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Iran’s Security Chief Mohsen Rezaei said on Friday that Tehran is preparing a list of its conditions to open the Strait of Hormuz in response to a request by mediators, adding that conditions include ending the war in the region, Reuters reported, citing an interview on Lebanese Hezbollah-affiliated Al Manar TV.Rezaei stated that the “US must first take practical steps to fulfil Iran’s conditions, and then Iran will proceed to open the Strait of Hormuz”, the Iranian state-run IRNA news agency reported.Iranian official warned on Thursday that the country will target US economic interests if the maritime blockade against the…
The Dow Jones Industrial Average trades near 53,600 on Thursday, ahead 0.29% on the session across a range running from the 53,300 area to just above 53,700. That is roughly a quarter of what the Nasdaq Composite is putting on, and it arrives on a day when the price-weighted index happens to own both of the loudest earnings reactions on the tape.Owning both winners is not enoughSalesforce (CRM) trades close to 20% higher after a second-quarter revenue beat, and Nvidia (NVDA) close to 7.5% higher on results carrying a fiscal 2028 growth forecast far above what the sell side had…
Societe Generale analysts highlight that Brent has pulled back after testing resistance at $95, a level defined by a prior downside gap and a descending trend line from April. Prices are drifting toward the $84/83 area, where the 50-DMA and 200-DMA converge, seen as potential support, with failure to hold above that zone risking a deeper decline despite possible interim bounces.Pullback tests moving average support”Brent has retraced after reaching the hurdle at $95, which represents the previous downside gap and the descending trend line drawn from April.””It is now drifting toward the confluence of the 50-DMA and the 200-DMA around…
The rupee settled 11 paise lower at 95.55 against the US dollar on Thursday, as broad dollar strength and weak domestic markets offset support from easing crude oil prices. | Photo Credit: Hammad Khan The rupee pared initial gains and settled for the day lower by 11 paise at 95.55 (provisional) against the US dollar on Thursday, on a strong American currency and weak domestic markets.Forex traders said the broad strength of the American currency in the overseas market negated the support from easing crude oil prices.Easing oil prices offer some supportBrent prices fell below the USD 90 mark for…
Dow Jones futures gain by 0.18% to around 53,620 during European hours on Thursday. Meanwhile, S&P 500 futures rise by 0.41%, to trade near 7,720, and Nasdaq 100 futures advance by 0.89% to trade around 29,550.US stock futures advanced, driven by a surge in Nvidia shares following a bullish sales outlook that signaled sustained artificial intelligence demand through 2028. The chipmaker jumped nearly 7% in extended trading after delivering better-than-expected second-quarter results and strong revenue guidance, offering fresh evidence that corporate spending on AI infrastructure remains robust.In the regular US session on Wednesday, Wall Street indexes closed lower following hotter-than-expected…
The rupee pared initial losses and was trading with gains of 4 paise at 95.40 against the American currency in early trade on Thursday, supported by easing Brent crude prices.Brent prices fell below the $90 mark for the first time in several sessions amid continuing discussions between Iran and Oman regarding a temporary shipping corridor through the Strait.While no final agreement has been reached, the fact that negotiations are continuing has reduced fears of a prolonged disruption to global oil supplies, forex traders said.At the interbank foreign exchange market, the rupee opened at 95.50, then fell to 95.52 against the…
The GBP/USD pair is seen consolidating near the lower end of its weekly range, below the 1.3600 mark, during the Asian session on Thursday. The downside, however, remains cushioned as traders look for more cues about the US Federal Reserve’s (Fed) interest rate path before placing fresh directional bets.Data released on Wednesday showed that the US Personal Consumption Expenditures (PCE) Price Index rose 3.7% over the 12 months through July, unchanged from the previous month and slightly above consensus estimates. This pointed to still-sticky US inflation and backs the case for at least one Fed rate hike by the end…
India’s central bank is intensifying efforts to support the rupee, emboldened by a jump in its foreign-exchange reserves to contest the pressure from higher oil prices.The Reserve Bank of India has decided to shift to a more constant pattern of intervention to support the currency over the past month, thanks to the level of foreign deposit inflows, whereas previously it would largely step in to curb bigger swings, according to a person familiar with the matter. The change in tack comes from the comfort provided by $73 billion of fresh money under RBI’s measures to attract dollars since June, they…
The dollar held near an eight-day high on Thursday after U.S. inflation and other economic data slightly lifted expectations of a Federal Reserve rate hike, ahead of the Jackson Hole central bankers’ symposium due to begin later in the day.Markets will also look to a speech and press conference by one of the Bank of Japan’s two deputy governors, Ryozo Himino, on Thursday for clues on the likelihood of a September rate hike and the size and scope of any tightening path thereafter.The U.S. Commerce Department data showed overnight that the Personal Consumption Expenditures Price Index increased 3.7% in the…
The Islamic Revolutionary Guard Corps (IRGC) stated that it reached a revenue-sharing agreement with Oman on the Strait of Hormuz, as Tehran and Washington’s standoff over control of the crucial waterway continues, Bloomberg reported on Wednesday.“Agreements have been reached regarding each country’s share of the strait’s waters as well as Iran and Oman’s share of its revenues,” said IRGC’s spokesman Hossein Mohebbi.The development go further than a joint statement issued by the two countries’ foreign ministries on Tuesday, which said they discussed an “interim framework” for resuming ship transits but stopped short of announcing an agreement and didn’t mention fees.…