Market analysts expect the State Bank of Pakistan (SBP) to keep the policy rate unchanged at 10.5% in its upcoming Monetary Policy Committee (MPC) meeting to be held on Monday. “The world is negotiating peace amid uncertainty; therefore, at a time like this, we believe policy must continue to lean toward discipline over impulse. We expect the SBP to keep the policy rate unchanged at 10.5% in th
The dollar was on track for its first weekly gain in three weeks on Friday, as stalled peace negotiations between the US and Iran dampened hopes for an immediate easing of Middle East tensions. While Lebanon and Israel extended their ceasefire for three weeks ahead of its expiration on Sunday, Iran showed off its control over the Strait of Hormuz by releasing footage of its commandos storming
Gold held steady on Friday, but was on track for a weekly drop as elevated oil prices fuelled fears of inflation and higher-for-longer interest rates amid stalled US-Iran peace talks. Spot gold was down 0.1% at $4,686.29 per ounce, as of 0230 GMT. The metal is down 3% so far this week after a four-week winning run. US gold futures for June delivery fell 0.5% to $4,702. Brent crude prices
Oil prices rose on Friday due to fears of a renewed military escalation in the Middle East after Iran released footage of commandos boarding a cargo ship in the Strait of Hormuz and on reports Tehran’s air defences had engaged “hostile targets.” Brent crude futures rose 99 cents, or 0.94%, to $106.06 a barrel at 0410 GMT, while West Texas Intermediate futures were up 71 cents, or 0.73%, at $96.
A surge in fossil fuel prices since the Iran war is squeezing polyester suppliers and garment makers across India and Bangladesh, threatening to raise costs for fast-fashion retailers like Zara and H&M. Filatex, one of India’s biggest polyester yarn producers, is paying nearly 30% more for the petroleum-derived feedstocks - purified terephthalic acid (PTA) and monoethylene glycol (MEG) - that