The World Bank on Thursday cut its global growth forecast for 2026 to 2.5 percent due to the war in the Middle East, and said growth could slow to just 1.3 percent if energy supply disruptions prove more severe and come with substantial stress in financial markets. Global growth reached 2.9 percent in 2025, the bank said in its semi-annual Global Economic Prospects, up 0.2 percentage point from
Gold prices edged lower on Friday and were on track for a weekly loss amid inflation concerns and potential US Federal Reserve interest rate hikes. Fundamentals Spot gold was down 0.3% at $4,200.82 per ounce, as of 0101 GMT, and was set for a weekly loss of 2.8%. US gold futures for August delivery rose 2.6% to $4,222.10. Gold fell to an over six-month low on Thursday before closing hi
The dollar found its footing in early trading on Friday, after sliding to its weakest in a week as traders parsed reports that a ceasefire deal in the Middle East could be imminent. Against the yen , the US currency was up 0.1% at 160.07 yen. The Australian dollar was down 0.1% at $0.7045, while its kiwi counterpart was down 0.1% at $0.5830. The euro last bought $1.1576, holding near its
Oil prices fell on Friday, extending losses from the previous session after US President Donald Trump canceled plans to strike Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week. Brent futures fell $1.21 or 1.3% to $89.17 a barrel at 0042 GMT, while US West Texas Intermediate (WTI) crude was $1.23, or 1.4%, lower at $86.48. On a weekly
Selling pressure continued at the Pakistan Stock Exchange (PSX) with the benchmark KSE-100 Index shedding over 300 points during the opening minutes of trading on Thursday. At 9:39am, the benchmark index was hovering at 169,091.20, down by 336.24 points or 0.20%. Meanwhile, selling pressure was observed in key sectors including automobile, cement, and commercial banks. On Wednesday, the b