turbat, was involved in Indian-backed terrorist activities in Balochistan.
Her mother, grandfather and maternal uncle told a press conference in Turbat that Shahnaz Baloch left to Oman when she was quite little and the family had no contact with her for about 12 years.
Shahnaz’s mother, Rukhsana, stated her father died when she was just nine months old and the family had no extremist activity or links to banned organisations.
Relatives said the family has no relation with the activities and remarks of Shahnaz Baloch and they are peaceful Pakistani citizens who have always respected the law and governmental institutions.
Latest News
Pakistan to start post-Hajj flight operation on Sunday
Pakistan to start repatriation flights for Hajj pilgrims from Saudi Arabia on Sunday.
As many as 22 flights are expected to bring back 5237 pilgrims to different cities of the country on the first day of post-Hajj operation.
The first Hajj flight from Jeddah scheduled to arrive in Sialkot on June 1 morning carrying 391 pilgrims.
On the same day, five flights will arrive in Islamabad, four in Karachi, four in Lahore, and three each in Multan and Sialkot. Two flights are also scheduled for Faisalabad and one for Quetta.
Under the government arrangement, Pakistan’s public and commercial airlines and Saudi airlines will bring back 119,000 Pakistani pilgrims through 471 flights.
“The repatriation process will continue until June 30 to facilitate the smooth return of all Hajj pilgrims this year,” he said.
-
Latest News2 weeks agoICC board meeting in India: Mohsin Naqvi gets invitation
-
Business2 weeks agoThe IMF mission has arrived in Pakistan for discussions regarding the budget.
-
Business2 weeks agoOil hits 2-week high following drone strike on UAE nuclear power facility
-
Business3 weeks agoIn the open market, flour prices increase by Rs 700 per mound.
-
Latest News2 weeks agoThis week is anticipated to see a decision about Mohsin Naqvi’s journey to India.
-
Entertainment2 weeks agoG7 finance leaders look to address inequities as trade tensions fray unity
-
Latest News2 weeks agoThe Ruet-e-Hilal Committee meeting is scheduled for moon sighting of Zil Hajj on May 17.
-
Latest News3 weeks agoTwenty people suffered injuries when a picnic bus from Karachi toppled en route to Kenjhar.
