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Oil drops as Iran reviews proposed US agreement

June 2, 2026 2:10

LONDON: Oil prices dropped on Tuesday, paring the previous session’s sharp gains, as Iran reviewed a proposed agreement with the United States to halt the war between the two countries, Iran’s Mehr News reported. Brent crude futures were down $0.69, or 0.7%, to $94.29 a barrel at 1307 GMT, while U.S. West Texas Intermediate fell $0.82, or 0.9%, to $91.34 a barrel. Having fallen more than 16% in May on hopes of a peace deal, Brent and WTI on Monday rose over 3% and 5%, respectively. U.S. President Donald Trump said on Monday that negotiations with Iran were continuing and there would be a deal to extend the ceasefire and reopen the Strait of Hormuz over the next week. Iran has not yet responded to a proposed final text of the temporary deal, Mehr cited a source as saying. Eyes on Hormuz and stockpiles Despite the developments on talks, “oil flows through the Strait (of Hormuz) remain restricted,” due to the conflict in the region, said UBS analyst Giovanni Staunovo. Global oil inventories could hit critical or historically low levels just ahead of the peak summer demand period if stock draws continue at their current pace, the head of the International Energy Agency’s oil industry and markets division said on Tuesday. An executive from Abu Dhabi’s state oil company also said on Tuesday that August could mark a tipping point for much higher oil prices if demand picks up and the Iran war supply crisis persists. “The market is currently focused on whether there’s any concrete progress or setbacks in U.S.-Iran negotiations, the tone and substance of statements from both sides (particularly Iran’s threats regarding the Strait of Hormuz), and actual physical tanker movements through the waterway,” said Tim Waterer, chief market analyst at KCM Trade. The status of negotiations will determine whether the current risk premium remains embedded in oil prices or if it starts to unwind, Waterer added. Iran has effectively halted most non-Iranian shipping in and out of the Gulf since the war began, choking off about a fifth of global oil and liquefied natural gas flows and driving prices up by 50% or more. The U.S. has also maintained a blockade on Iranian ports. Lebanon on Monday announced a partial ceasefire between Hezbollah and Israel, a limited de-escalation in a conflict that has fuelled the broader war with Iran. According to a preliminary Reuters poll, U.S. crude stockpiles are expected to have fallen by about 3.6 million barrels in the week ended May 29, extending the prior week’s draw, while distillates and gasoline inventories are also seen lower. Meanwhile, Russia pounded cities across Ukraine with hundreds of drones and dozens of missiles early on Tuesday in attacks that authorities said killed 18 people and wounded more than 100. [...]

Russia's western oil exports hit 8-month high as drone strikes curb refining

June 2, 2026 1:56

Russia boosted oil exports via its western ports by 15% in May from April, according to two industry sources familiar with the data, as refinery outages caused by Ukrainian drone attacks push Moscow to export more crude. Ukraine has stepped up its drone attacks on both refinery and oil export facilities this spring, causing fuel shortages in Russia while also weighing on its oil production. Russia’s oil output declined in April, the International Energy Agency said and Reuters reported. May exports via the western ports of Primorsk, Ust-Luga and Novorossiysk rose to 2.5 million barrels per day from 2.2 million bpd in April, the sources said. That is the largest amount exported from the western ports since September 2025, when Ukrainian drone attacks also suspended processing at Russian refineries. Authorities have so far responded with an export ban on jet fuel and plans to curb exports of gasoline and diesel. Higher crude oil exports are allowing Russia to avoid massive output cuts, sources said. However Russia’s western export capacity is limited, making it difficult to accommodate all oil volume that hasn’t been processed, they added. Virtually all major oil refineries in central Russia have been forced to halt or scale back fuel output following Ukrainian drone attacks in recent days, according to official data and sources. Exports rose in May despite ongoing drone attacks on Novorossiysk, which briefly suspended loadings. Ukraine also continued attacks on Transneft pipelines and pumping stations last month. [...]

India tightens silver import rules, mandates prior approval

June 2, 2026 1:53

MUMBAI: India has tightened restrictions on silver imports by adding grain and powder forms to the list of restricted categories and mandating prior valid import authorisation, as the world’s biggest consumer of the metal tries to rein in shipments and ease pressure on the rupee. Imports of silver in the form of grains, powder, other forms and where content is 99.9% silver are restricted, according to a government order issued on Tuesday, and importers would need to secure a valid import authorization from the Directorate General of Foreign Trade (DGFT). Last month, India had placed imports of silver bars with 99.9% purity and all other semi-manufactured forms of silver under the restricted category. It had also raised import tariffs on gold and silver to 15% from 6% as part of efforts to reduce overseas purchases of the metals and ease pressure on foreign exchange reserves caused by higher oil prices. The South Asian country spent a record $12 billion on silver imports in the financial year ended March 2026, compared with $4.8 billion a year earlier. In April, India’s silver imports jumped 157% from a year earlier to $411 million, trade ministry data showed. “The government has made it harder for the bullion industry to bring in silver. Importers now need approval first, and there is no clear idea if they will get it or how long it will take,” said a Mumbai-based bullion dealer with a private bank. Silver is used in India for jewellery, coins, bars and industrial applications ranging from solar energy to electronics. Over the past year, demand has been driven more by investment buying than traditional jewellery and silverware consumption, with inflows into silver ETFs climbing to a record high. India imports silver mainly from the United Arab Emirates, Britain and China. [...]

Rupee records gain against US dollar

June 2, 2026 1:40

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'Closing Rate' } } } } }); The Pakistani rupee appreciated against the US dollar in the inter-bank market on Tuesday. At close, the local currency settled at 278.46, a gain of Re0.01 against the greenback. On Monday, the local unit closed at 278.47. Internationally, the US dollar steadied on Tuesday as markets took a wait-and-see approach to Middle East peace talks, with Lebanon ‌announcing a limited ceasefire between Hezbollah and Israel, although broader geopolitical uncertainties kept traders on edge. Investors have treated any progress toward ending the Iran conflict with caution, given the fragility of a US–Iran ceasefire struck in early April. The dollar index, which measures the currency against six peers, eased from earlier gains after the Lebanon announcement on Monday. While the agreement signalled a degree of de-escalation, it remains limited against the backdrop of a wider regional conflict that has disrupted oil flows through the Strait of Hormuz. The dollar index was flat at 99.17, while the euro was 0.03% higher at $1.1634 and sterling gained 0.07% to $1.346. The greenback had rallied at the onset of the conflict, which began on February 28, buoyed by safe-haven demand and the US economy’s relatively limited exposure to energy-driven inflation. However, it has given back some of those gains due to uncertainty surrounding the conflict’s trajectory. Oil prices, a key indicator of currency parity, dropped on Tuesday, paring the previous session’s sharp gains, as Iran reviewed a proposed agreement with the United States to halt the war between the two countries, Iran’s Mehr ‌News reported. Brent crude futures were down $0.69, or 0.7%, to $94.29 a barrel at 1307 GMT, while U.S. West Texas Intermediate fell $0.82, or 0.9%, to $91.34 a barrel. Having fallen more than 16% in May on hopes of a peace deal, Brent and WTI on Monday rose over 3% and 5%, respectively. US President Donald Trump said on Monday that negotiations with Iran were continuing and there would be a deal to extend the ceasefire and reopen the Strait of Hormuz over the next week. Inter-bank market rates for dollar on Tuesday BID Rs 278.46 OFFER Rs 278.66 Open-market movement In the open market, the PKR lost 1 paisa for buying and remained unchanged for selling against USD, closing at 278.65 and 279.52, respectively. Against Euro, the PKR gained 33 paise for buying and 22 paise for selling, closing at 322.44 and 325.86, respectively. Against UAE Dirham, the PKR gained 5 paise for buying and 7 paise for selling, closing at 75.60 and 76.41, respectively. Against Saudi Riyal, the PKR gained 1 paisa for buying and 4 paise for selling, closing at 73.84 and 74.63, respectively. Open-market rates for dollar on Tuesday BID Rs 278.65 OFFER Rs 279.52 [...]

Gold price per tola gains Rs4,600 in Pakistan

June 2, 2026 12:37

Gold prices in Pakistan increased on Tuesday in line with their gain in the international market. In the local market, gold price per tola reached Rs476,362 after a gain of Rs4,600 during the day. Similarly, 10-gram gold was sold at Rs408,403 after it increased by Rs3,944, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Monday, gold price per tola reached Rs471,762 after a decline of Rs4,400 during the day. The international rate of gold was up by $46 to reach $4,540 per ounce (with a premium of $20). Meanwhile, the price of silver increased by Rs94 to reach Rs8,153 per tola. [...]

Central bank hand contains Indian rupee's fall, shrinks dollar-rupee forward premiums

June 2, 2026 12:32

MUMBAI: The Indian rupee and dollar-rupee forward premiums fell on Tuesday, driven by opposing forces of importer hedging, foreign portfolio outflows and likely central bank intervention across FX market segments. The rupee ended at 95.2650 per dollar, down 0.3% from its close in the previous session. Traders said that the losses would have been steeper had it not been for the Reserve Bank of India’s dollar-selling interventions, which have continued in almost every session since the rupee hit a record low of 96.96 per dollar in mid-May. The central bank has conducted these interventions alongside dollar-rupee buy/sell swaps to manage rupee liquidity and the impact on its foreign exchange reserves. Dollar-rupee forward premiums fell on Tuesday as a result of such swaps, with the 1-year implied yield down 12 basis points at 3.03%. Forward premiums reflect the cost of hedging against rupee weakness. Despite the interventions, traders reckon the pressure on the rupee will persist in the near term as capital flows remain weak and uncertainty over the Middle East conflict keeps oil prices volatile. Oil prices fell more than 1% on Tuesday, paring the previous session’s sharp gains, after U.S. President Donald Trump said talks with Iran were ongoing, running counter to a report that Tehran had suspended indirect negotiations with Washington to end hostilities. The war-sparked disruption of global energy supplies has clouded India’s macroeconomic outlook, leaving the RBI in a policy bind over potentially higher inflation and slower growth as it tries to contain the rupee’s persistent decline. Economists at J.P. Morgan, like a majority of those polled by Reuters, expect the RBI to keep the key policy rate unchanged at 5.25% at its meeting onFriday. “Given the recent weakness in the currency, the RBI is likely to reiterate the “separability” principle under the inflation-targeting regime: Policy rates are used to manage growth-inflation dynamics, while FX volatility is addressed through FX reserves and other regulatory measures,” J.P. Morgan said. [...]

Late-session selling trims intra-day gains but KSE-100 still closes 421 points higher

June 2, 2026 12:14

A day after massive selling, buying returned to the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining 421 points on Tuesday. The KSE-100 Index witnessed selling pressure in the starting hours, hitting an intra-day low of 170,248.47, followed by strong buying that pushed the index to an intra-day high of 171,856.36. The final hours witnessed some selling that trimmed the intra-day gains. At close, the benchmark index settled at 171,021.77, up by 421.57 points or 0.25%. “Market confidence strengthened primarily due to the decline in international oil prices, which provided support to investor sentiment and encouraged buying activity across key sectors,” brokerage house Topline Securities said in its post-market report. The positive market performance was largely driven by heavyweight stocks, including MEBL, FFC, UBL, PTC, and PPL, which collectively contributed approximately 460 points to the benchmark index, Topline said. “Turning green despite a potential transaction tax and a freeze in US-Iran talks shows immense underlying strength,” said Behtari Capital, a digital wealth management platform that is a subsidiary of Capital Stake. “Local funds are prioritizing corporate value accumulation and infrastructure plays over external shocks.” On Monday, PSX started June on a bearish note as investor sentiment remained fragile amid the absence of a conclusive United States-Iran peace agreement over the weekend, triggering broad-based profit-taking and selling pressure across key sectors. The benchmark KSE-100 Index witnessed a volatile session and closed sharply lower by 3,362.62 points, or 1.93%, to settle at 170,600.20 points. Internationally, Asian stocks made a cautious start to trading on Tuesday as uncertainty over ‌whether the ceasefire in the Middle East conflict would hold capped the lift to sentiment from renewed optimism around AI. MSCI’s broadest index of Asia-Pacific shares outside Japan fluctuated between gains and losses as trading commenced, last 0.5% lower, led by a 2% decline for Korean shares after an initially higher open. S&P 500 e-mini futures were down 0.3%, while in Japan, the Nikkei 225 slumped 0.7%. Brent crude held steady around $95 a barrel after Lebanon announced a partial ceasefire between Hezbollah and Israel on Monday, which could clear the path for renewed efforts to end the three-month war between the United States and Iran. Oil prices, settled up more than 4% on Monday after reports that Tehran had halted indirect negotiations with the U.S. Overnight, the S&P 500 closed 0.3% higher after ISM’s manufacturing PMI rose to 54.0 in May from 52.7 the previous month, beating expectations to reach the ‌highest ⁠level in four years, likely driven by businesses front-loading orders amid rising prices and shortages because of the war with Iran. Meanwhile, the Pakistani rupee appreciated against the US dollar in the inter-bank market on Tuesday. At close, the local currency settled at 278.46, a gain of Re0.01 against the greenback. Volume on the all-share index decreased to 550.79 million from 589.76 million recorded in the previous close. The value of shares declined to Rs27.44 billion from Rs31.98 billion in the previous session. WorldCall Telecom was the volume leader with 42.98 million shares, followed by Treet Battery Ltd with 41.01 million shares, and Dewan Cement with 30.50 million shares. Shares of 488 companies were traded on Tuesday, of which 221 registered an increase, 226 recorded a fall, and 41 remained unchanged. [...]

Govt to announce budget on June 10 instead of June 5, says parliamentarian

June 2, 2026 11:56

Pakistan government will present its annual budget on June 10 for the financial year 2026-27, it was learnt on Tuesday. Senior Pakistan Muslim League-Nawaz (PML-N) leader and Member of the National Assembly (MNA), Tahira Aurangzeb, confirmed to Business Recorder that the federal budget, which was earlier scheduled to be announced on June 5 (Friday), would now be presented on June 10 (Wednesday). She also disclosed that the National Assembly session convened for the budget presentation had been postponed accordingly. When asked about the reasons behind the delay, the parliamentarian declined to elaborate on the factors prompting the rescheduling. Earlier, the National Economic Council (NEC), chaired by Prime Minister Shehbaz Sharif, postponed its crucial meeting, scheduled to be held tomorrow, to facilitate further deliberations on the upcoming budget. “It is to inform that the meeting of the National Economic Council (NEC) scheduled on Wednesday, 3rd June, 2026, has been postponed. New date will be communicated in due time,” read the notice by the Cabinet Division. The postponement of the NEC meeting is particularly significant as the constitutional body is required to approve key macroeconomic targets and endorse the size of the Public Sector Development Programme (PSDP) before the federal budget is formally unveiled. Sources familiar with the matter told Business Recorder that one of the key sticking points remained the size and composition of the PSDP, with multiple stakeholders within the coalition government pressing for higher allocations for development schemes despite fiscal constraints. On Monday, Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal said that the Ministry of Finance allocated Rs1.126 trillion for the PSDP 2026–27 against total development requirements of Rs4.097 trillion, resulting in a funding gap of nearly Rs3 trillion. Meanwhile, another factor contributing to the delay is the government’s continuing engagement with the IMF over the fiscal framework underpinning the upcoming budget, said sources. Pakistan is currently navigating negotiations related to revenue targets, expenditure rationalisation and fiscal consolidation measures, making IMF consultations central to the finalisation of the budget architecture. Sources said authorities wanted to ensure broad alignment with IMF expectations before locking in spending commitments and announcing taxation measures. “The government wants to avoid last-minute changes after the budget announcement. Taking the IMF on board on key numbers is being treated as essential,” a source involved in the discussions said. The budget comes as Pakistan navigates strict IMF-mandated fiscal curbs and seeks economic stabilisation. The country is aiming for 4% GDP growth in the next fiscal year, a slightly faster pace than last year, even as the crude price shock from the Middle East war looms. Pakistan expects inflation to average 8.2% next year. [...]

Indian shares snap losing run on IT boost; oil dips after Trump comments

June 2, 2026 11:46

Indian shares recovered from their lowest levels in nearly two months on Tuesday, led by value buying after four straight session of losses and a continued surge in information technology stocks. After a nearly 3% slide over the previous four sessions that was driven by Iran war jitters and unprecedented foreign outflows, the benchmark Nifty 50 rose 0.43% to 23,483.55 on Tuesday, while the BSE Sensex gained 0.52% to 74,649.84. On the day, Indian equities slipped to seventh place globally in terms of total market capitalisation, with South Korea’s chip-heavy listed universe overtaking India. U.S. President Donald Trump’s comments that talks with Iran are still underway eased nerves sparked by an earlier report that Tehran had suspended indirect negotiations with Washington. Brent crude fell 1.3% to $93.7 a barrel, providing a modicum of relief for net energy importer India. Eight of the 16 major sectors rose, with broader small-caps and mid-caps gaining 0.4% and 0.2%, respectively. “We are seeing value buying as well as sectoral rotation. The momentum is picking up in IT sector which has been the worst hit this year,” said Anita Gandhi, head of institutional business at Arihant Capital Markets. “Markets are still in the midst of uncertainties regarding U.S.-Iran war and a delayed monsoon and will need clarity on these two fronts for any further material gains,” Gandhi said. IT stocks rose 4.2% on Tuesday, taking their gains to 7% in two sessions. “Recent commentary from global software companies indicates that rising AI adoption is not only benefitting AI capex and LLM vendors, but also driving demand for software companies,” said Sandeep Shah, director of Equirus Securities. Heavyweight financials ended 0.6% lower, slightly recovering from a 1.4% drop intraday. Meanwhile, state-owned hydropower company NHPC lost 6.4% as the government launched an offer for sale of shares at an 8% discount. [...]

India's May palm oil imports improve; soyoil surges on shrinking premium

June 2, 2026 11:46

MUMBAI: India’s palm oil imports rose modestly in May from the previous month’s four-month low, but stayed below average, as refiners turned to rival soyoil after palm’s price advantage over competing oils narrowed, five dealers said. Lower than usual imports of palm oil by the world’s biggest importer of vegetable oils could swell stocks in top producers Indonesia and Malaysia and weigh on benchmark Malaysian palm oil futures. Palm oil imports rose to 551,000 metric tons in May, from 513,403 tons in April, dealer estimates showed. Soyoil imports surged 38% month-on-month in May to 497,000 tons, the highest in five months, while sunflower oil shipments fell 32.3% to 294,000 tons. India’s overall imports of edible oil rose 2.6% from April to 1.3 million tons in May, as soyoil purchases jumped, estimates showed. The figures exclude duty-free shipments arriving via land from Nepal, the dealers said. India’s monthly palm oil imports averaged about 632,000 tonnes in the marketing year ended October 2025, according to the Solvent Extractors’ Association of India (SEA), which is due to publish May import data by mid-June. India’s imports of palm oil have stayed below average as cooking gas shortages curbed demand from restaurants and other bulk consumers, said Aashish Acharya, vice president of Patanjali Foods Ltd, a leading importer of palm oil. These restaurants serve popular deep-fried snacks such as samosas and chole bhature, which features chickpeas. The world’s second-largest importer of cooking gas, India is grappling with its worst gas crisis in decades, as the government cuts supplies to industry and raises commercial cylinder prices to shield households from shortages. Soyoil imports jumped in May as the commodity’s premium over palm oil narrowed to about $40 a tonne, boosting its appeal among refiners, said Rajesh Patel, managing partner at trader GGN Research in Rajkot, a city in the western state of Gujarat. Palm oil will need to trade at a steeper discount to rival soyoil to revive demand, said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage and consultancy firm. [...]

European stocks rise as STMicroelectronics' forecasts lift tech stocks

June 2, 2026 7:56

[European shares](https://European stocks) opened higher on Tuesday as strong forecasts from ‌chipmaker STMicroelectronics lifted technology stocks, while investors awaited a key inflation report later in the day for insights into how the Mideast conflict has affected the euro zone economy. The pan-European STOXX 600 index rose 0.7% to 625.20 points by 0715 GMT. Technology stocks led ⁠sectoral gains with a 2.4% rise. Chipmaker STMicroelectronics rose 9.8% to hit 65.1 euros, its highest since September 2000, after lifting revenue targets for its data centre business, signalling strong demand from the AI boom. Other AI-related stocks such as Infineon and Schneider Electric added 5.2% and 2.4%, respectively. Lebanon announced a partial ceasefire between Hezbollah and Israel on Monday following a brief escalation of hostilities, which also aided risk sentiment. Crude prices eased about 1% ‌as ⁠investors pinned hopes on U.S. President Donald Trump’s remarks that talks with Iran were ongoing, despite a report saying that Tehran had indirect negotiations with Washington. Still, at $94 a barrel, energy prices will likely remain painful, analysts said. A report on ⁠euro zone consumer inflation, due later in the day, is expected to show consumer prices rose 3.2% in May on an annual basis from the month ⁠before. Traders expect the European Central bank to hike interest rates by 25 basis points when it meets next week, according to data compiled ⁠by LSEG. Among individual shares, Abivax fell 27% after the French drugmaker published the late-stage trial results for its inflammatory bowel drug. [...]

Australian shares fall on Mideast anxiety, banks and healthcare stocks top losers

June 2, 2026 6:55

Australian shares fell on Tuesday, dragged down by financials and healthcare stocks, as uncertainty over the status of US-Iran ceasefire talks and potential reopening of the Strait of Hormuz soured appetite for risk assets. The S&P/ASX 200 index fell 0.9% to 8,647.40 by 0104 GMT after closing flat on Monday. US President Donald Trump said on Monday talks with Iran were ongoing, while Tasnim news agency reported that Tehran had suspended indirect negotiations with Washington and might end a ceasefire that has largely held since early April, citing the war in Lebanon. Meanwhile, Lebanon announced a partial ceasefire between Hezbollah and Israel in what would amount to a limited de-escalation of the conflict. In Sydney, financials fell as much as 2.1% to hit their lowest since mid-May, with the “Big Four” banks shedding between 1% and 2%. Healthcare stocks slipped as much as 1.5% to touch their lowest since May 12, with biotech major CSL falling nearly 2%. Miners gained as much as 0.9% on the back of higher copper and aluminium prices. Heavyweights BHP Group and Rio Tinto rose 1% each. Energy stocks climbed 0.6% as oil prices held on to most of the previous session’s sharp gains. Woodside Energy rose 1.7%. Technology stocks surged as much as 4.3% to touch their highest level since early February, in tandem with a rally in their US peers. WiseTech Global and Xero both gained over 5%. Among individual stocks, Northern Star Resources jumped more than 10% and was set for its best day since January 2020 after Elliott Investment Management disclosed an over A$1 billion ($714.60 million) stake in the firm. Across the Tasman sea, the benchmark S&P/NZX 50 index fell 0.9% to 13,130.30. [...]

Thai baht/US dollar little changed on Tuesday

June 2, 2026 6:52

BANGKOK: The Thai baht was little changed against the US dollar on Tuesday. At 0202 GMT, the baht was 0.06% higher at 32.57 versus the dollar, after trading in a range of 32.580 to 32.635. It ended the previous session at 32.59 per dollar, as per LSEG data. [...]

South Korean shares pull back from record high on profit-taking

June 2, 2026 6:48

SEOUL: Round-up of South Korean financial markets: South Korean shares fell sharply after notching a record high on Tuesday, as the Iran war and its impact on domestic inflation triggered profit-taking. The benchmark KOSPI was down 241.08 points, or 2.74%, at 8,547.30, as of 0200 GMT. The KOSPI rose 1.7% in early trade to hit an all-time high before reversing its course to fall as much as 3.2%. South Korea’s consumer inflation quickened in May to a more than two-year high, exceeding market expectations on high oil prices triggered by the Middle East conflict, supporting the case for monetary tightening as early as next month. South Korean tech stocks swung sharply after a rally on Monday, as investors rotated between companies seen as beneficiaries of Nvidia’s push into robotics and physical AI and those facing profit-taking after recent rallies tied to the US chip giant. Nvidia CEO Jensen Huang hosted top South Korean tech executives on Monday, as he looks to deepen ties with key partners ahead of what he called an “incredibly busy” stretch for the AI boom. Chipmaker Samsung Electronics was up 0.3%, after rising as much as 6% to a record high, while peer SK Hynix lost 3.32%. Hyundai Motor was down 5.7%, while e-commerce firm Naver dropped 7.4%. Home appliance maker LG Electronics slumped 7.6%. “A rate hike is now taken for granted. Jensen Huang momentum is also weakening gradually,” said Kim Dae-jun, an analyst at Korea Investment Securities. Of the total 924 traded issues, 116 shares advanced, while 796 declined. Foreigners were net sellers of shares worth 3.6 trillion won ($2.37 billion). The won was quoted at 1,516.8 per dollar on the onshore settlement platform, 0.26% lower than its previous close at 1,512.9. The most liquid three-year Korean treasury bond yield rose by 4.1 basis points to 3.828%, while the benchmark 10-year yield rose by 0.7 basis point to 4.174%.‑Reuters [...]

Japan's Nikkei retreats from record peak as traders gauge fragile Mideast peace talks

June 2, 2026 6:30

TOKYO: Japan’s Nikkei share average retreated on Tuesday from a record high hit in the previous session, as investors cautiously assessed Middle East peace talks, with broader geopolitical uncertainties weighing on risk appetite. The Nikkei was down 1.46% at 65,991.21, as of 0146 GMT, while the broader Topix slipped 1.18% to 3,894.29. The Nikkei touched a record peak of 67,231.28 on Monday and posted a record closing high of 66,934.33, roughly 7% above the 25-day moving average, a sign of an overheated market. “There was a caution for the Nikkei’s sharp rally, and the optimism for the early end of the Middle East conflict weakened and the oil prices rose,” said Daisuke Hashizume, senior strategist at Daiwa Securities. Oil prices held on to most of the previous session’s sharp gains in early trade on Tuesday on uncertainty over the status of ceasefire talks between the United States and Iran and the potential reopening of the Strait of Hormuz. US President Donald Trump said on Monday that talks with Iran were ongoing, while Tasnim news agency reported that Tehran had suspended indirect negotiations with Washington. In Japan, AI-related shares came under pressure, with heavyweight investor SoftBank Group down 1.3%. Fibre-optic cable maker Fujikura tumbled 5.64% on broad-based selling in technology-linked names. Shares of memory-chip maker Kioxia erased early gains to trade 1.5% lower as investors turned cautious ahead of a scheduled investor meeting later in the day. Energy stocks bucked the trend, tracking gains in oil prices, with Inpex climbing 5.1%. The mining sector jumped 4.35% to become the Tokyo Stock Exchange’s (TSE) top-performing sector, while shipping firms rose 1% on expectations for firmer freight rates. Of the nearly 1,500 stocks trading on the TSE’s prime section, 20% rose, 77% fell and 2% traded flat. [...]

Beyond the IMF baseline: Pakistan’s hard fiscal choices in FY27 budget

June 2, 2026 2:10

On April 27, the State Bank of Pakistan (SBP) raised the policy rate by 100 basis points to 11.5%, its first hike since June 2023. On May 14, the International Monetary Fund (IMF) published Country Report 26/101, projecting fiscal year 2026-27 (FY27) growth at 3.5%, average inflation at 8.4%, a current account deficit of 0.9% of gross domestic product (GDP), gross reserves rising toward $21 billion, and an underlying primary surplus of 2% of GDP. The two documents are seventeen days apart, yet they seem to describe two different countries. The gap exists because the IMF baseline was built before the Iran-US war had fully transmitted into Pakistan’s inflation, import and energy channels. The staff report acknowledges downside risk but does not quantify it. The SBP, sitting closer to the inflation prints and the import bill, broke with the baseline before the Fund could publish it. That gap is where the budget story begins. The Fund’s projections rest on a chain of optimistic assumptions. The baseline expects inflation to decelerate by 4.5 percentage points in twelve months, fuel passthrough to remain contained, reserves to accumulate on inflows that have been weakening since April, the rupee to absorb shocks without disorderly depreciation, and structural reforms to deliver at a pace they have not delivered at in any recent cycle. Each assumption is independently questionable. The corridor requires all of them to hold together. The published table reinforces the caution by leaving the six-month Treasury bill (T-bill) and real effective exchange rate (REER) paths blank for both FY26 and FY27. Also read: What does IMF want from Pakistan’s upcoming budget? Beyond that corridor, the ground realities are accumulating faster than the baseline can absorb. Hormuz traffic remains a fraction of pre-conflict volumes, and even with a sixty-day ceasefire extension under discussion, Pakistan’s structural exposure runs well beyond any near-term reopening. The damage Iranian strikes did to Qatari LNG capacity will take three to five years to repair, leaving Pakistan exposed for years given its near-total LNG reliance on Qatar and the UAE. The weekly oil import bill, which more than doubled at peak, may compress as the truce holds, but the premium baked into FY27 fuel-cost assumptions will not fully unwind. Retail prices have begun easing as crude softens, yet remain well above pre-conflict levels; the premium has settled into the new floor rather than reversed. With Diammonium phosphate (DAP) imports unplanned for Kharif and gas supply contested between fertiliser and power, the crop cycle itself becomes a fiscal variable. India has already raised its fertiliser subsidy for the season; Pakistan has neither the fiscal room to match it nor the political room to avoid replicating it if crops fail. The coming monsoon layers another risk onto the same fragile structure. Last year’s floods displaced three million Pakistanis; this year’s forecast carries similar exposure. April remittances dropped 7.6% month-on-month to $3.54 billion. Foreign direct investment (FDI) in the first ten months of FY26 fell 31% to $1.41 billion against $2.04 billion last year. The current account turned negative in April, and the cumulative 10M FY26 balance has slipped into a $252 million deficit against a $1.66 billion surplus in the same period last year. Headline inflation jumped from 7.3% in March to 10.89% in April. The IMF’s projection corridor, described in early March, was already narrower by late May. As the budget approaches, it is narrowing further. Underneath these shocks sits a more durable problem: the structure of taxation. The state extracts withholding taxes, sales tax, the petroleum levy, and electricity duties from consumers, depositors, salaried workers, and formal firms. That revenue is recycled into debt servicing. The bulk of domestic markup flows to holders of government securities, with commercial banks central to that structure. Bank earnings translate directly into share-price gains, and the KSE-100, weighted heavily toward the banking sector, rises on the back of those gains. Policymakers point to the index as evidence of confidence. The result is recycled liquidity, funded by extraction from the same economy that needs investment. The state taxes deposit interest at 20%, money-market fund distributions at 25%, and the agricultural landowner at zero. A rising index can therefore coexist with weak exports, anaemic private credit, stagnant real wages, and falling formal investment. The market signal is real, but it is not the same as productive recovery. The federal numbers make this squeeze unavoidable. Of the roughly Rs18 trillion the federation will collect next year, around Rs15 trillion is the divisible pool, and 57.5% of that pool goes straight to the provinces. That leaves Islamabad with about Rs6.4 trillion plus another Rs3.5 trillion in non-tax revenue. Debt servicing then absorbs Rs8.2 trillion. Less than Rs2 trillion is left. Defense alone costs Rs2.56 trillion, while pensions, civil government, subsidies, Public Sector Development Programme (PSDP), Benazir Income Support Programme (BISP), and grants all require fresh borrowing. The NFC formula was last revised in 2010, when the total debt stock was Rs10 trillion. The debt has grown nearly tenfold since, but the sharing formula has not changed. The issue is responsibility sharing rather than autonomy. Inside this architecture, the energy sector is where the war shock will translate into fiscal slippage. Power sector circular debt now sits at Rs1.84 trillion even after a Rs1.225 trillion bank refinancing facility absorbed part of the legacy stock, and combined energy sector circular debt including gas has reached Rs5.2 trillion by the IMF’s own estimate. Capacity payments to independent power producers (IPPs) continue to absorb roughly Rs1.5 trillion every year. Any subsidy that returns to soften the pain of cost-aligned pricing breaks the primary surplus target the Fund has built its FY27 framework around. Dr Hafiz Pasha’s recent analysis places FY27 growth at 2.5% against the Fund’s 3.5%, inflation at 12% against 8.4%, the current account deficit at $10 billion against $4 billion, and reserves declining rather than building. That stress case matters because it changes the monetary policy equation. If inflation and reserves follow that path, the policy rate cannot fall; it moves deeper into crisis-management territory. Industry leaders continue to demand a much lower policy rate, somewhere in the 6% to 8% range, to revive investment and lift private credit growth from the 0.9% it has been crawling at. Their frustration is real, but Pakistan is trapped between two equations. The inflation and reserve arithmetic force the SBP to keep rates high to protect the rupee and meet IMF conditionality. The growth equation requires cheaper credit. The problem is that the structural conditions that would make a 6% to 8% rate sustainable have not been built. Getting there requires a different economy underneath: one where agriculture, retail, real estate, and services are genuinely taxed; one where banks lend to producers rather than the state; and one where pensions and civil service costs are reformed rather than financed through fresh borrowing every year. Four tests will measure the FY27 budget. Whether it shifts the tax burden away from deposits, dividends, utilities, and formal firms and onto real estate, agriculture, retail turnover, and undocumented services. Whether it protects productive PSDP while attacking pension rigidities, state-owned enterprises (SOE) losses, DISCO governance, and capacity payments. Whether it rewires banking so credit reaches the private sector through guarantees, collateral reform, and export-linked refinance. And whether it ties concessional credit to verified dollar generation rather than dispersing it as economy-wide stimulus. If the budget leans again on higher withholding rates, non-filer levies, another PSDP cut, and slab adjustments on the same salaried base, the documented economy will keep financing the same debt loop, and the rate will stay where inflation and reserves put it. If it touches the structural layer beneath by taxing the wealth that has stayed outside the net, repairing the energy sector instead of subsidising it, and giving banks a reason to lend to producers, the room for the rate to fall opens on its own. Pakistan has shown, repeatedly, that it can stabilise when forced to. The harder question is whether it can use one of these windows to rebuild the structure underneath, instead of waiting for the next crisis to force the same conversation again. The article does not necessarily reflect the opinion of Business Recorder or its owners. [...]

Oil drops as Iran reviews proposed US agreement

June 2, 2026 2:10

Rupee records gain against US dollar

June 2, 2026 1:40

Gold price per tola gains Rs4,600 in Pakistan

June 2, 2026 12:37

Late-session selling trims intra-day gains but KSE-100 still closes 421 points higher

June 2, 2026 12:14

Govt to announce budget on June 10 instead of June 5, says parliamentarian

June 2, 2026 11:56

Crucial National Economic Council meeting postponed

June 2, 2026 10:44

The National Economic Council (NEC), chaired by Prime Minister Shehbaz Sharif, has postponed its crucial meeting, scheduled to be held tomorrow, to facilitate further deliberations on the upcoming budget. “It is to inform that the meeting of the National Economic Council (NEC) scheduled on Wednesday, 3rd June, 2026, has been postponed. New date will be communicated in due time,” read the notice by the Cabinet Division. The NEC is Pakistan’s highest constitutional forum for economic planning and coordination between the federal and provincial governments. The government is expected to announce its federal budget for fiscal year 2026-27 on June 5, 2026 (Friday), as it targets a gross domestic product (GDP) growth of 4%. However, the postponement of the NEC meeting suggests that the budget might get delayed. Local media reports suggested that it will be announced on June 8 or 10. The budget comes as Pakistan navigates strict IMF-mandated fiscal curbs and seeks economic stabilisation. [...]

PM says export growth, industrial production top govt priorities

June 2, 2026 10:39

Prime Minister Shehbaz Sharif said on Tuesday that effective policy measures to increase exports, along with boosting domestic production of industrial products, were part of the government’s policy priorities. He said this while chairing a review meeting on sectoral reforms and policy measures for increasing investment and overall economic growth, the Prime Minister’s Office (PMO) said in a statement today. A briefing was given at the meeting on various policy proposals under consideration from the relevant ministries. Addressing the meeting, the PM said that promoting industry and trade and increasing foreign investment are essential for the sustainable growth of the national economy. “Reforms in the industrial and commercial sectors and various segments of the economy should focus on long-term economic benefits and public welfare. Comprehensive work is underway in full swing on a strategy to meet future energy needs through alternative energy sources,” the PM said. He further said that a comprehensive and effective electric vehicles policy was a key requirement of the time to meet the national needs for energy conservation and affordable transport. “All ministries and experts should ensure meaningful consultation for the inclusion of modern technology in various sectors. All ministries should work in cooperation and coordination for the formulation and implementation of effective development policies,” the PM said. He added that administrative transparency and best performance in all reforms and measures are the government’s top priority. [...]

Chinese firm eyes Pakistan’s energy storage market through Treet Battery partnership

June 2, 2026 9:51

Treet Battery Limited, a Pakistani battery maker, has signed a memorandum of understanding (MoU) with China’s Contemporary Nebula Technology Energy Co., Ltd. (CNTE), a company backed by global battery giant Contemporary Amperex Technology Co., Limited (CATL), to explore opportunities in Pakistan’s energy storage sector, including the potential introduction of advanced battery storage systems and future local assembly. “The MoU establishes a framework for strategic cooperation between the two companies to explore long-term opportunities in the energy storage sector, with a focus on the Pakistan market,” read a statement. Treet was of the view that this collaboration is expected to bring CNTE’s high-quality CATL-cell-based energy storage technology, product portfolio, technical expertise, and experience in advanced battery energy storage systems to Pakistan, leveraging CNTE’s offering alongside the company’s established local market presence, distribution network, and after-sales infrastructure. “The MoU envisages cooperation across residential, commercial, and industrial energy storage solutions, with potential for further value addition and local assembly in the future,” it added. Treet launches lithium-ion battery products amid solar rush in Pakistan CNTE is a high-technology enterprise founded in 2019 and strategically invested in by CATL, which is listed on the Shenzhen Stock Exchange (300750) and the Hong Kong Stock Exchange (3750) and holds a global leading position in both the power battery and energy storage battery sectors. In the power battery sector, CATL’s global market share in terms of power battery usage volume was 39.2%, and CATL has ranked first globally in power battery usage volume for nine consecutive years (2017- 2025), as per the Annual Report of CATL for the financial year ended on December 31, 2025. In the energy storage sector, CATL has ranked first globally in energy storage battery shipments for five consecutive years (2021-2025). CNTE, an associated company of CATL, is led by Huang Shilin, a co-founder and Chairman of CNTE and former Vice Chairman of CATL. CNTE specialises in the manufacture of original CATL cell-based energy storage systems across commercial, industrial, and utility-scale applications, integrating CATL’s world-leading lithium iron phosphate (LFP) cell technology, safety standards, and manufacturing pedigree into its product portfolio,” it added. There has been a growing shift towards alternative energy sources in Pakistan, especially solar, which has become increasingly popular among residential and commercial sectors. According to Policy Research Institute for Equitable Development (PRIED), an independent think tank, Pakistan is experiencing unprecedented solarisation of its energy sector, with solar photovoltaic (PV) panels with a capacity of 33 gigawatts already installed across the country. [...]

Airlift co-founder's new startup Metal secures strategic investment

June 2, 2026 8:17

Pakistan-based startup Metal has secured a strategic investment from Rebel Fund, a venture capital firm known for backing high-performing startups emerging from the Y Combinator (YC) ecosystem. Metal founder and CEO Usman Gul, also a founder of Airlift, announced the news via a social media post, stating that Rebel Fund has made a strategic investment in the company as part of a new partnership between the two organisations. According to the statement, posted on social media, Rebel Fund employs a data-driven investment model, leveraging large datasets and a proprietary investment framework to identify and invest in top-performing startups. The fund claims to have backed more than 300 startups to date, focusing on the top 10% of companies from YC batches. “Today, we’re announcing a partnership whereby Rebel Fund made a strategic investment in Metal, and we are excited to offer Rebel portfolio companies 25% off on all plans,” said Gul. Further details regarding the size of the investment and the terms of the transaction were not disclosed. Founded by Usman Gul, Metal operates as an AI operating system designed to assist founders with their fundraising and venture capital workflows. The AI platform provides deep intelligence and automation to assist startups’ funding rounds. Meanwhile, as per information available on Rebel’s website, the company’s investing partners are accomplished Y Combinator alumni who have co-founded companies now valued at over $100B in aggregate — including Reddit, Instacart, Cruise, Gusto, Scribd, Rappi, and more — and together invested in over 250 startups with top-decile portfolio returns. Rebel has unique access to top Y Combinator startups with a nearly 100% deal win rate, typically pre-Demo Day. The fund utilises a proprietary machine-learning algorithm called Rebel Theorem 4.0 to help validate and screen potential investments, building a diversified portfolio of Y Combinator startups that is statistically powered to outperform, it added. [...]

Business confidence in Pakistan deteriorates sharply amid Middle East escalation, finds OICCI survey

June 2, 2026 8:12

Business confidence in Pakistan deteriorated sharply during the second quarter of 2026 as escalating geopolitical tensions in the Middle East weighed on investment plans, disrupted supply chains and fuelled cost pressures, revealed the Overseas Investors Chamber of Commerce and Industry’s (OICCI) Business Confidence Index survey result released on Tuesday. As per OICCI’s Business Confidence Index (BCI) Survey Wave 29, conducted across Pakistan in the second quarter of 2026, business sentiment deteriorated, with the overall BCI falling 9 percentage points to a positive 13%, down from 22% percent in Wave 28. “The decline is driven primarily by elevated inflationary pressures, rising fuel costs, and the intensifying fallout from the war in the Middle East,” read the report. The services sector recorded the sharpest drop, falling 20 points to 14%, while manufacturing declined by 7 points. The retail sector was the only segment to show improvement, rising 3 points to a positive 20%. As per the survey findings, investment intentions have weakened sharply among businesses, with the New Investment Index collapsing 10 points to just 2%, reflecting a near-total freeze in near-term capital deployment. “Around 70–80% of businesses across all sectors are delaying or revising investment decisions and diversifying supply chains to reduce exposure to affected trade routes. “The strategic focus is shifting towards risk mitigation and operational resilience,” it said. Meanwhile, the survey’s global business situation indicator deteriorated by 31 points, and businesses across all sectors expect the disruption to persist well beyond six months. “The results of Wave 29 are a clear signal that businesses operating in Pakistan are navigating an increasingly complex environment,” said Abdul Aleem, Secretary General, OICCI. “The ripple effects of the Middle East conflict are being felt across every sector, from investment freezes to supply chain restructuring. While the fundamentals of the Pakistani market remain intact, restoring business confidence will require policy stability, cost relief, and a concerted effort to shield the economy from prolonged geopolitical uncertainty.” Looking ahead, 34% of respondents anticipate a negative outlook over the next six months, up sharply from 22% in Wave 28, with political instability, fuel prices, and inflation cited as the top concerns. When asked about the key structural threats to business growth, rising inflation topped the list at 84%, followed by high taxation at 79%, and concerns over currency stability and inconsistent government policies both at 61%. Business confidence among OICCI member companies, representing the country’s leading foreign investors, remained relatively resilient, improving marginally to a positive 28%. Metropolitan confidence fell 12 points to 11%, while non-metro cities, including Peshawar, Quetta, Rawalpindi, Multan, Sialkot, and Sukkur, saw a modest 3-point improvement to 22%. The survey found growing business interest in generative AI adoption, with OICCI member companies showing notably higher readiness for large-scale integration across technology platforms, core business processes, and workforce development, signalling that despite near-term headwinds, leading foreign investors are positioning for long-term transformation. [...]

Pakistan registers 3,161 new firms in May: SECP

June 2, 2026 7:59

Pakistan registered 3,161 new firms during the month of May, according to the Securities and Exchange Commission of Pakistan (SECP). In a statement, the SECP said that the total number of registered companies had now reached 297,239. It added that 99% were registered online, with 260 companies registered in Khyber Pakhtunkhwa, 112 in Gilgit-Baltistan, and 71 in Balochistan. Meanwhile, 1,643 companies were registered in Punjab, 596 in Islamabad, and 479 in Sindh. READ MORE: Pakistan sets record with 4,082 new company registrations: SECP The IT and e-commerce sector recorded the highest number of new company registrations during the month. The Information Technology sector led all industries with 598 newly registered companies, followed by the trading sector with 503 registrations and the services sector with 404. Meanwhile, the real estate and construction sector saw 303 new companies registered. The tourism and transport sector recorded 206 new company registrations during May. As per the statement, foreign investment activity also remained strong, with investors from 17 countries registering companies in Pakistan. According to the SECP, 89 Chinese shareholders obtained directorships in these companies, The companies established by foreign investors had a combined paid-up capital of Rs139.4 million. [...]

European stocks rise as STMicroelectronics' forecasts lift tech stocks

June 2, 2026 7:56

Australian shares fall on Mideast anxiety, banks and healthcare stocks top losers

June 2, 2026 6:55

Thai baht/US dollar little changed on Tuesday

June 2, 2026 6:52

Iran-US war: Kuwaiti FM hails Pakistan's 'constructive contribution' to regional peace

June 2, 2026 2:48

Kuwait’s Foreign Minister Sheikh Jarrah Jaber Al-Ahmad Al-Sabah appreciated on Tuesday Pakistan’s continued mediatory role and its efforts to facilitate engagement between the United States and Iran, commending its “constructive contribution to regional peace and security”, the Foreign Office (FO) said. The development came as Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar spoke with Kuwait’s foreign minister to discuss evolving regional and international developments. “FM Sheikh Jarrah appreciated Pakistan’s continued mediatory role and its efforts to facilitate engagement between the United States and Iran, commending its constructive contribution to regional peace and security,” the FO statement read. “DPM/FM reaffirmed Pakistan’s commitment to supporting diplomacy and sustained engagement as the preferred path to lasting peace and stability across the region. “Both sides expressed hope that ongoing diplomatic initiatives would yield a positive outcome and durable peace in the near future. They also reaffirmed the strong fraternal ties between Pakistan and Kuwait and agreed to remain in close contact going forward.” Iran was reviewing a proposed agreement with the United States to halt the war between the two countries, Iran’s Mehr news reported on Tuesday, after US President Donald Trump said talks to reach a deal were continuing. More than three months after the US and Israel launched strikes against Iran, the conflict has hardened into a stalemate while largely indirect talks to negotiate an interim deal have proved inconclusive, leaving the Strait of Hormuz largely shut. [...]

Beyond the IMF baseline: Pakistan’s hard fiscal choices in FY27 budget

June 2, 2026 2:10

Russia's western oil exports hit 8-month high as drone strikes curb refining

June 2, 2026 1:56

India tightens silver import rules, mandates prior approval

June 2, 2026 1:53

Rupee records gain against US dollar

June 2, 2026 1:40

Israel arms exports hit another all-time high: ministry

June 2, 2026 1:02

OCCUPIED JERUSALEM: Israeli arms exports have reached an all-time high for the fifth consecutive year, hitting more than $19 billion in 2025 driven by missile, rocket and air defence systems, the defence ministry announced Tuesday. Israel is among the world’s leading arms exporters. “Israel’s all-time defence export record has been broken for the fifth consecutive year, with $19.2 billion in 2025 – a nearly 30 percent surge compared to the previous year, more than doubling in five years and quadrupling in a decade,” a defence ministry statement said. Missile, rocket and air defence systems were the lead exports and accounted for 29 percent of deals, it said, adding that a “notable surge was recorded in observation and optronics systems”. European countries purchased 36 percent of exports, while Asia and the Pacific Region bought 32 percent, and the Middle East and North Africa 15 percent. “There is a clear and unmistakable thread connecting the IDF’s battlefield achievements across all fronts, the extraordinary capabilities of Israel’s defence industries, and the success of Israeli defence exports around the world,” Defence Minister Israel Katz was quoted as saying in the statement. In April, the ministry said it planned to accelerate its production of Arrow missile interceptors amid the war with Iran. The announcement came after questions in the international media over how long Israel’s interceptor stocks would last, with some analysts pointing to shortages of top-tier Arrow interceptors in particular. [...]

Iran studying deal to halt war as stalemate persists

June 2, 2026 12:51

DUBAI: Iran is reviewing a proposed agreement with the United States to halt the war between the two countries, Iran’s Mehr news reported on Tuesday, after U.S. President Donald Trump said talks to reach a deal were continuing. More than three months after the U.S. and Israel launched strikes against Iran, the conflict has hardened into a stalemate while largely indirect talks to negotiate an interim deal have proved inconclusive, leaving the Strait of Hormuz largely shut. Iran has not yet responded to a proposed final text of the temporary deal, and was taking a “stern” approach given what it sees as a history of U.S. non-compliance and longstanding mistrust, Mehr cited a source as saying. Trump said on Monday that negotiations with Iran were continuing and there would be a deal to extend the ceasefire and reopen the Strait of Hormuz over the next week. Since mid-March, Trump has repeatedly said he is close to signing a peace agreement. A ceasefire has largely held since early April, though Iran and the U.S. have exchanged strikes several times over the past week. Oil prices fell more than 1% on Tuesday, paring the previous day’s sharp gains, though a senior International Energy Agency official warned that global oil inventories could hit historically low levels. Israel keeps up strikes in Lebanon The war that began on February 28 has killed thousands of people, mainly in Iran and Lebanon. It has caused global economic pain by pushing up energy prices since Iran effectively closed the Strait of Hormuz, which previously carried about a fifth of global supplies of oil and liquefied natural gas. It also triggered the latest round of conflict between Israel and Lebanese militant group Hezbollah, with Israel pursuing its deepest incursion into Lebanon in 25 years. On Tuesday, Israel kept up strikes in southern Lebanon, Lebanese security sources said, a day after U.S. mediation appeared to have averted any further escalation of that war. A partial ceasefire announced by Lebanon on Monday would entail Israel refraining from strikes on Beirut and Hezbollah-controlled suburbs of the Lebanese capital, while the Iran-aligned group would halt its attacks on Israel. Lebanon said it would seek to expand the ceasefire in talks with Israel in Washington on Wednesday. Israeli Prime Minister Benjamin Netanyahu is facing criticism domestically over any agreement to hold back from further attacks on Beirut, ahead of an election later this year that he is projected to lose. Iran pushes for limited deal In the wider war, Iran is pushing for a limited interim agreement as it tries to ease mounting economic pressure while avoiding major concessions on its nuclear programme, according to Iranian sources. As part of any deal, Tehran is seeking an end to hostilities across all fronts, including Lebanon, access to billions of dollars in oil revenues, waivers on crude exports, a lifting of a U.S. blockade on its ports, and continued leverage over the Strait of Hormuz. Trump is under pressure to reopen the strait and curb U.S. fuel prices while not making concessions to Iran. Iran’s Revolutionary Guards said on Tuesday that 24 vessels had transited the strait in the past 24 hours after obtaining permission from the Guards’ navy. Iran threatened on Monday to expand its blockade to the Bab El Mandeb Strait, another chokepoint at the mouth of the Red Sea, if Israel resumed strikes on Beirut. [...]

Iran war disruption threatening delivery of lifesaving supplies for children, UN says

June 2, 2026 12:41

GENEVA: Surging global transport costs and supply chain disruptions linked to the Middle East crisis are threatening the delivery of lifesaving aid to children, the U.N. children’s agency warned on Tuesday. Nearly 100 days after the outbreak of the Iran war, heightened insecurity around key Gulf shipping routes has driven up fuel prices and insurance premiums, while congestion at alternative ports has compounded disruptions, hampering aid deliveries. U.N. children’s agency UNICEF said it was increasingly relying on air freight due to shipping delays. In the first quarter alone, the agency nearly exhausted annual contributions from logistics partners that donate charter flights, as it flew supplies into Lebanon and Gaza amid delays of up to four to six weeks. That is unprecedented, UNICEF’s Chief of Global Transport and Logistics, Jean-Cedric Meeus, told reporters. UNICEF is also relying on air freight to respond to the Ebola outbreak in the Democratic Republic of the Congo, as ports in Mombasa and Dar es Salaam remain congested. UNICEF estimates that some deliveries are now delayed by up to six months. Rerouting shipments around the Cape of Good Hope is adding two to four weeks to delivery times, Meeus said. UNICEF said its transport budget in Mali surged by 36% in the first quarter of this year, forcing trade-offs between scaling back on lifesaving Ready-to-Use Therapeutic Food cartons or other areas such as water and sanitation programmes. The cost of trucking the food cartons from Kenyan manufacturers to Somalia, South Sudan, and the DRC has increased by 30%. The agency also reported paying an additional $200,000 to reroute syringes for a polio vaccination campaign in Nigeria, a 56% increase in transport costs. [...]

Gold price per tola gains Rs4,600 in Pakistan

June 2, 2026 12:37

Central bank hand contains Indian rupee's fall, shrinks dollar-rupee forward premiums

June 2, 2026 12:32

Govt to announce budget on June 10 instead of June 5, says parliamentarian

June 2, 2026 11:56

NDMA issues landslide alert for northern areas as rain, glacier melt raise risks

June 2, 2026 11:48

The National Emergencies Operation Center (NEOC) of the National Disaster Management Authority (NDMA) has issued a landslide alert for mountainous regions across the country from June 2 to 6. According to the NDMA, persistent rainfall and glacier melt are likely to heighten the risk of landslides in Khyber Pakhtunkhwa between June 2 and 5, particularly in Chitral, Upper and Lower Dir, Swat, Shangla, Kohistan, Battagram, Mansehra, Abbottabad and Haripur. The authority has identified the Lowari Tunnel, Chitral–Dir Road, Swat Valley routes, the Karakoram Highway and the Naran–Kaghan Road as particularly vulnerable to landslides during the forecast period. The NDMA also warned of continued landslide risks in Azad Jammu and Kashmir from June 2 to 6, declaring the link roads to Shahi, Sharda, Athmuqam and Arang Kel as sensitive areas. Heavy rainfall in upper regions may trigger flash flooding in local streams and nullahs, causing travel disruptions and road blockages, the disaster management authority said. Tourists planning to visit northern areas have been advised to check weather forecasts and road conditions before embarking on their journeys. The NDMA said advance alerts have been issued to all relevant departments and authorities, while the NEOC continues to closely monitor weather conditions and potential threats from floods, Glacial Lake Outburst Floods (GLOFs) and landslides nationwide. [...]

Ronaldo heads for sixth World Cup with unfinished business

June 2, 2026 11:47

Cristiano Ronaldo has bent football’s record books into so many shapes that another landmark can almost feel routine but a sixth World Cup at 41 would be extraordinary even by his standards. The 2026 tournament is set to add another stop to Ronaldo’s long and often bruising World Cup journey, one that began in Germany in 2006 and has wound through South Africa, Brazil, Russia and Qatar without delivering the prize he has chased. Only Lionel Messi is poised to match him for appearances at six World Cups, another twist in a rivalry that has stretched from Real Madrid v Barcelona to Ballon d’Or ceremonies and now into football’s deepest archive. Messi has eight Ballon d’Or awards, Ronaldo five. Both are still making room for new chapters in their amazing stories. For Ronaldo, the World Cup has been the one stage that has never fully bent to his will. His best run came in 2006, when Portugal reached the semi-finals before losing to France. Since then there have been two round-of-16 exits, a quarter-final defeat and a grim group-stage departure in Brazil in 2014. This time they face Democratic Republic of Congo, debutants Uzbekistan plus Colombia in Group K. Across five tournaments, Ronaldo has played 22 matches and scored eight goals — fine numbers for most mortals but modest for the standards set by a forward who made remarkable achievements look normal at club level. Qatar 2022 looked like the end of his World Cup journey. Ronaldo arrived amid the noise of his Manchester United exit, scored and was dropped by then-coach Fernando Santos for the knockout win over Switzerland after a 2-1 loss to South Korea. Instead, he has returned under former Belgium manager Roberto Martinez with the persistence of a man who treats Father Time as just another marker to shrug off. Portugal now have a glittering supporting cast, including Vitinha, Joao Neves, Bruno Fernandes and Nuno Mendes, but Ronaldo remains the headline act. After their disappointing quarter-final exit at Euro 2024, Portugal roared back to beat European champions Spain in the Nations League final last year and arrive in excellent form in North America with Ronaldo as their leader. Martinez says the evidence still shows Ronaldo’s importance: 25 goals in 30 games under his management – more goals per game than under any of his previous national managers – and plenty of work that does not fit neatly into a scoring column. “He is fantastic at those movements, those runs, opening spaces, splitting centre halves,” Martinez told Reuters in May. “Somebody that has won everything has the hunger of somebody that hasn’t won a trophy yet,” he added. For Ronaldo, 2026 may be his last dance on the world stage. Then again, that has been said before. [...]

Indian shares snap losing run on IT boost; oil dips after Trump comments

June 2, 2026 11:46

India's May palm oil imports improve; soyoil surges on shrinking premium

June 2, 2026 11:46

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NYC bar uses prediction markets to hedge against a new financial risk: A Knicks victory

June 2, 2026 2:46

Wall Street investors use financial derivatives to hedge against shifts in interest rates and exchange rates. Farmers use them to lock in the price of their crops. Now, one New York City bar is using Kalshi, a CFTC-regulated prediction-markets platform, to hedge against another kind of risk. [...]

This space stock is rising as Blue Origin predicts quick recovery from big explosion

June 2, 2026 2:37

Blue Origin says it should be able to launch its New Glenn rocket before the end of 2026, which could help AST SpaceMobile. [...]

My sister, mother and I are giving my son $20,000 toward a down payment. Do we report it to the IRS?

June 2, 2026 2:22

“I’m confident that I will never exceed the lifetime gift-tax exemption.” [...]

Job openings leap to a 2-year high — but there’s a big catch

June 2, 2026 2:10

The number of U.S. job openings jumped to a two-year high of 7.6 million in April, a surprising increase that suggest businesses might be ready to hire more people after big slowdown in job creation last year. [...]

‘It will not bring you happiness’: I have advice for your single, childless 62-year-old multimillionaire reader

June 2, 2026 2:00