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Gold rises on weaker oil; inflation, rate outlook in focus

June 9, 2026 8:39

Gold prices firmed on Tuesday, supported by softer oil prices following a fragile Israel-Iran truce, while focus was also on inflation and interest rate hike risks. Spot gold was up 0.4% at $4,345.71 per ounce, as of 0602 GMT. In the previous session, bullion touched its lowest point in more than two months. U.S. gold futures for August delivery were up 0.2% at $4,370.80. “The slight easing of tensions between Israel and Iran has tamed oil prices somewhat and has, by extension, helped gold,” said Tim Waterer, chief market analyst at KCM Trade. Iran and Israel said on Monday they had halted attacks on each other after an appeal from U.S. President Donald Trump, though Tehran warned it would resume hostilities if Israel continued to hit Hezbollah in Lebanon. Oil prices eased, erasing most of Monday’s gains. Elevated crude oil prices can accelerate inflation, and while gold is seen as a hedge against inflation, higher interest rates tend to weigh on the non-yielding metal. Goldman Sachs said it expects the U.S. Federal Reserve to keep interest rates unchanged through 2026 and delay rate cuts until 2027, citing stronger economic activity and jobs growth. Traders are now pricing in a more than 70% chance of a U.S. rate hike by December, according to the CME FedWatch tool. Investors are bracing for May’s U.S. consumer price index data, due on Wednesday, to gauge the Fed’s monetary policy path. “A return to $5,500 for gold remains viable by year-end driven in part by central bank demand, but it will likely require cooperation from oil prices, bond yields and the dollar, which would all need to take a turn lower,” Waterer said. Spot silver rose 0.4% to $68.45 per ounce, platinum gained 0.3% to $1,759.74, and palladium rose 1.5% to $1,223.44. [...]

South Korean shares rebound more than 8% as chipmakers jump

June 9, 2026 8:26

SEOUL: Round-up of South Korean financial markets: South Korean shares rebounded sharply on Tuesday, recovering after the previous session’s steep losses, as investors snapped up beaten-down technology stocks following the market’s sharpest one-day decline in three months. The benchmark KOSPI closed up 612.52 points, or 8.18%, at 8,096.93, marking its biggest one-day percentage gain since May 21. In the previous session, the index slipped 8.3% to its biggest decline since early March. In early hours on Tuesday, the index triggered a “sidecar” trading curb designed to temper excessive market volatility, but extended gains in afternoon trade. Among index heavyweights, chipmaker Samsung Electronics rose 8.97% and peer SK Hynix gained 15.91%, mirroring gains on Wall Street where chipmakers surged overnight on bargain-hunting demand to send the Philadelphia SE Semiconductor Index 5.6% higher. “Chipmaker stocks were supported by dip-buying after a short-term drop,” said Lee Kyoung-min, an analyst at Daishin Securities. Risk sentiment also improved after stronger-than-expected first-quarter economic growth data highlighted the resilience of South Korea’s export-driven economy despite ongoing global trade and growth concerns. Battery maker LG Energy Solution climbed 2.06%, while Hyundai Motor and sister automaker Kia Corp were unchanged and up 8.52%, respectively. Steelmaker POSCO Holdings added 1.53%, while drugmaker Samsung BioLogics rose 4.26%. Of the total 922 traded issues, 774 shares advanced, while 133 declined. Foreigners were net sellers of shares worth 2 trillion won ($1.32 billion). The won was quoted at 1,512.1 per dollar on the onshore settlement platform, 0.95% higher than its previous close at 1,526.5. South Korea will respond sternly to speculative trading and market-disturbing behaviour in the onshore currency market, a senior finance official said. The most liquid three-year Korean treasury bond yield fell by 8.4 basis points to 3.850%, while the benchmark 10-year yield fell by 9.1 basis points to 4.260%. [...]

Japan's Nikkei ends higher as chip-related heavyweights jump

June 9, 2026 7:44

TOKYO: Japan’s Nikkei share average ended higher on Tuesday, as chip-related heavyweights recovered from heavy losses in the previous session. The Nikkei closed up 2.17% at 65,416.63. The index fell 3.85% on Monday, its largest one-day loss in three months. The Nikkei was choppy earlier in the session, inching down as much as 0.16%. The broader Topix rose 1.14% to 3,896.11. Chip-making equipment maker Tokyo Electron jumped 8.91% and chip-testing equipment maker Advantest gained 4.34%, becoming the biggest source for the Nikkei’s gain. Meanwhile, technology investor SoftBank Group and fibre optic cable maker Fujikura reversed earlier losses and ended 1.03% and 2.23% higher, respectively. “Confidence for AI-related shares remains strong, but there was caution for the fast-paced rally in the market earlier in the session,” said Kazuaki Shimada, chief strategist at IwaiCosmo Securities. “Investors might have sold stocks to raise money to buy SpaceX ahead of its initial public offering this week,” he said. The Nikkei crossed above 68,000 to a record high earlier this month on optimism for the growth of AI-related shares. The index has risen nearly 30% so far this year. Monday’s heavy sell-off followed sharp declines in U.S. technology stocks at the end of last week. Financials rose on Tuesday as the market braced for the Bank of Japan’s interest rate hike at its policy meeting next week. Mitsubishi UFJ Financial Group and Mizuho Financial Group rose 0.38% and 1.69%, respectively. Meanwhile, Uniqlo-brand owner Fast Retailing fell 0.96% to weigh on the Nikkei the most. Of more than 1,500 stocks trading on the Tokyo Stock Exchange’s prime market, 53% rose, 42% fell, and 3% traded flat. [...]

European shares steady; Middle East tensions in focus

June 9, 2026 7:42

European shares were steady at open as the developments in the Middle East stayed in focus, with oil prices easing after Iran and Israel halted attacks on U.S. President Donald Trump’s appeal. The pan-European STOXX 600 index edged 0.1% higher to 622.68 points by 0708 GMT. Crude oil prices erased nearly all of the previous session’s gains after Iran and Israel halted attacks on each other, though investors remained cautious as diplomatic talks so far have failed to deliver a lasting peace and the Strait of Hormuz, a vital artery for global oil supplies, remains shut. Inflation concerns have had markets price in a 25-basis-point interest rate hike by the European Central Bank at the meeting on Thursday, but the focus will be on the monetary policy path ahead. Europe’s STOXX 600 hits two-week low on Mideast escalation, AI jitters Healthcare stocks declined the most among sectors, falling 0.8%. GSK slipped 2% after the British drugmaker agreed to acquire U.S.-listed cancer drug developer Nuvalent for $10.6 billion. Tech stocks rose 0.9% after global AI-related stocks, which had faced a selloff after a strong run, showed signs of steadying. UBS rose 1.5%. A Reuters report said that Swiss lawmakers are considering a new pitch to soften capital requirements on the lender that could shave billions of dollars off the burden the bank is facing. [...]

Aussie stocks slip for third session as mining losses outweigh real estate gains

June 9, 2026 7:39

Australian stocks ended marginally lower on Tuesday, falling for a third straight session, as softer commodity prices pressured heavyweight miners, although gains in consumer and real-estate stocks limited the decline. The benchmark S&P/ASX 200 index fell 0.2% to 8,604.2 points, after dropping as much as 1.6% during the session. The market was shut on Monday for a holiday. Miners fell 2.5% to their lowest since May 21, tracking softer iron ore prices amid weak steel demand in China. Sector majors Rio Tinto and BHP shed 1.8% and 1.9%, respectively. Gold stocks lost 4% to hit their lowest since March 25. Evolution Mining slumped 3.7% and Northern Star Resources fell 3.3%. Offsetting the declines, consumer staples stocks advanced 1.5%, with top grocers Woolworths and Coles adding between 1% and 3%. “We no longer expect the RBA (Reserve Bank of Australia) to hike by 25bp in August, and now see the cash rate peaking at the current rate of 4.35% for the cycle,” said Sally Auld, chief economist at NAB. “The next move in the cash rate is likely to be down, but the timing is uncertain.” New Zealand stocks hit near two-week low tracking global peers Swaps imply that the central bank is likely to keep the key cash rate steady at 4.35% at its meeting next week, after three hikes so far this year. Real estate companies climbed 1.2%, with Charter Hall Retail REIT and Dexus gaining more than 1%. Financials ended flat with only ANZ in the green out of the “Big Four” banks, while healthcare gained 1.3%. Energy stocks slipped 0.2%, tracking weaker oil prices after Iran and Israel said that they had halted attacks after an appeal from U.S. President Donald Trump. Across the Tasman Sea, the New Zealand benchmark S&P/NZX 50 index rose 1.3% to 13,204.08 points, in its best session in three weeks. [...]

Copper steady as tight LME stocks counter China demand worries, Mideast tensions

June 9, 2026 5:56

SINGAPORE: Copper prices were little changed on Tuesday as support from dwindling London Metal Exchange inventories offset pressure from concerns about Middle East tensions, high oil prices and weaker Chinese import data. Benchmark three-month copper on the London Metal Exchange was down 0.22% at $13,585.5 a metric ton by 0300 GMT. The most-traded copper contract on the Shanghai Futures Exchange edged up 0.02% at 104,090 yuan ($15,356.58) per ton. Copper has been supported by declining stocks on the London Metal Exchange as traders shift the metal to the United States ahead of a U.S. decision at the end of June on copper import tariffs. Elsewhere, data released on Tuesday from top consumer China showed a marked decline in imports of unwrought copper this year, which capped prices. For the first five months of 2026, China imported 2.01 million tons of unwrought copper and copper products, down 7% from a year earlier. The Yangshan copper premium, which reflects demand for imported copper, stood at $64 a ton on Monday, its lowest since April 28. Industrial metals have come under pressure from worries about growth due to high oil prices and the conflict in the Middle East. Oil prices were calm on Tuesday, after volatility on Sunday and Monday, when an exchange of fire between Iran and Israel over the weekend saw prices rise as much as 5%, before paring back much of those gains. Among other LME metals, aluminium dipped 0.31%, zinc fell 0.27%, lead lost 0.38%, nickel shed 0.77% and tin declined 0.95%. Elsewhere on the SHFE, aluminium lost 0.37%, zinc dipped 0.24%, lead dropped 1.86%, nickel fell 2.11% and tin shed 1.76%. [...]

Indian shares rise as banks gain on RBI forex swap facility

June 9, 2026 5:34

Banks led gains in Indian shares on Tuesday after the RBI detailed a concessional forex swap facility for overseas borrowings, while a pause in Israel-Iran hostilities boosted risk appetite. The benchmark Nifty 50 was up 0.36% at 23,205.2, while the BSE Sensex gained 0.35% to 73,776.79, as of 9:46 a.m. IST. Thirteen of the 16 major sectors logged gains. The small-caps and mid-caps indexes rose about 1% each. Banks and financials rose about 1.2% and 1%, respectively, after the RBI allowed lenders to access a concessional swap facility for overseas borrowings with a minimum maturity of three years. “RBI’s concessional swap facility is a structural level to bridge the loan-to-deposit ratio gap for financials, lower incremental cost of deposits and improve net interest margins,” said Kunal Shah, analyst at Citi Research. Other Asian markets rose 2.5%, partially rebounding from the previous session’s steep drop. Iran and Israel said on Monday they had halted attacks on each other after an appeal from U.S. President Donald Trump, though Tehran warned it would resume hostilities if Israel continued to hit Hezbollah in Lebanon. Brent crude futures were down around $93.3 per barrel, compared with $97 ahead of the Indian market close on Monday. “Global equities are seeing some recovery following signs of pause in Israel-Iran hostilities, but traders remain cautious due to lingering Middle East uncertainty,” said Aakash Shah, technical research analyst at Choice Broking. “The immediate trading range for Nifty is seen between 23,000 and 23,300 and a decisive move beyond either side is likely to determine the next directional trend,” Shah said. Among individual stocks, heating equipment maker JNK India jumped 9.6% after securing a UAE order worth 1 billion rupees to 3 billion rupees. Vaccine and drugmaker Panacea Biotech climbed 11% after launching the Denstar project to develop a dengue vaccine specifically for Africa. [...]

Dollar hovers around two-month high as Iran-Israel truce hangs in balance

June 9, 2026 5:31

HONG KONG: The U.S. dollar held near a two-month high on Tuesday, firming against most major peers as Middle East uncertainty curbed risk appetite and traders ramped up bets on a Federal Reserve rate hike later this year. Iran and Israel halted attacks on each other on Monday after an appeal from U.S. President Donald Trump, but tensions ran high as Tehran threatened to resume strikes if Israel continued to hit Iran-backed Hezbollah in Lebanon. U.S. efforts to reach a lasting agreement with the Iranians to end their more than three-month-old war have made little headway, leaving oil prices elevated and underpinning safe-haven demand for the greenback. The euro stood at $1.1528 and the sterling fetched $1.3335, both down roughly 0.05% so far in Asia after hitting their two-month lows in the previous session. The risk-sensitive Australian dollar was down 0.1% at $0.7039, and the New Zealand dollar traded at $0.5804. The Japanese yen weakened to as much as 160.295, continuing to hover around the 160 level widely seen as a line in the sand for potential official intervention. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was little changed at 100.03, near the two-month high of 100.21 it struck on Monday. “When you think about this idea of a peace deal or some sort of truce… what have we achieved in the past couple of weeks? Not a great deal,” NAB’s senior FX strategist Rodrigo Catril said in a podcast. “We’ve seen the dollar being stronger because of this uncertainty, but also because of strong data in the U.S.” The offshore yuan was flat at 6.7857 per dollar, ahead of trade data due later in the day that is expected to show China’s export growth strengthened in May. Inflation data in focus Markets are keenly eyeing U.S. inflation data on Wednesday for clues to the Federal Reserve’s next moves after a blowout job report last week ramped up bets on a rate hike this year. Fed funds futures traders now see a 70% chance of a hike by December, according to CME FedWatch. Treasury yields remained broadly elevated on rate hike expectations, with those on the 2-year note hovering near a 15-month peak while the benchmark U.S. 10-year was firmly above 4.5%. “Coming hot on the heels of Friday’s robust non-farm payrolls report, a hotter-than-expected CPI print would undoubtedly add to mounting fears of a Fed rate hike before year-end,” said Tony Sycamore, market analyst at IG. “This scenario would provide fresh support for the U.S. dollar while putting renewed downward pressure on U.S. equities.” Elsewhere, the European Central Bank is widely expected to raise rates this week, with another increase likely in September, as it seeks to balance energy-driven inflation against a weakening economy. [...]

Oil falls as investors await clarity after Iran-Israel halt attacks

June 9, 2026 5:27

SINGAPORE: Oil prices fell on Tuesday, erasing most of the previous session’s gains, after Iran and Israel said they had halted attacks on each other following an appeal from U.S. President Donald Trump, though both sides warned they could resume hostilities. Brent crude futures were down 91 cents, or 1%, at $93.34 a barrel at 0400 GMT, while U.S. West Texas Intermediate declined $1.13, or 1.2%, at $90.17 a barrel. Prices climbed as much as 5% in the previous session after renewed Israeli strikes on Iran and attacks in Lebanon reduced hopes of an imminent end to the wider war, but pared gains after Iran’s armed forces announced the end of military operations against Israel. “While there is some relief from the latest pause in direct strikes, investors are not convinced the truce will hold,” said Tim Waterer, chief market analyst at KCM Trade. Iran and Israel said they had halted attacks on each other after an appeal from President Trump that they immediately “stop ‘shooting’”, though Tehran said it would resume strikes if Israel continued to hit Hezbollah in Lebanon. US says Iran fired seven ballistic missiles toward Kuwait, Bahrain “While this helped stop the situation snowballing, the geopolitical backdrop remains tense, and a lasting peace deal remains elusive,” said Tony Sycamore, market analyst at IG. Israeli Prime Minister Benjamin Netanyahu said in a video statement carried by Israeli television that Israel would respond with force if Iran attacked again. Trump told Axios in an interview published on Monday that he warned Netanyahu that he might find himself fighting alone if he went back to war with Iran. “The key question is whether current de-escalation efforts can finally translate into a longer-lasting resolution, or if we’re simply in another temporary lull,” Waterer said. One of the key issues Washington is pressing Tehran for in peace talks is the reopening of the Strait of Hormuz, through which about a fifth of the world’s supply of oil passed before the U.S. and Israel launched airstrikes on Iran at the end of February. On Monday, U.S. forces disabled an unladen oil tanker in the Gulf of Oman after it attempted to sail to an Iranian port in violation of the ongoing blockade against Iran, the U.S. military said. [...]

Buying returns to bourse, KSE-100 up 2,000 points

June 9, 2026 5:18

A day after intense selling pressure, buying returned to the Pakistan Stock Exchange (PSX) on Tuesday after Iran and Israel announced a halt to attacks on each other, with the benchmark KSE-100 Index gaining over 2,000 points during the opening minutes of trading. At 9:55am, the benchmark index was hovering at 170,954.65, a gain of 2,000.95 points or 1.18%. Buying was observed in key sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies and OMCs. Index-heavy stocks, including MARI, OGDC, PPL, POL, HUBCO, PSO, MEBL and NBP, traded in the green. On Monday, renewed exchanges of attacks between Iran and Israel and fading hopes for a near-term diplomatic breakthrough kept investors on the defensive, dragging PSX lower for another session as geopolitical uncertainty overshadowed otherwise healthy market participation. The benchmark KSE-100 Index slipped below the key 170,000-point psychological threshold for the first time since May 22, 2026 and ended at 168,953.71 points. Internationally, Asian stock markets eked out a rally on Tuesday and oil prices came off highs after Israel and Iran said they would halt attacks on each other for now, while ‌ever-hopeful investors bought the latest dip in semiconductor stocks. Analysts cautioned the bounce was narrowly based, with 60% of the S&P 500 finishing in the red overnight, even as the overall index edged up. Share futures for Wall Street and Europe were also lower in early trading. Higher bond yields continued to test stretched equity valuations, with shipping through the Strait of Hormuz still badly restricted. South Korea’s share market climbed 3.4%, having sunk more than 8% on Monday after a run of spectacular gains left valuations stretched and retail investors with extended margin positions. Japan’s Nikkei firmed 0.9%, after losing 3.9% the previous session, while MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.5%. Chinese blue chips added 0.4% as trade data showed exports rose 19.4% in May and imports climbed 27.4%, with both beating median forecasts. The strength shows China’s success in finding new markets in the face of U.S. tariffs and other trade hurdles, even as domestic demand struggles. This is an intraday update [...]

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. [...]

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. [...]

Gold rises on weaker oil; inflation, rate outlook in focus

June 9, 2026 8:39

Govt 'likely' to present FY2026-27 budget on Friday, says minister

June 9, 2026 8:33

The government is ‘likely’ to announce the federal budget for the fiscal year 2026-27 in the parliament on June 12 (Friday), said Parliamentary Affairs Minister Tariq Fazal Chaudhry on Tuesday. In a post on the social media platform X, the minister shared that summaries for convening budget sessions in the National Assembly and the Senate on June 10 had been sent. Meanwhile, according to media reports, the National Economic Council (NEC), chaired by Prime Minister Shehbaz Sharif, is scheduled to meet tomorrow (Wednesday) after several delays. The NEC is Pakistan’s highest constitutional forum for economic planning and coordination between the federal and provincial governments. The federal government has yet to secure the consensus of provincial governments on a proposal to retain around Rs1.1 trillion to Rs1.2 trillion from the provinces’ shares under the National Finance Commission (NFC) Award for strategic spending and federal development projects, creating uncertainty over the Federal Budget 2026-27. This was stated by Khyber Pakhtunkhwa Finance Adviser Muzammil Aslam while speaking to the media here on Monday. He further said that the budget process remains incomplete as key fiscal figures have yet to be finalised with the International Monetary Fund (IMF). Earlier, the government was expected to announce its federal budget for fiscal year 2026-27 on June 5, as it targets a gross domestic product (GDP) growth of 4%. However, the presentation was delayed to June 10. On Tuesday, Business Recorder reported that the government is likely to postpone the presentation of the 2026–27 federal budget from June 10 to June 12, with a final decision on the proposed change expected in a day or two. Speaking to the media at Parliament House on Monday, Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal said that several key budget-related matters are yet to be finalised, prompting discussions on revising the budget presentation schedule. He said discussions were still underway and that limited time, coupled with the approaching month of Muharram, had complicated the process. “Many aspects of the budget are still being finalised,” he said, adding that no final decision had yet been taken on whether the presentation date would be changed. The budget comes as Pakistan navigates strict IMF-mandated fiscal curbs and seeks economic stabilisation. [...]

South Korean shares rebound more than 8% as chipmakers jump

June 9, 2026 8:26

Japan rubber futures fall on higher supply expectation, weaker yen curbs downside

June 9, 2026 8:22

Japanese rubber futures fell for a second straight session on Tuesday on expectation of higher supply, though a weaker yen limited the downside. The Osaka Exchange (OSE) rubber contract for November delivery slipped 0.7 yen, or 0.16%, to close at 424 yen ($2.65) per kg. The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery fell 10 yuan, or 0.06%, to 17,590 yuan ($2,597.31) per metric ton. The most-active July butadiene rubber contract on the SHFE fell 520 yuan, or 3.79%, to 13,185 yuan per ton. The yen weakened to a low of 160.295, continuing to hover around the 160 level widely seen as a line in the sand for potential official intervention. A weaker Japanese currency makes yen-denominated assets more affordable to overseas buyers. Tightness in natural rubber supply is expected to ease as tapping in Thailand, Vietnam, the Ivory Coast and Indonesia is expected to increase, according to a report by CITIC Securities Futures. Still, due to high temperatures and dry weather, rubber yields are forecast to fall below expectations, keeping prices firm, the report said. Expectations of a severe El Nino weather pattern could inflict further damage on crops and reduce yields. Prices of Thailand’s benchmark export-grade smoked rubber sheet (RSS3) and block rubber were down 0.98% and 0.35%, respectively. Oil prices fell on Tuesday, erasing most of the previous session’s gains, after Iran and Israel said they had halted attacks on each other following an appeal from U.S. President Donald Trump, though both sides warned they could resume hostilities. The front-month rubber contract on Singapore Exchange’s SICOM platform for July delivery last traded at 225.8 U.S. cents per kg, up 0.3% as of 0700 GMT. [...]

India explores Russian coking coal assets, more nickel supplies, sources say

June 9, 2026 8:16

NEW DELHI/MOSCOW: India’s state-owned Steel Authority of India (SAIL) and NMDC Ltd are exploring acquisitions of coking coal assets in Russia as New Delhi seeks to secure supplies of critical raw materials, Indian sources said. The world’s biggest producer of crude steel after China, India sent a delegation to Russia last month for preliminary talks with government and industry executives, said the three sources familiar with the matter. They sought anonymity because the talks were confidential. “Both SAIL and NMDC are exploring sourcing of raw materials and are in talks with Russia,” one of the sources said, adding that SAIL had set up an internal panel to study the issue. India is also looking to boost imports of nickel from Russia, two Indian sources and a Russian source said. Initial talks between the two sides were held in New Delhi in April, the two Indian sources said. India’s JSW Steel secures coking coal mining project in Mozambique: statement India’s steel ministry, SAIL and NMDC did not respond to Reuters emails seeking comment on talks with Russia for mineral assets and raw materials. Russia’s energy ministry did not immediately respond to queries. India currently imports nickel from China, Japan, Norway and the United States, among other countries, and only very small quantities from Russia. Nickel is critical to India’s electric vehicle supply chain, especially for batteries. New Delhi aims for electric vehicles to account for 30% of cars and 80% of two-wheelers by 2030, up from about 6% and 9% now. The metal is also used in making stainless steel. India is seeking to secure supplies of key raw materials as it boost steel output and speeds its transition to cleaner energy. In January, the government designated coking coal a critical and strategic mineral on the grounds of India’s import dependence. It said it also wanted to secure stable supplies of other key raw materials such as lithium, cobalt and rare earths. India now fills more than half its coking coal requirements from Australia, and the rest from countries such as Russia and the United States. NMDC has been evaluating overseas coking coal assets for some time. Last year, its chairman said the miner was exploring opportunities in Australia and Indonesia. [...]

Saudi contractor MGC calls off up to $800 million IPO despite strong demand

June 9, 2026 8:07

DUBAI: Saudi Arabia’s Mutlaq Al-Ghowairi Contracting Company has decided not to proceed with a planned initial public offering in Riyadh, an adviser said on Tuesday, in a deal that could have raised up to around $800 million and been one of the first regional offerings since the start of the Iran war. The offering had been covered multiple times at the top of its price range of 12.5 riyals ($3.33) per share last week. However, the company opted to withdraw after consultations with its advisers, according to a bourse filing by Al Rajhi Capital. MGC “remains committed to its expansion and strategic plans”, will explore various expansion options, and will reconsider the IPO in the future, the filing reads. Saudi PIF assets reach $910bn in 2025, below Vision 2030 target Founded in 1977, MGC specialises in large-scale water infrastructure, transport and selective urban development projects. The company reported a backlog of 10.6 billion riyals ($2.82 billion) as of the end of March. Shareholders had planned to offer 240 million existing ordinary shares to investors, representing a 30% stake, and had appointed Al Rajhi Capital and Morgan Stanley as joint financial advisors for the offering. The listing was set to rank among the largest in the region this year, at a time when Middle East equity capital markets have slowed after a post-pandemic rush of offerings driven by economic diversification programmes. Proceeds from equity and equity-related issuance in the Middle East and North Africa totalled $427.9 million during the first quarter of this year, down 91% from the same period a year earlier and the slowest annual start in the region since 2011, according to LSEG data. [...]

Saudi PIF assets reach $910bn in 2025, below Vision 2030 target

June 9, 2026 7:57

DUBAI: Saudi Arabia’s Public Investment Fund had preliminary assets under management of $910 billion at the end of 2025, below its $1.09 trillion target, according to the Vision 2030 report released on Tuesday. Saudi PIF to unveil new 2026–2030 strategy this week, sources say The report also showed real non-oil GDP reached $892 billion, missing the $904 billion target, and foreign direct investment represented 2.8% of GDP, compared with a 3.4% goal. [...]

Japan's Nikkei ends higher as chip-related heavyweights jump

June 9, 2026 7:44

European shares steady; Middle East tensions in focus

June 9, 2026 7:42

Aussie stocks slip for third session as mining losses outweigh real estate gains

June 9, 2026 7:39

Govt advances DISCOs’ privatisation as investor outreach begins

June 9, 2026 7:01

The government’s plan to privatise power distribution companies (DISCOs) has formally entered its implementation phase, with Expressions of Interest (EOIs) for three utilities already published and the transaction structure approved by the government. The development was disclosed during a review meeting on the privatisation of DISCOs, chaired by Prime Minister Shehbaz Sharif on Tuesday. “Privatisation of loss-making state-owned enterprises is our priority,” the PM was quoted as saying in the official statement. The PM directed authorities to accelerate the privatisation process for DISCOs. “The entire privatisation process must be completed with complete transparency,” he said, adding that a regulatory framework should be established following the privatisation of DISCOs. During the meeting, the participants were briefed on progress regarding the privatisation of DISCOs. It was said that the first phase will include the privatisation of Islamabad Electric Supply Company, Gujranwala Electric Power Company and Faisalabad Electric Supply Company. It was informed that the EoIs for the privatisation of these three DISCOs have already been published in national and international newspapers. Meanwhile, the Cabinet Committee on Privatisation has approved the transaction structure for these DISCOs. The participants were informed that roadshows are being organised this month to attract investors. International roadshows are also being held targeting investors from Saudi Arabia, Türkiye and China. The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Federal Minister for Law and Justice Azam Nazeer Ahmad, Federal Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Finance and Revenue Muhammad Aurangzeb, Federal Minister for Power Division Sardar Awais Leghari, Advisor to the Prime Minister on Privatisation Muhammad Ali, Minister of State for Finance and Railways Bilal Azhar Kiani, and other senior government officials. [...]

Indian economy, government finances, see mounting costs from Iran war

June 9, 2026 6:12

NEW DELHI: A few months ago, India’s economy was humming along nicely. Inflation was benign and growth was steady - the strongest among the world’s leading economies. Now, India is increasingly counting the cost of the Iran war, which economists say will keep mounting if the deadlock between the U.S. and Iran remains unresolved and the blockage of oil supplies continues. As the world’s third-largest oil importer and consumer, India ships in about 90% of its oil, making its economy one of the most-exposed to the war and the prolonged war-related disruptions, which include the effective blockade of the Strait of Hormuz through which a fifth of global oil and gas transit. While India has announced a flurry of measures to contain the impact on the rupee and foreign exchange reserves, the latest of which were from the Reserve Bank of India on Friday, analysts say the broader drag on economic growth, inflation and government finances is set to increase so long as oil prices remain elevated. “India is set for a series of supply shocks,” Michael Langham, emerging markets economist at Aberdeen Investments, said. Apart from pressure on oil prices, the country also faces supply disruptions to fertiliser as a result of the Iran war, which will impact key crops like wheat when farmers are already bracing for an El Nino weather phenomenon that often portends drought. “This will all drag on India’s growth outlook, yet the ability of the RBI to look through the energy price shock from the Strait of Hormuz will be increasingly difficult given the overlapping nature of these supply shocks,” Langham said. India ramps up defence of faltering rupee after holding fire on rates At the end of last year, India’s central bank governor, Sanjay Malhotra, talked about a “rare Goldilocks” phase for the economy as it headed into 2026. Inflation levels were falling and growth remained relatively strong. The Iran war upended that outlook. India’s oil-and-gas import bill jumped 53% in April from March, prompting forecasts for the balance of payments (BoP) deficit — essentially money coming into the economy netted off against money going out — to balloon. HSBC says that Friday’s series of steps may do a lot to limit the currency damage. Until Friday, it had expected India’s BoP deficit to swell to about $65 billion in 2026-27, but now expects the measures to improve the balance by about $30 billion. In 2025-26, India’s BoP deficit was at $25.2 billion or 0.6% of GDP. India is also curbing gold imports, urging citizens to limit foreign travel and calling for more use of public transport to reduce oil demand. “Difficult position” But the macro picture is more challenging. Benchmark international oil prices surged after the war began on Feb. 28, climbing to nearly $120 per barrel. Prices have eased, but they remain about 30% higher overall, while gas prices have risen 75% over the same period. India’s GDP growth estimated at 7.8% in January-March As a result, the central bank sees inflation averaging 5.1% in the financial year to the end of March 2027, up from a 3.48% reading in April, and economic growth slipping to 6.6% from 7.7% in the previous year. While the RBI kept rates on hold last week, interest rate swap markets are pricing in at least 25 basis points of rate hikes over the next three months and more than 75 basis points over the next year. “India continues to face deeper structural challenges which has weighed on foreign direct investment, employment, manufacturing expansion, consumption, and nominal GDP growth,” said Sat Duhra, portfolio manager at Asia ex-Japan equity team at Janus Henderson Investors. Duhra said the energy shock will undermine growth and pressure government finances. “Any move to rein in public-sector capex to stabilize conditions would risk further slowing growth,” he said. “This leaves policymakers in a difficult position.” Strong oil demand India delayed raising retail fuel prices as import costs mounted. Petrol and diesel are up less than 10% since then, compared with 50% or more in some other oil-importing countries in Asia. Petrol and diesel prices are deregulated, but the government exerts significant influence as the majority shareholder of the key retail companies. Elsewhere, high prices have reduced demand and helped balance undersupplied markets. The government has said it will not compensate fuel retailers for losses, a strategy analysts say will come at a cost for the government, such as through reduced dividends, and so cut its financial firepower to handle the crisis. The government’s fertiliser subsidy is likely to jump 20% in 2026/27, a government official said. Fertiliser is vital for India’s agrarian economy, which supports nearly half the population, but may be more so this year given the risk of drought owing to El Nino. The government also cut gasoline and gasoil taxes, forgoing 140-billion-rupees in monthly revenues. The government is targeting a fiscal deficit of 4.3% of GDP this financial year, but a Reuters poll forecast it would swell to 4.7% and some economists see it going as high as 5%. India-based credit rating agency Crisil expects further small price increases in retail oil prices, which will have a wider impact. “The broader effect will reverberate across the economy through higher-transport costs, pushing up both food and core inflation,” it said in a report. [...]

India's Tata Group units plan bond sales after year-long gap, bankers say

June 9, 2026 6:03

MUMBAI: Two of India’s Tata Group infrastructure units are set to return to the corporate bond market in the coming days, after more than 15 months, two merchant bankers said on Tuesday. Indian corporate bond yields have eased after the Reserve Bank of India maintained key policy rates unchanged last week, providing some relief to the market. Tata Steel is set to raise 30 billion rupees ($313.23 million) through a sale of five-year bonds, while Tata Projects, a real estate firm, could raise 5 billion rupees to 10 billion rupees through a combination of three-year and five-year papers. “Both the companies have alerted merchant bankers, and are waiting for the rates to ease further before tapping the market,” one of the bankers said. JLR parent Tata Motors PV soars as cost cuts, premium push ease margin worries The bankers asked not to be named as they are not authorized to speak to the media. Tata Projects did not reply to an email seeking comment, while Tata Steel said, “We do not have any imminent plans for any issuances of bonds.” Before the RBI’s rate decision, yields on AAA-rated two-to-five-year corporate bonds rose past 8%, their highest level since early 2019, according to LSEG data, and have crashed by around 50 basis points since. Tata Steel, which has over 150 billion rupees in outstanding bonds, has a 10-billion-rupee maturity coming up in October. The AAA-rated borrower last tapped the market in February 2025, raising 30 billion rupees via five-year bonds at a 7.65% coupon. During the same month, AA-rated Tata Projects raised 5 billion rupees by selling six-year bonds at 8.60% coupon. [...]

Copper steady as tight LME stocks counter China demand worries, Mideast tensions

June 9, 2026 5:56

India's SpiceJet funding crunch delays pilot pay, messages show, as it seeks state-backed loan

June 9, 2026 5:53

NEW DELHI: Indian airline SpiceJet has delayed salary payments to many of its pilots since March, internal messages seen by Reuters show, as the cash-strapped carrier said it is seeking an emergency loan under a government-backed credit scheme to help stabilise operations. SpiceJet was India’s second-largest domestic carrier by market share in 2019, carrying roughly 15% of passengers, but that has since fallen to a fourth-place share of 3.4%. Its long-standing financial troubles have been worsened by the Middle East conflict, which has pushed up fuel prices and restricted airspace access, pressures that have also hit larger rivals IndiGo and Air India. SpiceJet had 375 pilots as of March and has had salary payments pending for several months, according to two pilots and a Reuters review of chats from a WhatsApp group with more than 180 members, including pilots who fly Boeing aircraft and at least one senior airline official. In one message, SpiceJet’s senior vice president of flight operations, Virendra Malhotra, wrote on May 26 that he was aware “that all of you are going through a difficult phase owing to the delay in salary disbursement” and said the balance of February salaries would be released shortly. “These are testing times, no doubt, but they are temporary.” In response, one pilot said the message was “reassuring”, but asked if there was any timeline for release of March, April and May salaries. Asked for comment, Malhotra told Reuters in a WhatsApp message, “I categorically deny having issued any such communication.” In a statement to Reuters, SpiceJet acknowledged there had been payment delays. “Employee payments continue to be disbursed in a phased manner, consistent with the process followed over the past several months, and a majority of employees have already been paid for March,” the airline said. The WhatsApp messages reviewed by Reuters show the impact on pilots’ daily lives, at a time when concerns are mounting globally around pilot fatigue and mental health. “Managing day to day expenses has become really really challenging and have reached a stage where we are having to seek assistance from others to manage essential financial commitments,” the pilot wrote in a message that elicited 52 emoji reactions, including thumbs-up and heart emojis. India’s aviation regulator did not respond to Reuters queries on SpiceJet’s salary issues and whether the uncertainty over pay could affect safety. Seeking government help SpiceJet told Reuters it was actively pursuing funding under the Indian government’s so-called “Emergency Credit Line Guarantee Scheme”, under which airlines can access seven-year government-guaranteed loans of up to 15 billion rupees ($156.74 million). “All efforts are being made to achieve normalcy,” SpiceJet said, adding that “extraneous factors”, including the ongoing Middle East crisis, were weighing on operations and cash flows. The airline said it expected to normalise business activities over the next few months. SpiceJet has an operational fleet of 21 aircraft. The airline said on Monday it had returned a Boeing 737 MAX jet to commercial service and finalised a lease including some crew for three Airbus A320 aircraft, which are scheduled to join its fleet in July, to meet growing passenger demand. Its stock has fallen 60% this year, versus a 13.8% decline for India’s biggest airline, IndiGo. SpiceJet’s scheduled flights fell to 3,053 in May from 4,494 in January, according to data from aviation analytics firm OAG. Financial woes High taxes, fierce competition and supply-chain snags have driven Indian airlines Kingfisher, Jet Airways and Go First into bankruptcy over the last 15 years. SpiceJet, which launched flights under its current brand in 2005, has deferred pay to staff at various periods of financial trouble dating back to at least 2014, according to reports by Reuters and Indian media. SpiceJet’s more recent decline followed the global Boeing 737 MAX grounding in 2019, which left roughly a tenth of the airline’s then-fleet grounded. Its recovery was then hit by the COVID-19 pandemic and a host of legal and payment disputes. The airline has reported annual losses since 2019, except in the year ended March 2025, when it posted a small profit after recognising a one-time gain from settlements with lessors. At least two aircraft lessors have served payment default notices to the airline this year, said a source with direct knowledge of the matter. SpiceJet did not comment on the default notices. [...]

‘We won’t sit Idle’: Pakistan vows self-defence against terrorist attacks from Afghanistan

June 9, 2026 8:30

Pakistan has told the UN Security Council that the Tehreek-i-Taliban Pakistan (TTP) and other terror factions continue to operate with impunity from Afghan soil, warning that Islamabad would respond to any attacks in self-defence whenever needed. “We will not sit idle while suffering from terrorist acts,” Ambassador Asim Iftikhar Ahmad, permanent representative of Pakistan to the UN, said during a 15-member Council debate on the deteriorating situation in Afghanistan on Monday. Pakistan, he said, has experienced an “exponential rise” in terrorist attacks, many planned in Afghanistan and carried out with munitions left behind by departing foreign armed forces. “It is deplorable that the Taliban have reverted back to their old tactics of providing safe havens to terrorist groups and chosen the perilous path of complicity, backed by an outside actor, the historic spoiler and instigator of chaos, that has moved fast as an opportunist to wage a proxy war against Pakistan,” the Pakistani envoy said, in an obvious reference to India. While remaining open to dialogue, Ambassador Asim said, “Pakistan will defend itself against whosoever attempts to harm our sovereignty, territorial integrity and national security.” Numerous diplomatic efforts were made to counsel the Taliban, the Pakistani envoy said, as he thanked Qatar, Turkiye, Saudi Arabia and most recently, China, to find amicable solutions. “Yet,” he said, “the Taliban’s continued intransigence and even refusal to publicly denounce and condemn terrorist groups such as the TTP and Balochistan Liberation Army (BLA) is deeply disturbing — it is evidence enough of their complicity and active support for these groups”. In this regard, Ambassador Asim reaffirmed Pakistan’s resolve to “respond in self-defence, as and when needed and always in conformity with international law and IHL (International Humanitarian Law).” While the United Nations Assistance Mission in Afghanistan (UNAMA), he said was swift in reporting incidents of cross-border actions and casualties, it fails to provide the overall context — which is the grave terrorist threat emanating from Afghanistan and its cross-border impact directed at Pakistan that is harming Pakistan and killing innocent Pakistanis. Neither the secretary-general’s report provides information on the destabilising accumulation of small arms and light weapons inside Afghanistan, nor does it adequately shed light on Afghanistan’s illicit economy, with its complex web of money laundering and terror financing networks, including Hundi and Hawala networks. Instead, the report resorts to shifting the blame to external dynamics, with little regard for the Taliban’s own policies that have brought Afghanistan to the brink of disaster. “We must not lose sight of the fact that it is the Taliban’s reckless style of governance and flawed ideologies of extremism, suppression, and radicalization that have brought upon Afghanistan the calamities it faces today,” the Pakistani envoy said. Noting the underfunding of humanitarian needs, he said this was a direct result of the Taliban’s unwillingness to prioritize the welfare of Afghans over their own interest and authoritarian control. He also clarified that the closure of the Pak-Afghan border does not affect the movement of humanitarian supplies. While Pakistan has been processing and facilitating the passage of humanitarian goods and material, the Afghan Taliban regime refuses to let them pass and keeps the border closed on its side. The worsening situation of human rights is also aligned with the Taliban’s “failings and deceitful narrative” to meet the demands of the international community, with women and girls are denied their fundamental human rights and dignity, the Pakistani envoy said. The Afghan people are being held hostage to these inhumane restrictions, oppression and selfish behaviour, he pointed out. For over four decades, he said, Pakistan welcomed millions of Afghan refugees despite limitations and insufficient international support, dealing with huge caseloads of illegal Afghans, including those without documentation, posing a serious threat to its security. “But these were never meant to be indefinite stays,” he said. Ambassador Asim urged the UN chief to outline the status of third-country resettlement cases of Afghans in a transparent manner — cases that are pending for years, despite being a tiny fraction of what Pakistan had to deal with, in the face of national security threats that no country would tolerate. “Shifting the blame of Afghanistan’s woes to the inflow of Afghan returnees will not solve the problem.” Pakistan and Afghanistan, he said, are bound by geography, deep-rooted ties, civilizational links dating back centuries, and fraternal bonds of faith, culture and ethnicity. “No country has suffered more from the consequences of conflict and instability in Afghanistan than Pakistan. So we understand, and we also know, that no country stands to benefit more from peace, prosperity and stability in Afghanistan than Pakistan.” Pakistan’s demand from the Taliban is simple and clear: verifiable and non-reversible action against terrorists, the Pakistani envoy said. “The window for course correction is narrowing, but is still open. We hope the Taliban realize this in earnest and cooperate with the international community for the long-term peace and development of Afghanistan and, above all, in the best interest of all Afghans.” At the outset, Georgette Gagnon, Deputy Special Representative for Afghanistan and Officer-in-Charge of UNAMA, said that nearly 5.9 million people have returned since 2023, but “Afghans are returning to communities and an economy that cannot fully reintegrate them”, she said. More than half the population is under the age of 25, and young Afghans are coming of age with limited employment prospects, declining household incomes and environmental problems undermining livelihoods. An estimated 3.8 million girls between 7 and 18 years of age are not in school. Such “imposition of systemic and institutionalized harm” is creating a lost generation of talent and potential, which is already costing the economy and undermining Afghanistan’s economic development. She also highlighted “the continued exclusion of UN female national staff from UN premises”. Relations between Afghanistan and Pakistan remain strained, with continued border closures and security incidents, Ms. Gagnon added. The Doha Process participants must sustain engagement that supports Afghanistan’s eventual reintegration, and the de facto authorities must establish a structured mechanism for further engagement with UNAMA. With “principled and pragmatic” engagement, the international community can make incremental progress that supports the Afghan people, she added. However, “prioritize principles over pragmatism” was the appeal from civil society representative Metra Mehran, who described the “gender apartheid” documented by her organization, the Afghanistan Justice Archive. Since August 2021, she said, the Taliban have enacted over 230 decrees, criminalizing even “women’s faces and voices, she highlighting the Criminal Procedure Code of January 2026, which legalizes violence against women. That Code divides society into “free” and “enslaved”, criminalizes same-sex sexual conduct and treats men as the primary legal authority. Edem Wosornu, Director of the Office for the Coordination of Humanitarian Affairs’ Crisis Response Division, said Afghanistan remains one of the world’s largest and most complex humanitarian crises.” Nearly half the country’s population needs help, driven by insecurity, economic fragility, climate shocks and restrictions on women and girls, she said. In late February, Ms. Wosornu said, fighting re-erupted between Afghanistan and Pakistan, displacing over 100,000 people and causing several hundred civilian casualties. “Already struggling families were pushed even closer to the edge,” with damage to health facilities and schools, disrupting services for tens of thousands. “Hunger is growing across Afghanistan,” she continued, noting that some 4.7 million people are at risk of severe food insecurity – 50 per cent higher than the same period last year. [...]

South Korean shares rebound more than 8% as chipmakers jump

June 9, 2026 8:26

Govt 'likely' to present FY2026-27 budget on Friday, says minister

June 9, 2026 8:23

The government is ‘likely’ to announce the federal budget for the fiscal year 2026-27 in the parliament on June 12 (Friday), said Parliamentary Affairs Minister Tariq Fazal Chaudhry on Tuesday. In a post on the social media platform X, the minister shared that summaries for convening budget sessions in the National Assembly and the Senate on June 10 had been sent. Meanwhile, according to media reports, the National Economic Council (NEC), chaired by Prime Minister Shehbaz Sharif, is scheduled to meet tomorrow (Wednesday) after several delays. The NEC is Pakistan’s highest constitutional forum for economic planning and coordination between the federal and provincial governments. Earlier, the government was expected to announce its federal budget for fiscal year 2026-27 on June 5, as it targets a gross domestic product (GDP) growth of 4%. However, the presentation was delayed to June 10. On Tuesday, Business Recorder reported that the government is likely to postpone the presentation of the 2026–27 federal budget from June 10 to June 12, with a final decision on the proposed change expected in a day or two. Speaking to the media at Parliament House on Monday, Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal said that several key budget-related matters are yet to be finalised, prompting discussions on revising the budget presentation schedule. He said discussions were still underway and that limited time, coupled with the approaching month of Muharram, had complicated the process. “Many aspects of the budget are still being finalised,” he said, adding that no final decision had yet been taken on whether the presentation date would be changed. The budget comes as Pakistan navigates strict IMF-mandated fiscal curbs and seeks economic stabilisation. [...]

Japan rubber futures fall on higher supply expectation, weaker yen curbs downside

June 9, 2026 8:22

India explores Russian coking coal assets, more nickel supplies, sources say

June 9, 2026 8:16

Saudi contractor MGC calls off up to $800 million IPO despite strong demand

June 9, 2026 8:07

CDF Munir vows to expand defence collaboration with Lebanese Armed Forces

June 9, 2026 8:02

Chief of Army Staff and Chief of Defence Forces (CDF) Field Marshal Syed Asim Munir has underscored Pakistan Army’s commitment to expanding defence collaboration with the Lebanese Armed Forces, the military’s media wing said. He made the remarks during a meeting with Commander-in-Chief of Lebanese Armed Forces General Rodolphe Haykal during a meeting in Rawalpindi on Tuesday, the Inter Services Public Relations (ISPR) said. CDF Munir reaffirmed the importance Pakistan attaches to its longstanding and cordial relations with Lebanon. General Haykal appreciated the professionalism and operational excellence of the Pakistan Armed Forces and acknowledged their contributions to regional peace, stability and international peacekeeping efforts. During the meeting, both dignitaries exchanged views on matters of mutual interest, evolving regional security environment, defence cooperation and prospects for enhancing bilateral military relations. The discussions focused on strengthening professional interactions, training cooperation and institutional linkages between the armed forces of the two countries. Haykal left Lebanon for Pakistan on Saturday, with a source telling AFP the visit is linked to broader Iran-US talks. In a statement, the army said Haykal, “left Lebanon for the Islamic Republic of Pakistan, at the invitation of his Pakistani counterpart”. A source with knowledge of the matter told AFP Haykal’s visit is “linked to the Pakistani mediation to resolve” issues between the United States and Iran who are negotiating an end to the Middle East regional war. “Lebanon is critical part of the negotiations,” the source added, requesting anonymity. Lebanon was drawn into the war when Hezbollah attacked Israel on March 2 to avenge the February 28 US-Israeli killing of Iran’s supreme leader. Israel responded with an extensive campaign of airstrikes and a ground invasion that have killed nearly 3,600 people, and exchanges of fire with Hezbollah have not stopped despite an ongoing truce. Iran insists Lebanon be included in any agreement with the United States to end the regional war. [...]

Saudi PIF assets reach $910bn in 2025, below Vision 2030 target

June 9, 2026 7:57

Japan's Nikkei ends higher as chip-related heavyweights jump

June 9, 2026 7:44

European shares steady; Middle East tensions in focus

June 9, 2026 7:42

Aussie stocks slip for third session as mining losses outweigh real estate gains

June 9, 2026 7:39

Sindh issues circular aimed at strengthening prosecution system

June 9, 2026 7:13

On the directions of Sindh Minister for Law, Home and Parliamentary Affairs Zia-ul-Hassan Lanjar, Prosecutor General Sindh Barrister G. Shabbir Shah has issued a comprehensive circular aimed at strengthening the prosecution system, enhancing scrutiny of challans, ensuring independent application of mind by prosecutors, and improving the overall administration of criminal justice in Sindh. The circular reaffirms the statutory supervision and control of the Prosecution Department at both the pre-trial and trial stages. It emphasizes that prosecutors must independently assess investigation reports and challans before their submission to courts and record their own legal opinion regarding the sufficiency of evidence and the correct application of law. A key feature of the circular is the recognition that effective prosecution begins at the investigation stage. The circular underscores that prosecutors cannot realistically secure convictions at trial unless they are taken on board from the very first day of investigation and are allowed to exercise appropriate supervision and control over the material, evidence and legal aspects that ultimately form part of the challan. To strengthen coordination within the criminal justice system, all investigating agencies have been directed to engage with prosecutors immediately after the registration of an FIR and to maintain close consultation throughout the investigation process. The circular notes that early prosecutorial involvement can significantly reduce procedural and evidentiary deficiencies that often weaken criminal cases during trial. The circular further reiterates that the objective of the prosecution service is to ensure that no innocent person is wrongfully prosecuted or convicted, while at the same time ensuring that offenders do not escape punishment. Prosecutors have therefore been directed to exercise their duties with complete independence, professional integrity, impartiality and fidelity to the law. Special emphasis has been placed on cases involving women, children, elderly citizens, persons with disabilities, victims of sexual violence and gender-based offences. Prosecutors have been instructed to prioritize such cases, safeguard the dignity and rights of victims, and ensure that victims and witnesses are protected from intimidation, harassment or secondary victimization. The circular also contains a strong accountability framework. It warns that failure to comply with its directions may attract disciplinary proceedings not only against prosecutors but also against officers of investigating agencies whose actions adversely affect the prosecution process. In this regard, Section 9A(2) of the Sindh Criminal Prosecution Service Act empowers the Prosecutor General Sindh to initiate or recommend disciplinary proceedings where warranted. Welcoming the initiative, Sindh Minister for Law, Home and Parliamentary Affairs Zia-ul-Hassan Lanjar described the circular as an important step towards strengthening the rule of law, improving institutional coordination, and ensuring a fair, transparent and effective criminal justice system in the province. Prosecutor General Sindh Barrister G. Shabbir Shah stated that strict implementation of the circular would be ensured across Sindh so that prosecution services remain independent, accountable and capable of delivering justice in accordance with the law and the public interest. [...]

Govt advances DISCOs’ privatisation as investor outreach begins

June 9, 2026 7:01

Pakistan's FY27 budget to be presented in 'coming days'

June 9, 2026 6:45

KARACHI: Pakistan will present its budget for FY27 in the “coming days”, the government said on Tuesday, signalling a fresh delay after it was rescheduled to June 10 from the original date of June 5. “Time, date and venue will be shared in due course,” the government said. Earlier, Business Recorder reported that the government is likely to postpone the presentation of the 2026–27 federal budget from June 10 to June 12, with a final decision on the proposed change expected in a day or two. Speaking to the media at Parliament House on Monday, Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal said that several key budget-related matters are yet to be finalised, prompting discussions on revising the budget presentation schedule. Federal Budget now likely to be announced on 12th He said discussions were still underway and that limited time, coupled with the approaching month of Muharram, had complicated the process. “Many aspects of the budget are still being finalised,” he said, adding that no final decision had yet been taken on whether the presentation date would be changed. [...]

Indian economy, government finances, see mounting costs from Iran war

June 9, 2026 6:12

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Why a U.K. pharma giant is paying a 40% premium to pivot back to oncology

June 9, 2026 8:39

U.K. pharmaceutical giant GSK on Tuesday struck a $10.6 billion deal to buy U.S.-listed biotech company Nuvalent, its biggest acquisition in eight years as it seeks to bolster the cancer portfolio it had previously trimmed. [...]

Your tech portfolio could be on the wrong side of the AI boom

June 9, 2026 1:52

Why the coming $1,000 videogame console will squeeze hardware stocks. [...]

BofA sees ‘red flags’ in the U.S. stock market. Here’s what to buy now.

June 9, 2026 12:56

Most investors who pile into the S&P 500 in 2026 think they own the entire stock market. What they actually own is nothing more than a heavy bet on Big Tech — and right now, that bet has run its course. [...]

Elon Musk says SpaceX doesn’t need ‘magic’ to put AI data centers up in space

June 8, 2026 10:59