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Oil prices pare gains after Iran and Israel say they have halted attacks

June 8, 2026 3:48

HOUSTON: Oil prices pared gains that had lifted them more than 5% on Monday after Iran and Israel said they had halted attacks on each other following an appeal from U.S. President Donald Trump. Tehran however said it would resume strikes if Israel continued to hit Hezbollah in Lebanon. Brent crude futures were up $1.71, or 1.8%, at $94.85 a barrel as of 11:10 a.m. ET (1510 GMT), while U.S. West Texas Intermediate crude futures were up $1.53, or 1.7%, at $92.07. Brent has risen around 31% since the eve of the conflict just over 100 days ago, while WTI has risen around 37%. Brent in April touched a peak above $126 a barrel. Prices gained more than 5% earlier on Monday after renewed Israeli strikes on Iran and attacks on Lebanon had reduced hopes of an imminent end to the wider war. Israel hit a petrochemical plant in southwestern Iran that it said was used to produce ballistic missiles, and Iran’s Islamic Revolutionary Guard Corps said the country retaliated with a strike aimed at a similar Israeli facility in the city of Haifa. The exchange followed Israeli strikes on strongholds of Iran-backed Hezbollah in Beirut over the weekend. Tehran has repeatedly said any deal with Washington to end the conflict must include a halt to Israel’s campaign in Lebanon. “Crude futures are trading higher this morning in a nervous trade as Iran and Israel traded missile attacks over the weekend,” said Dennis Kissler, senior vice president of trading at BOK Financial. Trump demands a halt Trump on Monday demanded that Israel and Iran “immediately stop ‘shooting’”. Because of the strikes, investors were concerned that flows through the Strait of Hormuz might remain restricted for longer, UBS analyst Giovanni Staunovo said. Roughly a fifth of the world’s daily supply of oil and liquefied natural gas passed through the Strait of Hormuz off Iran before U.S.-Israeli airstrikes at the end of February unleashed the latest escalation of the Middle Eastern conflict. On Monday, Iran’s ambassador to Moscow was quoted as saying that the Strait would be open but under conditions to be set by Iran and Oman, including a transit fee. “For markets, the best near-term outcome remains a ‘skinny’ deal that decouples Strait disruption and active strikes from the underlying sources of disagreement, buying time without resolving them,” said Erik Meyersson with SEB Research. Meanwhile, Yemen’s Iran-aligned Houthis said on Monday they would ban ships linked to Israel from the Red Sea after Israel renewed its military attacks on Iran, adding to concerns about global shipping and energy flows. OPEC+ agrees output target increase In the face of the supply crisis, OPEC+ on Sunday agreed its fourth oil output target increase in four months. Analysts said the decision would have little impact since most members of OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies including Russia, cannot meet their targets. That, they said, was because of the closure of the Strait or, in the case of Russia, Ukrainian drone attacks that have eroded its production capacity. “In the current market, the physical impact of such a decision would be close to zero,” Jorge Leon, Rystad Energy’s head of geopolitical analysis, said in a note to clients. Saudi Arabia has cut its official selling prices for crude oil to Asia in July for a second month. [...]

Wall St gains as chips rebound, Middle East tensions ease

June 8, 2026 2:53

Wall Street’s major indexes advanced on Monday, as chipmakers bounced back from a sharp selloff last week, while investors took comfort from signs of cooling tensions in the Middle East. Intel shares jumped 8.5%. The Information reported that Alphabet had tapped the company to make 3 million in-house chips, while Nvidia was evaluating their technology. The S&P 500 tech sector index gained 1.9%, while the Philadelphia SE Semiconductor index advanced 4.6%, rebounding from Friday’s sharp decline that wiped out $1 trillion in market value for U.S.-listed chipmakers. Shares of Nvidia and Broadcom rose 1.7% and 2.8%, respectively, while Micron Technology soared 8.7%. Expectations of tighter monetary policy and underwhelming results from Broadcom last week had raised concerns that the sector was growing too fast, prompting traders to retreat after a strong run this year. “Sometimes these moves get too far too fast and you need a bit of a pullback. And, that pullback is likely going to find investment in other sectors,” said Art Hogan, chief market strategist at B Riley Wealth. Four out of the 11 major S&P 500 indexes were in the green. Further helping the mood, Iran’s military announced that its first wave of attacks on Israel since a ceasefire in April was now over. Israel has halted strikes on Iran at the request of U.S. President Donald Trump, a senior Israeli official was cited as saying by Channel 12. Attacks between the two countries had pushed up oil prices by more than 5% earlier on Monday. Crude prices were last up less than 2%. Energy shares rose 1.3%. At 09:37 a.m. ET, the Dow Jones Industrial Average rose 146.11 points, or 0.29%, to 51,015.91, the S&P 500 gained 50.54 points, or 0.68%, to 7,434.28 and the Nasdaq Composite gained 280.09 points, or 1.09%, to 25,989.52. Much stronger-than-expected jobs data for May also contributed to Friday’s rout, as traders priced in interest rate increases this year. Pricing in interest rate futures implies a 42% chance that the Federal Reserve will hike rates by 25 basis points in December, per CME Group’s Fedwatch tool. Wednesday’s consumer prices report for May could offer investors fresh insights on how the rise in energy prices due to the Iran war is impacting inflation. Citigroup was the latest brokerage to raise its 2026-end target for the S&P 500 to cross the 8,000 mark, citing corporate earnings resilience and AI-driven growth. Relentless optimism around AI has aided Wall Street’s recent record run, but lingering concerns over the economic impact of the Iran war have clouded investor sentiment. Among other movers, Marvell Technology jumped almost 10% with the chipmaker set to join the benchmark S&P 500 before the start of trading on June 22. Flex was marginally up after the electronics manufacturer also secured a spot. Eli Lilly advanced 2.3% after the drugmaker’s trial results showed its next-generation obesity drug retatrutide curbed sleep apnea severity in addition to boosting weight loss and helping knee pain. Advancing issues outnumbered decliners by a 1.76-to-1 ratio on the NYSE and by a 1.97-to-1 ratio on the Nasdaq. The S&P 500 posted 5 new 52-week highs and 4 new lows while the Nasdaq Composite recorded 47 new highs and 57 new lows. [...]

Rupee records gain against US dollar

June 8, 2026 2:16

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title: { display: true, text: 'Date' } }, y: { title: { display: true, text: 'Closing Rate' } } } } }); The Pakistani rupee appreciated against the US dollar in the inter-bank market on Monday. At close, the local currency settled at 278.40, a gain of Re0.01 against the greenback. On Friday, the local unit closed at 278.41. Meanwhile, the US dollar was perched near a two-month high on Monday after a blowout US jobs report sent traders ramping up bets on a Federal Reserve rate hike this year, while the yen teetered further into the intervention zone. Moves in currencies were largely muted compared to the broader market, where a rout in technology stocks swept across Asia. The dollar held to its strong gains made in the wake of the report that showed nonfarm payrolls increased by 172,000 jobs last month, far exceeding estimates. Against the US dollar, the euro fell to a two-month low of $1.1507, while sterling struggled at a three-week trough of $1.33165. The Australian and New Zealand dollars similarly slid to their lowest in two months at $0.7016 and $0.5779, respectively. Oil prices pared gains on Monday, after rising more than 5% earlier in ‌the session, following an announcement from Iran’s military that a wave of attacks on Israel was over. However, Iran warned of harsher attacks if Israel continues strikes on Lebanon. Brent crude futures were up $1.43, or 1.5% at $94.52 a barrel as of 1304 GMT, while U.S. West Texas Intermediate crude futures were up $1.03, or 1.1%, at $91.57. Inter-bank market rates for dollar on Monday BID Rs 278.40 OFFER Rs 278.60 Open-market movement In the open market, the PKR lost 10 paise for buying and remained unchanged for selling against USD, closing at 278.55 and 279.47, respectively. Against Euro, the PKR gained 2.33 rupees for buying and 1.93 rupee for selling, closing at 320.07 and 323.82, respectively. Against UAE Dirham, the PKR lost 6 paise for buying and 8 paise for selling, closing at 75.63 and 76.37, respectively. Against Saudi Riyal, the PKR lost 10 paise for both buying and selling, closing at 73.93 and 74.60, respectively. Open-market rates for dollar on Monday BID Rs 278.55 OFFER Rs 279.47 [...]

Gold price per tola drops by Rs3,094 in Pakistan

June 8, 2026 1:51

Gold prices in Pakistan decreased on Monday in line with their loss in the international market. In the local market, gold price per tola reached Rs452,222 after a decline of Rs3,094 during the day. Similarly, 10-gram gold was sold at Rs386,987 after it fell by Rs2,785, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Saturday, gold price per tola reached Rs455,327 after a decline of Rs12,489 during the day. The international rate of gold declined by $30 to reach $4,297 per ounce (with a premium of $20). Meanwhile, the price of silver also decreased by Rs94 to reach Rs7,173 per tola. [...]

KSE-100 Index sheds over 1,500 points as Middle East tensions weigh on sentiment

June 8, 2026 1:49

Selling pressure engulfed the Pakistan Stock Exchange (PSX) amid escalating geopolitical tensions as fresh Israeli strikes on Iran spooked investors, with the benchmark KSE-100 Index shedding over 1,500 points on Monday. The KSE-100 came under selling pressure right from the start, falling sharply below the 168,500-point level. However, investors quickly stepped in to capitalise and triggered a strong rebound that pushed the index towards the intra-day high of 169,360.54 points during the morning session. Buying activity resurfaced again after mid-day when the index dipped to the intra-day low of 168,432.45 points. The index staged another recovery, gradually climbing through the afternoon session and narrowing some of its earlier losses. At close, the benchmark index settled at 168,953.70, down by 1,525.24 points or 0.89%. “The local bourse witnessed a choppy trading session today, mirroring weakness across international equity markets as escalating geopolitical tensions dampened investor sentiment,” brokerage house Topline Securities said in its post-market report. “The negative momentum largely tracked global market trends amid heightened geopolitical uncertainty, driven by violations of the ceasefire and renewed attacks, which reignited concerns across financial markets and kept investor risk appetite subdued,” it added. On the index contribution front, heavyweight stocks remained under pressure, with UBL, ENGROH, FFC, HBL, HUBC, and PPL collectively eroding approximately 561 points from the benchmark index, Topline said. During the previous week, escalating tensions between the United States and Iran weighed heavily on investor sentiment during the outgoing week, pulling the PSX lower as concerns over regional stability and rising oil prices prompted cautious trading across most sectors. The KSE-100 Index declined by 2%, or 3,483.87 points, on a week-on-week basis to close at 170,478.94 points. Internationally, Asian stocks plunged on Monday as investors rushed out of the hottest AI-linked shares on fears the bull run has gone too far, too fast and as fresh hostilities in Iran pushed ‌up oil prices. The twin triggers for a rout that is highlighting a fragile market mood were last week’s disappointing outlook at chipmaker Broadcom and a surprisingly strong US jobs report on Friday that has traders pricing a rate hike this year. Korea’s chip-heavy KOSPI, the world’s best-performing market this year, led losses in Asia with a 5% slide that has the benchmark down 13% from last week’s record high. Japan’s Nikkei fell almost 4% with market darlings across the computer-chip production supply chain falling furthest, while Taiwan’s benchmark sank ⁠3.9%. Nasdaq futures were attempting a recovery following a sharp selloff on Friday, and European futures fell 1%. The Nasdaq dropped 4.2% on Friday. In bonds, 2-year Treasury yields rose more than 11 basis points on Friday and were up 1.6 bps on Monday to 4.1782%. The Middle East situation also remains delicate, and Brent crude futures were up about 3.5% to $96.45 a barrel on Monday after Israel said it struck military targets in western and central Iran. Meanwhile, the Pakistani rupee appreciated against the US dollar in the inter-bank market on Monday. At close, the local currency settled at 278.40, a gain of Re0.01 against the greenback. Volume on the all-share index decreased to 657.97 million from 727.17 million recorded in the previous close. The value of shares declined to Rs22.59 billion from Rs26.75 billion in the previous session. TPL Properties was the volume leader with 60.58 million shares, followed by TPL Corp Ltd with 43.79 million shares, and Pace (Pak) Ltd with 26.34 million shares. Shares of 494 companies were traded on Monday, of which 116 registered an increase, 336 recorded a fall, and 42 remained unchanged. [...]

India bond rally survives US-Iran war, oil flare-up in RBI policy afterglow

June 8, 2026 1:18

MUMBAI: Indian government bonds advanced on Monday, defying an oil price spike triggered by escalation in the war in the Middle East, as optimism over the Reserve Bank of India’s softer policy tone and steps to attract foreign inflows supported sentiment. The yield on the benchmark 6.48% 2035 note fell 2.4 bps to 6.9532% on Monday, its lowest in a month. The session marked an extension of gains from Friday when the RBI held its key policy rate and announced a raft of measures to draw large foreign inflows to government securities. The central bank said it will offer cheaper currency swaps for overseas borrowing by public-sector companies and lenders, and provided full hedging cover for banks raising three- to five-year foreign currency deposits from non-resident Indians. “We believe the FNCR (B) scheme alone could potentially attract deposits worth 1% of GDP, which places the amount at a sizeable $40 billion,” analysts at Nomura said in a note. New Delhi also scrapped taxes on interest income and capital gains from sales of government bonds last Friday. India’s 10-year bond yield fell for a third day on Monday even as higher U.S. Treasury yields and oil prices capped gains. Brent crude jumped 4% to $96.34 a barrel in Asian trading after Israel struck Lebanon on Sunday, eroding hopes for an end to the wider conflict and a full resumption of shipping flows through the Strait of Hormuz. The U.S. 10-year Treasury yield rose 2 basis points in Asian trading to 4.55%. India imports about 90% of its crude oil, leaving the economy highly vulnerable to swings in oil prices. Rates Overnight index swaps edged higher on oil-driven caution. The one-year swap was slightly up at 6.0475%, while the two-year rate rose marginally to 6.24%. The five-year rate was flat at 6.5375%. [...]

Chicago wheat falls to two-month lows on ample supply, corn and soybeans also down

June 8, 2026 1:10

BEIJING/HAMBURG: Chicago wheat futures fell to their lowest level in around two months on Monday, pressured by abundant global supplies, weak demand for U.S. exports and the advancing harvest in the U.S. Plains. Corn and soybeans also dropped, with markets shrugging off rising crude oil prices after Israeli strikes on Iran and Lebanon. Chicago Board of Trade most-active wheat fell 0.2% to $5.78-1/2 a bushel at 1131 GMT, extending losses to a seventh consecutive session. Soybeans fell 0.7% to $11.12-3/4 a bushel, corn fell 1% to $4.13-1/4 a bushel after earlier hitting a new life-of-contract low of $4.12-1/2 a bushel. Prospects for large Northern Hemisphere crops continued to weigh on wheat despite a drought-diminished U.S. winter crop. “Wheat is seeing some supportive buying interest after recent price falls but wheat still faces headwinds from prospects for large global new crop supplies with weather in Europe and the Black Sea looking non-threatening and U.S. (harvest) fears already traded,” said Matt Ammermann, commodity risk manager at StoneX. “Crop prospects in Russia and Ukraine remain positive, potentially creating more export competition to U.S. supplies.” APK-Inform agriculture consultancy said on Sunday it revised up its forecast of Ukraine’s wheat harvest to 21.7 million metric tons from 19.9 million tons. “Corn and soybeans are down despite a sharp rise in crude oil. Markets seem to have ‘headline-fatigue’, not reacting to the repeated news about the Iran-Israel conflict,” Ammermann said. “Meanwhile, U.S. Midwest weather is fine for corn and soybeans with rain forecast.” Dealers are also still awaiting signs of renewed Chinese buying of U.S. soybeans and corn, which is still not visible despite the announcement in May that China would buy $17 billion worth of U.S. farm products a year on top of the 25 million tons of soybeans already committed, he said. [...]

India reports surprise current account surplus in Jan-March quarter

June 8, 2026 12:37

MUMBAI: India reported a surprise current account surplus in the January-March quarter of fiscal 2025/26 on the back of strong earnings from the services sector and an increase in worker remittances, the central bank said on Monday. The current account surplus stood at $7.1 billion, or 0.7% of GDP, in the final quarter of fiscal year 2025-26, compared with $13.7 billion, or 1.4% of GDP, a year earlier. In the October-December period, India had reported a current account deficit of $13.2 billion or 1.3% of GDP. For the full financial year 2025-26, the current account deficit stood at $25.2 billion or 0.6% of GDP. India’s balance of payments recorded a surplus of $7.2 billion in the fourth quarter of the financial year. For the full year, the balance of payments was in a deficit of $23.6 billion. [...]

Palm climbs on anticipated output drop, Indonesia uncertainty caps gains

June 8, 2026 10:37

KUALA LUMPUR: Malaysian palm oil futures inched higher on Monday after falling for two straight sessions, driven by anticipated lower output in May, but concerns over Indonesia’s B50 biodiesel mandate and its export policies capped the gains. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was up 19 ringgit, or 0.42%, at 4,573 ringgit ($1,123.59) a metric ton at the close. The market traded higher on anticipation of a bigger-than-expected decline in Malaysian palm oil production in May, a weaker ringgit, and a rebound in energy prices, said Anilkumar Bagani, commodity research head at Sunvin Group. The Malaysian Palm Oil Board is expected to release its monthly supply and demand data on June 10. “The recovery in Chicago soyoil futures also helped to prop up prices,” Bagani said. However, he added that a continued lack of clarity around Indonesia’s mandatory blending rate for palm-based biodiesel to 50%, or B50, and the prospects of aggressive Indonesian cash market palm oil selling ahead of the full implementation of the new export system may hinder a recovery in Malaysian palm oil prices. Soyoil prices on the Chicago Board of Trade were up 0.38%. Dalian’s most-active soyoil contract fell 0.82%, while its palm oil contract shed 0.49%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices rose more than 4%, as renewed Israeli strikes on Iran and fresh attacks on Lebanon soured hopes of an imminent end to the wider war. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. The ringgit, palm’s currency of trade, weakened 1.12% against the dollar, making the commodity cheaper for buyers holding foreign currencies. [...]

Indian rupee slumps as elevated crude, Treasury yields support dollar

June 8, 2026 10:28

MUMBAI: The Indian rupee reversed nearly all of the previous session’s rally on Monday, pressured by rising oil prices, fragile risk appetite and patchy corporate flows. A raft of measures aimed at supporting the currency battered by the impact of the months-long Iran war had boosted the rupee to its best day in two months on Friday. However, rising crude and renewed expectations of a Federal Reserve rate hike have offset their positive impact. The Indian rupee ended down 0.8% in its sharpest fall in four weeks to settle at 95.7075 per dollar. Still, analysts say the measures to attract dollars would lead to $30 billion to $50 billion of money flowing in. “The RBI has provided meaningful support to the rupee, but external factors will remain crucial. Any escalation in U.S.-Iran tensions, leading to a stronger dollar or higher oil prices, could temporarily push the pair upwards,” said Amit Pabari, managing director at FX advisory firm CR Forex. Brent crude jumped over 4% after Israel launched fresh strikes on Lebanon despite an existing truce, weakening hopes of a broader regional de-escalation and delaying the possible resumption of shipping through the Strait of Hormuz. The crude spike brought external risks back into focus for the rupee, given India’s heavy dependence on imports and the currency’s sensitivity to swings in energy prices. Higher oil prices typically widen India’s import bill, pressure the current account, and increase demand for dollars from oil companies. Stronger-than-expected U.S. jobs data has reinforced expectations that the Fed could raise interest rates before the end of this year, which pushed Treasury yields higher. Elevated U.S. yields tend to support the dollar and weigh on emerging-market currencies by narrowing the relative appeal of local assets. While speculators stepped in to sell dollars earlier in the day, corporate outflows weighed on the currency, traders said. [...]

Indian shares decline to two-month lows on oil spike, Asia selloff

June 8, 2026 10:20

Indian shares fell on Monday, tracking a sharp selloff across Asian markets, while crude prices spiked due to an escalation of the Middle East conflict. Brent crude rose 4.3% to $97 a barrel as fresh Israeli strikes on Iran and Lebanon fuelled fears of wider conflict and oil supply disruptions. India’s benchmark Nifty 50 fell 1.04% to 23,123 and the BSE Sensex shed 0.97% to 73,524.26, with both the blue-chip indexes closing at two-month lows. Fifteen of the 16 major sectors declined, with high-weightage financials and IT losing 1% and 1.2%, respectively. The broader small-caps and mid-caps declined about 1.9% and 1.4%, respectively. The MSCI Asia ex-Japan index tumbled 3.5%, while South Korea’s KOSPI fell 8.3% and Japan’s Nikkei lost 3.9%, led by declines in AI-linked stocks after recent blistering rallies. Sentiment was weighed down by “a sharp selloff in technology, semiconductor and AI-linked stocks, along with elevated crude prices amid the Middle East conflict,” said Rajesh Palviya, head of research at Axis Direct. Rising expectations of a U.S. interest rate hike by 2026-end, after a stronger-than-expected May jobs report, also weighed on markets. “The data has reignited concerns that the Federal Reserve could maintain a hawkish stance for longer, resulting in higher bond yields and renewed risk aversion across global equities,” Palviya said. India unveiled measures on Friday to support the battered rupee as costly oil and record foreign outflows after the Iran war strained the economy. Among shares, Wipro slid 8.4% to a three-year low after its buyback record date and global technology rout. InterGlobe Aviation fell 2.7% after Bloomberg News reported the carrier is unlikely to receive the full batch of nine Airbus A321XLR units this year. [...]

Japan rubber futures decline on higher natural, synthetic supply prospects

June 8, 2026 9:13

Japanese rubber futures declined on Monday as expectations of higher natural and synthetic rubber supply, along with elevated inventories in top consumer China, weighed on prices across exchanges. The Osaka Exchange (OSE) rubber contract for November delivery was down 4.9 yen, or 1.14%, at 424.7 yen ($2.65) per kg. The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery fell 340 yuan, or 1.9%, to 17,565 yuan ($2,588.00) per metric ton. The most active July butadiene rubber contract on the SHFE fell 170 yuan, or 1.21%, to 13,850 yuan per metric ton. Rubber inventories in warehouses monitored by the SHFE rose 1% week-over-week, the exchange said on Friday. Higher prices and sufficient rainfall in top producer Thailand are expected to boost rubber tapping and increase supply, several Chinese brokers said. Operating rates at Chinese butadiene rubber factories have also increased as several synthetic rubber plants complete maintenance, which is expected to lift synthetic rubber supply, Chinese broker Tianfu Futures said in a note. In addition, automobile demand typically declines in the summer as vacations divert consumers away from the market, which could weigh on tire prices. Global rubber exchanges ended the previous week at multi-year highs, supported by speculative buying amid supply-side uncertainties and ongoing logistical disruptions stemming from the Iran war, Japan Exchange Group said in a report on Monday. Trading activity increased across all major exchanges, with the SHFE market primarily driven by short covering last week, the report added. The front-month rubber contract on Singapore Exchange’s SICOM platform for July delivery last traded at 225.5 U.S. cents per kg, down 2.1% as of 0706 GMT. [...]

Japanese government bond yields rise as Gulf flare-up stokes inflation concerns

June 8, 2026 8:55

TOKYO: Japanese government bond (JGB) yields rose on Monday as inflation concerns and hawkish Bank of Japan (BOJ) signals continued to weigh on sentiment. The yield on the 10-year JGB climbed 5 basis points (bps) to 2.715%, marking its highest close since May 26. Yields move inversely to bond prices. Oil prices jumped after an Israeli attack on Beirut over the weekend prompted Iran to direct a salvo of missiles at Israeli targets. “The prospect of higher inflation will keep yields elevated globally, and concerns about Japan’s fiscal expansion will also persist,” Oxford Economics lead economist Norihiro Yamaguchi said in a report. Oxford raised its end-2026 forecast for the 10-year JGB yield to 2.8% from 2.5%. U.S. Treasury yields rose sharply on Friday after a stronger-than-expected jobs report bolstered expectations of a Federal Reserve rate hike. Domestically, expectations for a BOJ rate hike at its June 15-16 policy meeting have solidified. Japanese Finance Minister Satsuki Katayama said on Monday that long-term interest rates are determined by various factors and that the government is seeking to conduct appropriate debt management. Data on Monday showed Japan’s economy lost momentum in the January-March quarter, as the Middle East conflict added to headwinds. The yield on the 20-year JGB advanced 4 bps to 3.610%, while the 30-year yield added 4.5 bps to 3.935%. The yield on the 40-year JGB, Japan’s longest tenor, increased 5 bps to 3.805%, set for its highest close since May 28. The two-year yield, the one most sensitive to BOJ policy rates, edged up 0.5 bp to 1.415%. The five-year yield gained 2 bps to 1.940%. [...]

Major Gulf markets drop amid fresh Middle East tensions

June 8, 2026 8:09

Stock markets in the United Arab Emirates declined in early Monday trading as renewed conflict in the Middle East dampened investor sentiment. Explosions were reported in Tehran, Tabriz and Isfahan early on Monday, according to local media, clouding hopes for a near-term end to the broader conflict. Still, after Iran fired a salvo of missiles at Israeli targets on Sunday in retaliation for an attack near Beirut, U.S. President Donald Trump said a deal to end the war remained within reach. He also reportedly urged Israeli Prime Minister Benjamin Netanyahu to avoid further strikes. Dubai’s main share index dropped 1.3%, hit by a 1.2% slide in blue-chip developer Emaar Properties and a 1.6% decline in toll operator Salik. Iran has long maintained that any agreement with Washington would depend on a ceasefire in Lebanon, where Israel launched an invasion in March against Iran-backed Hezbollah fighters after cross-border rocket and drone attacks carried out in support of Tehran. However, Israel struck the Beirut area again earlier on Sunday, marking its first attack there since the United States unveiled a truce proposal for Lebanon last week. In Abu Dhabi, the index retreated 0.9%, with conglomerate International Holding losing 0.6% and the country’s biggest lender First Abu Dhabi Bank falling 1.3%. The Qatari index was down 0.9%, with the Gulf’s biggest lender Qatar National Bank dropping 1.1%. Saudi Arabia’s benchmark index edged 0.1% lower, with Al Rajhi Bank shedding 0.5%. On the other hand, oil major Saudi Aramco gained 0.7% on the back of the latest oil price rise. Benchmark Brent crude futures rose $4.42 or 4.47% to $97.15 a barrel as of 0609 GMT. [...]

New Zealand stocks hit near two-week low tracking global peers

June 8, 2026 8:01

New Zealand shares fell to a near two-week low on Monday following a broader sell-off in Asian markets, as hot U.S. jobs data last week stoked fears of a Federal Reserve interest rate hike and investors pulled out of AI-linked stocks. The benchmark S&P/NZX 50 index fell 0.9% to 13,038.24 points in its worst session since May 20. The index had fallen as much as 1.6% earlier in the session. Australian market was closed for a holiday. “Some very weak American markets on Friday have led somewhat of a sell-off in other Asian markets,” said Grant Williamson, investment adviser at Hamilton Hindin Greene. Asian markets slumped, tracking heavy losses in tech stocks on Wall Street on Friday, driven by fears of overvaluation after a strong May jobs report fanned concerns of a Fed rate hike by when it meets next week. New Zealand’s central bank kept the official cash rate unchanged at 2.25% at its May meeting, but signalled sooner and steeper rate hikes to counter inflation as energy costs rise due to the U.S.-Israeli conflict with Iran. “We certainly will see an interest rate rise when the Reserve Bank meets next,” Williamson said, adding that the Reserve Bank of New Zealand will look past inflation somewhat if there is a solution in the Middle East. Swaps imply a nearly 75% chance of a hawkish move at the RBNZ’s next meeting on July 8, while there is an over 60% probability of a rate hike to 2.75% in September. Losses were led by utilities and industrial stocks. Meridian Energy shed 2.4% in its worst session in a month. Renewable electricity provider Mercury NZ lost 2.3% in its biggest fall since May 20. Capping losses, A2 Milk and EBOS Group gained 3.3% and 1.9%, respectively. [...]

Dar chairs review of auto policy with focus on accelerating EV transition

June 8, 2026 3:14

Deputy Prime Minister and Foreign Minister Senator Ishaq Dar on Monday chaired a high-level meeting to review Pakistan’s Auto and Auto Parts Policy, with a particular focus on accelerating the country’s transition towards electric vehicles (EVs). During the meeting, participants were briefed on various measures aimed at promoting EV adoption, strengthening domestic manufacturing capabilities and supporting the growth of the automotive industry through enabling government policies. The briefing also highlighted the potential of the EV sector to create employment opportunities, boost exports and contribute to Pakistan’s efforts to mitigate climate change. Addressing the meeting, Dar stressed the importance of developing a competitive, innovative and sustainable automotive ecosystem capable of supporting economic growth and industrial expansion. He said the government was committed to fostering a future-ready automotive sector that enhances industrial capacity, generates skilled employment and promotes environmental sustainability. The deputy prime minister underscored the need for a comprehensive policy framework that encourages investment, supports local manufacturing and facilitates the adoption of clean transportation technologies. To ensure a broad-based and consultative approach, the meeting decided to constitute a subcommittee tasked with engaging all relevant stakeholders and finalising the draft policy. The meeting was attended by the ministers for power, petroleum and climate change; Adviser to the Prime Minister on Industries and Production Haroon Akhtar Khan; ministers of state for finance and railways; Special Assistant to the Prime Minister Tariq Bajwa; secretaries of commerce, industries and production, and petroleum; National Coordinator NCMC; senior government officials; and leading policy experts and economists. The review comes as Pakistan seeks to modernise its automotive sector, promote sustainable transportation and align industrial development with its climate and economic objectives. [...]

India-US trade deal can be finalised after tariff probe concludes, official says

June 8, 2026 3:12

NEW DELHI: India is pushing for preferential new tariffs from the United States as part of talks to finalise an interim trade deal with Washington, an Indian trade official said on Monday. The U.S. and India reached an initial understanding on a trade deal in February, but negotiations slowed after U.S. President Donald Trump’s sweeping tariff measures were struck down by the U.S. Supreme Court. The U.S. has since proposed an additional tariff of 12.5% on imports from India, and other countries, due to what Washington says is these countries’ use of forced labour. It is also looking at imposing a separate tariff on India, claiming India has excess capacity in industries such as textiles and is exporting too much to the United States, damaging U.S. industry. “Once we have that tariff, we can finalise a trade deal with the U.S. But obviously the rate has to be competitive with direct competitors,” the Indian trade official, who was speaking on condition of anonymity, told reporters. India would also seek an assurance from the U.S. that it will not be subjected to additional tariffs in future after the deal, the official said. The official did not wish to be named as talks between the two nations over the deal are confidential. India’s trade ministry did not immediately respond to an e-mailed request for comment. Bilateral trade talks gathered pace last week as a U.S. delegation led by Assistant U.S. Trade Representative for South and Central Asia Brendan Lynch held three days of talks with Indian trade officials in New Delhi. Last week, India’s trade minister Piyush Goyal said the two sides were moving swiftly toward finalising the first tranche of a bilateral trade agreement that could be concluded by mid-July. [...]

Rupee records gain against US dollar

June 8, 2026 2:16

Gold price per tola drops by Rs3,094 in Pakistan

June 8, 2026 1:51

KSE-100 Index sheds over 1,500 points as Middle East tensions weigh on sentiment

June 8, 2026 1:49

India reports surprise current account surplus in Jan-March quarter

June 8, 2026 12:37

Wahdat Poultry purchases 100,000 birds through IPO proceeds

June 8, 2026 11:19

Wahdat Poultry Farm Limited has commenced the rearing of an additional flock of 100,000 layer birds using proceeds raised through its recent initial public offering (IPO). “Wahdat Poultry Farm Limited hereby informs that the company has commenced the rearing of an additional flock of 100,000 layer birds as part of its expansion plan funded through the proceeds of the company’s initial public offering (IPO),” read the notice. “The rearing process has formally commenced, and the flock is expected to attain laying maturity in accordance with the planned production cycle. “Commercial egg production from the flock is anticipated to commence in November 2026,” it added. Last month, Wahdat Poultry Farm Limited was formally listed on the Main Board of the Pakistan Stock Exchange (PSX), following a successful IPO that raised Rs956 million and attracted strong participation from both institutional and retail investors. The company’s IPO witnessed robust investor demand, with the strike price settling at Rs18 per share, representing a 50% premium over the floor price of Rs12 per share. The book-building portion was oversubscribed 5.2 times, while the retail segment received subscription of 1.2 times. The IPO prospectus of Wahdat Poultry Farm said the company would utilise the funds raised through selling the shares to establish a new pasteurisation plant, rearing of additional flock, and increasing working capital for a quality-assured procurement model. “The principal purpose of this issue is to finance capacity expansion through a capital-efficient model, meet incremental working capital requirements, and diversify into high-value segments via a new pasteurised egg production unit.” [...]

Pakistan, Mauritius eye to enhance bilateral trade

June 8, 2026 11:06

Pakistan and Mauritius have reaffirmed their commitment to strengthening bilateral trade and investment ties, as officials from both countries discussed avenues for deeper economic cooperation during a meeting on Monday. The Coordinator to the Prime Minister on Commerce, Rana Ihsaan Afzal Khan, held a meeting with H.E. Mervin N. Chedumbarum of the Ministry of Foreign Affairs of the Republic of Mauritius to discuss ways to strengthen bilateral trade, investment, and economic cooperation between the two countries. During the meeting, both sides reviewed the current state of bilateral relations and explored new opportunities to expand commercial engagement. Discussions focused on enhancing trade ties, promoting investment, and fostering stronger economic linkages between Pakistan and Mauritius. Rana Ihsaan Afzal Khan emphasised the importance of closer collaboration between the private sectors of both countries, highlighting the role of business-to-business (B2B) interactions in unlocking new trade and investment opportunities. The two sides also exchanged views on expanding institutional cooperation, facilitating greater commercial connectivity, and identifying emerging sectors for mutually beneficial partnerships. Both Pakistan and Mauritius expressed satisfaction over the positive trajectory of bilateral relations. They reaffirmed their commitment to maintaining regular dialogue and strengthening economic cooperation in the interest of shared prosperity. The meeting concluded with a resolve to continue efforts aimed at deepening trade relations, enhancing business engagement, and exploring new avenues of economic collaboration between the two friendly countries. [...]

Palm climbs on anticipated output drop, Indonesia uncertainty caps gains

June 8, 2026 10:37

Indian rupee slumps as elevated crude, Treasury yields support dollar

June 8, 2026 10:28

Indian shares decline to two-month lows on oil spike, Asia selloff

June 8, 2026 10:20

Japan rubber futures decline on higher natural, synthetic supply prospects

June 8, 2026 9:13

Japanese government bond yields rise as Gulf flare-up stokes inflation concerns

June 8, 2026 8:55

Major Gulf markets drop amid fresh Middle East tensions

June 8, 2026 8:09

New Zealand stocks hit near two-week low tracking global peers

June 8, 2026 8:01

Lebanese president makes appeal to Israeli government to pursue talks, not war

June 8, 2026 7:01

BEIRUT: Lebanese President Joseph Aoun made a rare public appeal to the Israeli government and people in an interview with CNN aired on Monday, saying a military solution “will never provide you with security and safety” for the people in northern Israel. “We are ready, we are willing, we are committed. Are you? If you are, let’s sit and talk,” said Aoun. Also read: Lebanon president tells Iran ‘not your job to interfere’ in country He said he would not meet Israeli Prime Minister Benjamin Netanyahu before reaching an agreement to end the war, which he said would be a non-aggression pact and not a full peace deal. [...]

President Zardari, PM Shehbaz discuss budget, security, and regional situation

June 8, 2026 6:17

President Asif Ali Zardari and Prime Minister Shehbaz Sharif on Monday held a high-level meeting at Aiwan-e-Sadr to discuss national security, the upcoming federal budget, the regional situation, and other matters of national importance. The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Interior Minister Mohsin Naqvi, Law Minister Azam Nazeer Tarar, Finance Minister Muhammad Aurangzeb, and the Prime Minister’s Adviser on Political Affairs Rana Sanaullah. According to an official statement, the participants reviewed the country’s economic situation, budget proposals for the next fiscal year, the recent elections in Gilgit-Baltistan, developments in Azad Jammu and Kashmir, as well as law and order issues. Discussing budget proposals and public relief measures, President Zardari stressed the need to prioritise public welfare, provincial rights and economic stability in the federal budget. The president also emphasised the importance of aligning economic growth objectives with social welfare initiatives in the upcoming budget to maximise public benefit. During the meeting, Interior Minister Mohsin Naqvi briefed the president on his recent visit to Iran and ongoing regional diplomatic engagements. The meeting was also attended by Pakistan Peoples Party leaders Senator Sherry Rehman, MNA Syed Naveed Qamar, Senator Saleem Mandviwalla and Senator Ahad Cheema. PPP Chairman Bilawal Bhutto Zardari, Sindh Chief Minister Murad Ali Shah, Prime Minister of Azad Jammu and Kashmir Raja Faisal Rathore, and former National Assembly speaker Raja Pervaiz Ashraf also participated in the discussions. The meeting comes days before the federal government is scheduled to unveil the budget for fiscal year 2026-27. [...]

India inflation likely rose to 4% in May as food, fuel costs climb: Reuters poll

June 8, 2026 5:08

BENGALURU: India’s inflation likely rose to the Reserve Bank of India’s medium-term target of 4% in May, driven by a pickup in ‌vegetable prices and higher fuel costs following the U.S. and Israel war against Iran, a Reuters poll of economists showed. Inflation has remained below the RBI’s 4% target for 15 consecutive months. But that benign trend is unlikely to continue, with state-owned fuel retailers raising fuel prices four times in May alone, pushing up transport costs, while food inflation continued to rise from last year’s low levels. But, with inflation still within target and economic growth remaining robust, the central bank kept key interest rates unchanged last week, ⁠as expected. RBI Governor Sanjay Malhotra said underlying inflation pressures remained benign, although second-round effects warranted vigilance. Vegetables and transport drive inflation rise The June 3-8 poll of 38 economists forecast inflation, measured by the annual change in the consumer price index (CPI), rose to 4.0% in May from 3.48% in April. “May ’26 CPI likely crossed the 4% threshold … driven primarily by vegetables and transport inflation,” said Kanika Pasricha, chief economic adviser at Union Bank of India. Also read: India says retail inflation may accelerate on weak monsoon, fuel price rise “Persistence of elevated temperatures across several regions and war-led constraints have adversely impacted the supply of commodities. Vegetable prices have rebounded in the ongoing summer months, coupled with the severe heatwave, all segments of food inflation likely clocked positive month-on-month momentum.” Union Bank of India estimated transport inflation likely jumped to 4.15% in May from -0.01% in April, lifting its contribution to ‌headline inflation ⁠to 36 basis points from nearly zero, reflecting the pass-through of higher fuel prices. Rising wholesale prices gradually feed through While headline inflation in April came in well below expectations, wholesale price inflation, opens new tab accelerated to a 3-1/2-year high of 8.3%. The survey showed wholesale inflation likely rose further to 9.05% in May. Economists expect those higher input costs to gradually feed through to consumer prices. The central bank raised its inflation forecasts to 5.1% for this fiscal ⁠year, up from its earlier estimate of 4.6%. “The impact of the war should start showing up (in) the May print,” said Sakshi Gupta, principal economist at HDFC Bank, who added the pass-through from wholesale to consumer prices typically works with a lag. Also read: India’s wholesale inflation quickens to 3-1/2-year high of 8.3% as energy costs soar “So far, inflation numbers have come in lower than ⁠expected because I think there was very limited pass-through and also lower gold prices were kind of pushing down the inflation print.” India’s relatively subdued inflation has also been supported by softer-than-usual food price increases. However, economists warn that the tailwind may be fading as ⁠rising temperatures begin to push up vegetable prices. The India Meteorological Department has warned this year’s monsoon could be the weakest in 11 years. Core inflation, which excludes volatile food and fuel prices, is expected at 3.80% in May. India does not publish official core inflation data. [...]

India's BPCL says to shut crude unit at Mumbai refinery in November

June 8, 2026 5:02

India’s Bharat Petroleum Corporation will shut a 120,000 barrel per day crude unit and some secondary units at its Mumbai refinery for maintenance in November, an industry source said on Monday. The state-run refiner initially planned to shut the units at the 200,000-bpd Mumbai refinery in western India in April, a company spokesperson said in an email response. Also read: India says state-run BPCL to sign $780 million oil deal with Brazil’s Petrobras Earlier, an industry source had said that the three to four week maintenance shutdown of units would happen in September-October. Indian refiners have delayed their refinery maintenance plans to meet local fuel demand, a government official said previously. [...]

Three Air India aircraft grounded after weather damage, regulator says

June 8, 2026 4:58

Three Air India Airbus A320 aircraft have been grounded for inspection and maintenance after they were damaged on June 7 due to poor weather conditions, India’s aviation regulator said on Monday. Strong winds moved ground equipment into two of the planes and debris struck a third, the Directorate General of Civil Aviation said. Also read: IndiGo, Air India seek government support during Iran crisis, sources say Air India did not immediately respond to a request for comment. [...]

'Give peace a little more chance': PM Shehbaz urges restraint amid escalating Middle East tensions

June 8, 2026 4:43

Prime Minister Shehbaz Sharif on Monday expressed concern over the recent escalation of violence in the Middle East, warning that the fragile nature of the existing ceasefire could lead to serious consequences and undermine ongoing diplomatic efforts aimed at securing lasting peace. In a statement posted on social media platform X, the prime minister said the latest surge in violence served as a stark reminder of the risks associated with a tenuous ceasefire and the devastating consequences that could follow if hostilities intensify. “As we work earnestly and painstakingly, together with our brothers and partners, to find a peaceful diplomatic solution to the conflict, and especially when the final objective is just about to be achieved, we sincerely urge all sides to exercise restraint and give peace a little more chance,” he said. Shehbaz said Pakistan, along with its regional partners, remained committed to pursuing a diplomatic resolution to the conflict and stressed the importance of avoiding actions that could derail progress toward peace. The prime minister urged all parties to remain committed to dialogue and diplomacy, saying these offered a far more promising path than violence and destruction. “Let us continue to remain on the path of peace and diplomacy, which have bright prospects of success, instead of violence and destruction,” he added. The statement comes after Iran and Israel traded fire for the first time since the Pakistan-brokered ceasefire took hold in April, despite US President Donald Trump calling for restraint. The flare-up saw Israel striking Iran after Tehran targeted it in vengeance for an airstrike on Beirut’s southern suburbs on Saturday. Israel struck the Lebanese capital despite the US announcement of a truce plan last week. Ceasefire agreements for Lebanon have failed to secure peace due to Israel’s escalated operations, including strikes, multiple forced displacement orders, and the capture of the historic Beaufort Castle. [...]

Dar chairs review of auto policy with focus on accelerating EV transition

June 8, 2026 3:14

India-US trade deal can be finalised after tariff probe concludes, official says

June 8, 2026 3:12

PTC seeks 10-year fixed-rate financing, tax relief for exporters in budget

June 8, 2026 3:03

The Pakistan Textile Council (PTC) has urged the government to introduce a 10-year fixed-rate financing facility for industrial investment, restore the Final Tax Regime (FTR) for exporters and abolish advance taxes on the export sector in the federal budget for 2026-27, arguing that the measures are critical to boosting exports and attracting fresh investment. PTC Chairman Fawad Anwar said on Monday that the export sector continues to face multiple challenges, including high financing costs, elevated energy tariffs, liquidity pressures and a complex taxation system, which are discouraging new investments and limiting export growth. “The upcoming budget presents an opportunity to shift the economy towards investment-led and export-driven growth,” Anwar said, adding that long-term financing at fixed rates, reinstatement of FTR and the removal of advance taxes would provide certainty to investors and exporters. He stressed that industrial projects require predictable borrowing costs and long-term financial planning. According to Anwar, a dedicated financing facility with a fixed markup rate for up to 10 years would encourage industrial expansion, technology upgrades and the establishment of new export-oriented manufacturing units. The PTC chief also called for the elimination of multiple advance tax deductions on exporters, saying such measures negatively affect cash flows and increase the cost of doing business. He maintained that restoring the Final Tax Regime would simplify taxation, improve compliance and allow exporters to focus on expanding production and overseas sales. Highlighting Pakistan’s export potential, Anwar said the country could benefit from the ongoing reconfiguration of global supply chains, but only if policymakers adopt reforms aimed at reducing business costs and creating a stable investment environment. “Exports remain Pakistan’s most sustainable source of foreign exchange earnings and job creation. The right budgetary decisions can unlock new investment, increase production capacity and place the economy on a stronger growth trajectory,” he said. The council expressed hope that Budget 2026-27 would include growth-oriented reforms to support exporters, attract investment and strengthen Pakistan’s position as a competitive manufacturing and export hub. [...]

Wall St gains as chips rebound, Middle East tensions ease

June 8, 2026 2:53

Iran, Israel say they have halted strikes on each other for now

June 8, 2026 2:45

DUBAI/OCCUPIED JERUSALEM: Iran and Israel said on Monday they had halted attacks on each other following an appeal from U.S. President Donald Trump that they immediately “stop ‘shooting’”, though Tehran said it would resume strikes if Israel continued to hit Hezbollah in Lebanon. The wave of attacks over the ‌past 24 hours marked the most direct confrontation between Iran and Israel since an April ceasefire, threatening to wreck Washington’s efforts to reach an agreement with Tehran to end their more than three-month war Oil prices which had risen by as much as 5% after the flurry of attacks - later pared gains when Iran’s military said its first wave of strikes on Israel was over. The dollar retreated from its highest level in nearly two months. A source briefed on the matter told Reuters that Israel had also decided to halt its attacks on Iran. Israel struck Iranian targets after Tehran fired missiles towards Israeli territory late on Sunday. Tehran said its strikes were retaliation for Israeli attacks on strongholds of Iran-backed Hezbollah on the outskirts of Beirut. Israel hit a petrochemical plant in southwestern Iran that it said was used to produce ballistic missiles. Iran’s Islamic Revolutionary Guard Corps (IRGC) said it retaliated with a strike ⁠aimed at a similar Israeli plant in the city of Haifa. ‘Painful response’ Iran’s military headquarters said it had “delivered a painful response” against Israel for its attacks on Lebanon, including Sunday’s strikes on the outskirts of Beirut. “Accordingly, the operations of the armed forces are hereby declared halted; however, it is emphasized that if the aggressions and acts of mischief continue — including in southern Lebanon — much more severe and crushing actions than before will follow.” The exchange has complicated Trump’s push to end the war, launched by the U.S. and Israel on February 28, and underscores how easily the conflict could widen into a broader regional confrontation. A ceasefire announced on April 8 had paused all-out warfare but flare-ups in the Gulf have continued. In one of several posts on social media, Trump said Israel and Iran both wanted “an immediate CEASEFIRE! Final negotiations on ‘Peace’ are proceeding, subject to ignorance or stupidity getting in its way.” He added that a U.S. blockade of Iranian ports would remain in place till a final deal was reached. [...]

Powerful Philippine quake leaves at least 32 feared dead, survivors recount fear

June 8, 2026 2:42

GENERAL SANTOS: The death toll in a powerful 7.8‑magnitude earthquake off the southern Philippine island of Mindanao on Monday has risen to at least 32, with dozens of people injured, disaster officials said, as Manila stepped up search and rescue operations. The quake, which triggered tsunami warnings across several countries, hit early in the morning about 20 km (12.4 miles) off the coast of Sarangani province, with tremors felt strongly across Mindanao and 420 km away in the city of Manado on the Indonesian island of Sulawesi. Residents in the worst-affected location, General Santos City, home to about 700,000 people, recalled the fear they felt as tremors shook the area, saying they were unlike anything they had experienced in the past. “It was the first time I experienced something that strong, that I really couldn’t stop myself from tearing up. I thought about my children and my niece, what if something had happened to them?” said Jojo Calma, 44, who was driving his motorised tricycle taxi in front of a building when it collapsed. Building collapse caught on video The collapse of that building housing a fast-food outlet was captured in a video released by the local government, showing panicked onlookers fleeing as a cloud of dust spread quickly through the air. Calma said his children were in school when the earthquake struck, but are safe, although his sibling’s home was destroyed. “Thank God they’re okay,” he said. The quake struck just as schools were returning from a long break. The Philippines mobilised military and disaster response teams and authorities were verifying preliminary reports of 32 people killed and 134 injured across Mindanao, mostly from falling debris and landslides, according to civil defence officials. Tsunami warnings were cancelled after more than six hours in the southern Philippines, northern Indonesia and the Malaysian state of Sabah on Borneo island, where residents in coastal areas had been told to evacuate immediately to higher ground. The disaster came eight months after the Philippines suffered its deadliest tremor in 12 years, when a shallow 6.9 magnitude quake hit off the central island of Cebu, killing 79 people. Two powerful quakes struck Mindanao two weeks later, the strongest at a magnitude 7.4. ‘We will not leave Mindanao behind,’ president says President Ferdinand Marcos Jr ordered an immediate disaster response in Mindanao, with agencies directed to prepare relief supplies and evacuation centres and be ready for possible rescue operations. “The national government is moving and we will not leave Mindanao behind,” Marcos said in a statement. The Philippines and Indonesia experience hundreds of quakes each year and sit on tectonically complex parts of the Pacific “Ring of Fire”, a seismically active belt stretching from South America to the Russian Far East. Damage to buildings, utilities and infrastructure was still being assessed in other affected provinces, but disaster officer Bong Dacera told a media briefing that authorities could not yet begin structural assessments in General Santos due to ongoing aftershocks. ‘No electricity or water’ The Philippine seismology agency said there were more than 200 aftershocks, at least nine of those strong and felt across Mindanao, the highest at a magnitude 6.7. Shops and buildings in General Santos were damaged, some with broken signs and glass, others reduced to piles of concrete and rubble. “When I got home, there was no electricity and water. We are all affected, we don’t have anything to drink,” said 30-year old tricycle driver Jayson Manarca. One hospital was evacuated due to concerns about cracks on higher floors. One of the buildings at the city’s Notre Dame of Dadiangas University collapsed, but no-one was inside. A video shared by one school the moment the quake struck showed a large group of children sitting on the floor swaying rapidly from side to side, some hugging teachers, before fleeing en masse as a makeshift shelter collapsed behind them. Benjie Ancheta, police chief of Sarangani’s Alabel town, said the quake occurred during a police flag-raising ceremony, causing some people to faint. Indonesian islanders move to higher ground The U.S. Tsunami Warning System said multiple countries could be affected, and Australia initially warned of potential tsunami waves on its northern coasts. Japan’s meteorological agency issued an advisory and said a tsunami of 0.2 m or lower had been observed, with some disruption to ferries and precautionary beach closures. Witnesses in Indonesia’s Manado said they felt the quake strongly. Only minor damage was reported, according to Abdul Muhari, spokesperson for Indonesia’s disaster mitigation agency. A tsunami with a wave the height of up to 0.75 m was detected in some regions in North Sulawesi, where people started moving to safer areas, including residents of the remote Sangihe Islands, among the closest to the Philippines. [...]

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