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Oil prices fall 4% to seven-week low as Iran and Israel halt attacks

June 9, 2026 4:16

NEW YORK: Oil prices fell about 4% on Tuesday after Iran and Israel said they had halted attacks on each other following an appeal from U.S. President Donald Trump. Brent futures fell $3.40, or 3.6%, to $90.85 a barrel at 10:28 a.m. EDT (1428 GMT), while U.S. West Texas Intermediate (WTI) crude slid $3.71, or 4.1%, to $87.59. That put Brent on track for its lowest close since April 17 and WTI on track for its lowest close since May 29. Israel and Iran halted direct attacks on each other on Monday after an appeal by Trump for them to stop, but Tehran said it would resume hostilities if Israel continued to attack its ally, the Hezbollah in Lebanon. Iran, however, has so far held back from attacking even after Israel struck the historic port city of Tyre in southern Lebanon on Tuesday, killing at least eight people. “The oil market is drafting lower … as the latest shooting match between Israel and Iran was diffused in favor of a ceasefire and as Trump continues to talk the market lower by suggesting that an end of the war with Iran could be reached in 2-3 days with negotiations in their final stages,” analysts at energy advisory firm Ritterbusch and Associates said in a note. Iran has continued to block most shipping through the Strait of Hormuz, which before the war carried a fifth of the world’s crude oil and liquefied natural gas. Washington has imposed its own blockade of Iranian ports. Elsewhere around the world, China’s May crude imports slumped 29% to their lowest levels in eight years, extending a sharp decline in the world’s largest oil importer that is helping keep a lid on global oil prices. World supply, demand and inventories The oil market awaited global oil supply and demand data from the U.S. Energy Information Administration (EIA) on Wednesday and weekly storage reports from the American Petroleum Institute (API) trade group later on Tuesday. Analysts estimated energy firms pulled 3.4 million barrels of crude from U.S. storage during the week ended June 5. If correct, that would be the first time energy firms pulled crude out of storage for seven weeks in a row since January 2025. It compares with a decrease of 3.6 million barrels in the same week last year and an average decline of 0.7 million barrels over the past five years (2021 to 2025). [...]

Rupee registers gain against US dollar

June 9, 2026 4:14

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false } }, scales: { x: { title: { display: true, text: 'Date' } }, y: { title: { display: true, text: 'Closing Rate' } } } } }); The Pakistani rupee gained against the US dollar, appreciating 0.01% in the inter-bank market on Tuesday. At close, the local currency settled at 278.37, a gain of Re0.03 against the greenback. On Monday, the local unit closed at 278.40. Meanwhile, the US 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 Hezbollah in Lebanon. US 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. Oil prices fell about 4% on Tuesday after Iran and Israel said they had halted attacks on each other following an appeal from U.S. President Donald Trump. Brent futures fell $3.40, or 3.6%, to $90.85 a barrel at 10:28 a.m. EDT (1428 GMT), while U.S. West Texas Intermediate (WTI) crude slid $3.71, or 4.1%, to $87.59. Inter-bank market rates for dollar on Tuesday BID Rs 278.37 OFFER Rs 278.57 Open-market movement In the open market, the PKR gained 3 paise for buying and 6 paise for selling against USD, closing at 278.52 and 279.41, respectively. Against Euro, the PKR lost 98 paise for buying and 71 paise for selling, closing at 321.05 and 324.53, respectively. Against UAE Dirham, the PKR lost 6 paise for buying and 4 paise for selling, closing at 75.69 and 76.41, respectively. Against Saudi Riyal, the PKR lost 7 paise for buying and 2 paise for selling, closing at 74.00 and 74.62, respectively. Open-market rates for dollar on Tuesday BID Rs 278.52 OFFER Rs 279.41 [...]

India overtaken as South Korea, Taiwan ride AI wave

June 9, 2026 3:45

BENGALURU: The Indian equity market’s sudden drop to seventh in the global market cap rankings has sent shudders through Dalal Street, with AI singled out as a decisive factor. But does blame lie solely with India’s lack of AI champions, or are there other factors behind the fall? That’s our main focus this week. AI is to blame, but not AI alone India’s equity market was overtaken by Taiwan and South Korea in quick succession, pushing what was once emerging Asia’s darling to seventh in the world by market capitalisation. It’s no secret what has powered the rallies in those East ⁠Asian markets, which are home to a host of companies that are critical to the AI supply chain, including TSMC, Samsung Electronics and SK Hynix. Last week, both countries received Goldman Sachs. India has been bypassed by the AI investment boom, with foreign investors instead pulling out almost $26.4 billion from local stocks so far in 2026, putting the country on course to far surpass the record $18.9 billion divestment of 2025. [...]

India's gold tariff hike fuels smuggling revival, squeezes banks and refiners

June 9, 2026 3:24

MUMBAI: India’s sharp increase in gold import tariffs is fuelling a resurgence in smuggling that could exceed 100 metric tons this year, as soaring grey market margins allow smugglers to undercut banks and refiners of the precious metal, industry officials and bullion dealers said. India, the world’s biggest gold market after China, more than doubled import tariffs to 15% in May to curb demand, cut the trade deficit and ease pressure on the rupee. But the move has created an opportunity for smugglers who are able to offer prices legitimate importers cannot match, they said. The grey market discount has gone beyond $200 per ounce, or more than 4%, said a Mumbai-based bullion division head at a private gold importing bank, adding that banks were unable to offer even a $10 discount, let alone one of three digits. He declined to be named because he was not authorised to speak to media. The recent resurgence in the grey market suggests illegal imports could exceed 100 tons in 2026, said another dealer who also declined to be identified because he was not authorised to speak to the media. Four other dealers interviewed by Reuters shared the view that illegal gold imports could exceed 100 tons in 2026. At current prices, 100 tons of gold would be worth about $14.35 billion, implying roughly $2.65 billion in lost tariffs and sales tax. Smugglers can offer steep discounts because they do not pay taxes on gold, including import tariffs and goods and services tax that total 18.45%, the bullion dealers said. “There’s a margin of more than 2.5 million rupees ($26,121.25) on bringing in a one-kilo bar, which is roughly the size of an iPhone. It is natural that people will try to make quick bucks,” the second dealer said. “Even if grey-market operators sell at a 4% discount, they are still making a killing,” said a Kolkata-based bullion dealer. Smuggling tarnishes legal market Gold smuggling fell from 156.1 tons in 2023 to 69.2 metric tons the following year, and declined further in 2025 to 20.4 tons after India cut import duties on gold. Before the duty cut, an average of 108 metric tons of the precious metal was smuggled into the country each year over the previous decade, according to data compiled by the World Gold Council. India imported 45.6 tons of gold in April, but imports may have halved in May as banks and refiners scaled back overseas purchases amid deep discounts, said a Hyderabad-based bullion dealer. Hefty discounts in the grey market have disrupted legal trade, pushing domestic discounts on legal gold to more than $100 an ounce as stocks imported before the duty hike are sold at steep discounts, making refining uneconomical, said James Jose, managing director of refiner CGR Metalloys. New Delhi levies a 0.65% lower import duty on gold dore, a semi-pure alloy, than on refined gold, but the alloy has also been affected by the tariff change. “Gold refiners typically operate on margins of around 0.65%. With discounts now well above that level, refiners have little incentive to import dore,” Jose said. [...]

US stocks rise as oil prices pull back

June 9, 2026 2:16

NEW YORK: Wall Street stocks bounced early Tuesday behind gains in tech shares as oil prices retreated after US President Donald Trump again said an Iran peace deal could be close. Crude prices were down more than two percent after Trump said a peace deal to end the Middle East war could arrive in “two or three days.” “The market has heard that before,” said Briefing.com analyst Patrick O’Hare. “Even though it has yet to see an actual deal,” the market “continues to respect the possibility,” he said. About 10 minutes into trading, the Dow Jones Industrial Average was up 0.6 percent at 51,074.86. The broad-based S&P 500 gained 0.7 to 7,456.69, while the tech-rich Nasdaq Composite Index jumped 0.9 percent to 26,159.37. The gains came as ChatGPT-maker OpenAI announced it had confidentially filed with US securities regulators to go public but had not determined the timing of the offering. Data released Tuesday showed the US trade deficit narrowed 1.2 percent to $55.9 billion in April. [...]

Gold price per tola gains Rs2,830 in Pakistan

June 9, 2026 1:39

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 Rs455,063 after a gain of Rs2,830 during the day. Similarly, 10-gram gold was sold at Rs389,534 after it increased by Rs2,547, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Monday, gold price per tola reached Rs452,222 after a decline of Rs3,094 during the day. The international rate of gold was up by $28 to reach $4,326 per ounce (with a premium of $20). Meanwhile, the price of silver increased by Rs141 to reach Rs7,314 per tola. [...]

Buying returns to bourse, KSE-100 gains nearly 1,400 points

June 9, 2026 1:19

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 nearly 1,400 points. The KSE-100 Index opened on a strong footing and quickly moved into positive territory, touching an intra-day high of 171,022.94. However, this momentum was not sustained in the latter hours as the market entered a choppy phase, with repeated swings between buying and selling pressure. Mid-session trading showed consolidation as investors appeared to lock in gains, leading to a gradual slide from the day’s high. The benchmark index continued to drift lower in the latter half of the session, but remained comfortably above the previous close. At close, the KSE-100 Index settled at 170,330.56, up 1,376.86 points or 0.81%. “Market sentiment remained positive, supported by a decline in international crude oil prices following the easing of geopolitical tensions between Iran and Israel. The improving regional outlook helped strengthen investor confidence and encouraged broad-based buying activity,” brokerage house Topline Securities said in its post-market report. “Although the market opened sharply higher, some gains were pared during the session as investors engaged in profit-taking. Nevertheless, sustained buying interest successfully absorbed selling pressure, enabling the index to remain firmly in positive territory throughout the day.” On the index contribution front, heavyweight stocks including UBL, HBL, HUBC, LUCK, and MEBL collectively contributed 526 points to the benchmark index’s gain, Topline said. 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 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. Meanwhile, the Pakistani rupee gained against the US dollar, appreciating 0.01% in the inter-bank market on Tuesday. At close, the local currency settled at 278.37, a gain of Re0.03 against the greenback. Volume on the all-share index decreased to 767.45 million from 657.97 million recorded in the previous close. The value of shares declined to Rs27.18 billion from Rs22.59 billion in the previous session. TPL Properties was the volume leader with 56.53 million shares, followed by TPL Corp Ltd with 50.80 million shares, and Pace (Pak) Ltd with 43.23 million shares. Shares of 492 companies were traded on Tuesday, of which 351 registered an increase, 104 recorded a fall, and 37 remained unchanged. [...]

India's fertiliser ministry seeks to double subsidy fund as cost of Iran war mounts

June 9, 2026 12:34

NEW DELHI: India’s fertiliser ministry has sought to double its budgeted subsidy fund for the current fiscal year amid a global price rally, a government official said, as the South Asian nation increasingly counts the mounting cost of the Iran war. India, where farming is a mainstay, imports fertilisers such as urea and DAP, as well as liquefied natural gas, a key feedstock for ‌urea ⁠production. The world’s third-largest oil importer and consumer also ships in about 90% of its oil and is one of the countries most-exposed to prolonged war-related disruptions to global energy supplies. “Department of fertiliser has already asked for doubling of fertiliser subsidy with barely three months into the financial year. We are ramping up domestic capacity to reduce imports,” the official said, adding New Delhi did not expect global prices to come down. The Indian government has also given support of 1.2 trillion rupees ($12.6 billion) to oil refiners and retailers for not hiking pump prices for the first 78 days of the war despite a rise in global prices, the official said. Economists say sustained higher oil and fertiliser prices may drag on economic growth, inflation and government finances when the country is already bracing for an ⁠El Nino weather phenomenon that often portends drought. Despite the unplanned spends, the government would not pull back on capital expenditure for the year, the official added, noting the administration did not see economic growth under stress yet due to strong domestic consumption. Meanwhile, the government, along with central bank, has announced a host of measures to plug foreign fund outflows and defend the nation’s embattled currency. The Indian government decision to scrap capital gains tax on foreign portfolio investments in government securities was aimed at helping India’s inclusion in Bloomberg’s Global Aggregate Index, the government official said. Bloomberg Index Services had earlier this year deferred the inclusion of Indian bonds in its flagship Global Aggregate Index, disappointing some investors who had expected an inclusion. [...]

India 10-year bond logs best close in 7 weeks as oil prices ease

June 9, 2026 12:29

MUMBAI: India’s 10-year government bond closed at its highest in seven weeks on Tuesday, as a decline in crude oil prices enhanced the appeal of Indian debt, building on positive momentum from Friday’s central bank measures aimed at boosting foreign inflows to the country. The benchmark 6.48% 2035 bond yield fell 4.5 basis points to 6.9082%, its lowest level since April 21, extending its decline into a fourth straight session. Bond yields and prices move inversely. Oil prices eased after Iran and Israel said they had halted attacks following an appeal from U.S. President Donald Trump. Brent crude futures were last down 1.93% at $92.41 a barrel in Asian trade. Still, some traders worried the positives would support sentiment only in the “short-term”, unless India mitigates the rising costs from the U.S.-Israeli war with Iran war. India imports about 90% of its oil, leaving its economy highly exposed to the war, including the effective blockade of the Strait of Hormuz. Steps taken by the Reserve Bank of India last week to encourage dollar inflows and make it easier to invest in Indian bonds have seen foreign investors ramp up purchases of the country’s debt by a net $800 million over the past two days. The central bank expects inflation to average 5.1% in the year to March 2027, up from 3.48% in April, while growth is seen slowing to 6.6% from 7.7% last year. On the fiscal front, the government has set a fiscal deficit target of 4.3% of GDP for this financial year, but a Reuters poll sees it widening to 4.7%. The Reserve Bank of India’s measures are creating some confidence, but rising U.S. yields and money going into U.S. equities along with the persistent war risks are still overwhelming for the market, said Alok Singh, head of treasury at CSB Bank. Rates India’s overnight index swap rates eased as lower oil boosted sentiment. The one-year swap ended at 5.99%, down 5.5 bps, while the two-year rate INR2YMIBROIS=CCdropped 8.25 bps to 6.17%. The five-year rate 11 bps to 6.43%. [...]

Palm falls to two-week low on weak export demand

June 9, 2026 11:02

KUALA LUMPUR: Malaysian palm oil futures closed at their lowest level in two weeks on Tuesday,reversing gains in the previous session, as sluggish export demand continued to weigh on the market. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was down 48 ringgit, or 1.05%, at 4,527 ringgit ($1,115.57) a metric ton, the lowest closing price since May 26. The market remains on edge, caught between weak demand and subtle signs of recovery in June production, said Paramalingam Supramaniam, director at brokerage Pelindung Bestari. “A weaker ringgit, while offering some relief, cannot serve as a sustained shock absorber over the long term as genuine demand must materialise before the market enters its peak production months in the third quarter,” he added. The ringgit, palm’s currency of trade, strengthened 0.29% against the dollar on Tuesday after weakening to its lowest level since January 13 in the previous session. Cargo surveyors estimated that exports of Malaysian palm oil products for May fell between 8.8% and 15.5% from a month earlier. The Malaysian Palm Oil Board is expected to release its monthly supply and demand data on Wednesday. Dalian’s most-active soyoil contract fell 0.85%, while its palm oil contract shed 1.3%. Soyoil prices on the Chicago Board of Trade were down 0.27%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices also fell, 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. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. [...]

Indian rupee gains as oil retreat soothes, inflow expectations erode weakening bias

June 9, 2026 10:58

MUMBAI: The Indian rupee closed stronger on Tuesday on a fall in oil prices, with expectations that regulatory measures will help India narrow its balance of payments deficit chipping away at the currency’s bias towards persistent weakness. The Indian rupee closed at 95.35 per dollar, up 0.4% from its close in the previous session. Asian currencies were mostly stronger as well, helped along by a drop of about 2% in Brent crude prices after Iran and Israel said on Monday that they had halted attacks on each other after an appeal from U.S. President Donald Trump. Tehran has continued to block most shipping through the Strait of Hormuz, which carried a fifth of the world’s crude oil and liquefied natural gas before the war. Washington has imposed its own blockade of Iranian ports. Elevated oil prices have raised the risks confronting India’s economy. While the country 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 as long as oil prices remain elevated. “We think the measures announced by the RBI will help to alleviate some of the pressure on the INR and help to eliminate BoP vulnerabilities. Nonetheless, the current account deficit remains heavily oil-driven,” analysts at Barclays said in a note. The rupee is likely to be on a depreciating path in the weeks and months ahead, albeit at a much more gradual pace than in past months, the note said. Elsewhere, shares of Indian banks gained on Tuesday after the country’s central bank extended a subsidised forex swap facility to overseas foreign currency borrowings by lenders. The Nifty bank index rose 2% and the broader Nifty 50 was up 0.5%. [...]

Indian shares gain, led by banks on RBI forex swap facility

June 9, 2026 10:53

Indian share benchmarks rose on Tuesday, led by lenders after the central bank detailed a concessional forex swap facility for banks’ overseas foreign-currency borrowings, while a pause in Israel-Iran hostilities helped cool oil prices. The benchmark Nifty 50 rose 0.52% to 23,242.10, and the BSE Sensex gained 0.54% to 73,918.76. The Reserve Bank of India on Monday allowed banks to raise overseas foreign-currency borrowings of at least three years at concessional swap rates, aiming to boost dollar inflows with the rupee under pressure from higher oil prices, foreign outflows and geopolitical risks. Banks and financials rose about 2.1% and 1.4%, respectively, while state-owned lenders climbed 3.6% and private banks gained 1.6%. “RBI’s measures will definitely ease some of the forex pressure for banks, effectively eliminating forex hedging costs, lowering cost of funds and bolstering lenders’ liquidity positions,” said Vikas Satija, managing director and chief executive officer at Shriram Wealth. Fifteen of the 16 major sectors advanced. The small-caps and mid-caps rose 1.7% and 1.4%, respectively. Stable March-quarter earnings and resilient domestic inflows have helped Indian equities withstand record foreign outflows, but “crude oil remains the joker in the pack as the impact of the Iran war plays out,” Satija said. Iran and Israel said on Monday they had halted attacks on each other after an appeal from U.S. President Donald Trump, though both sides warned they could resume hostilities. Brent crude futures fell 2% to $92.4 per barrel. Among stocks, IndiGo airline operator InterGlobe Aviation gained 4.1% after several brokerages reiterated a positive medium-term view on the airline following its analyst day, despite near-term pressures from high fuel prices and restricted Middle East and Pakistan airspace. State Bank of India rose 2.1% after Money control reported, citing Chairman C. S. Setty, that the lender plans to list SBI General Insurance. SBI did not immediately respond to a Reuters request for comment. [...]

China stocks rebound as chipmaker selloff lures bargain hunters; Hong Kong steady

June 9, 2026 10:02

SHANGHAI: China stocks bounced on Tuesday, while Hong Kong shares steadied, as bargain hunters pounced on battered chipmakers following Monday’s rout, with sentiment supported by an overnight rebound on Wall Street. The large-cap CSI300 Index rose 1.9% while the Shanghai Composite Index gained 1.3%. Both gauges slumped to two-month lows on Monday. In Hong Kong, the Hang Seng Index ended down 0.4%. Asia markets rallied after Wall Street saw some support from a bounce in technology stocks. China’s stronger-than-expected trade data, and news that Iran and Israel had halted attacks on each other also aided sentiment. “Valuation and risks in AI stocks are rising, but we’re not yet entering the 2000-style bubble burst,” Guangfa Securities said in a report. “The AI sector is being supported by real capital expenditure and profit.” Some see the recent selloff in China’s tech stocks as a good buying opportunity. Investor sentiment was also buoyed by news that ChatGPT maker OpenAI has confidentially filed for a U.S. initial public offering, joining rival Anthropic in a push toward the stock market. China’s STAR Semiconductor Index surged 8% on Tuesday, while the CSI Semiconductor Industry Index jumped 6%. The CSI Artificial Intelligence Index gained 3.4% and Hong Kong-listed chip-makers also rebounded sharply. Investors largely ignored news that the U.S. on Monday added Chinese tech firms Alibaba and Baidu as well as automaker BYD to a list of companies it believes are aiding Beijing’s military. Energy shares in both China and Hong Kong slumped as oil prices eased amid Middle Eastern developments. [...]

JGBs rally on report Bank of Japan to consider pausing bond-buying taper

June 9, 2026 9:13

TOKYO: Japanese government bonds rallied on Tuesday, reversing earlier declines, following a report that the central bank will consider pausing a reduction in its regular debt purchases next year. The benchmark 10-year JGB yield fell 5 basis points to 2.665%, after earlier reaching 2.74%, the highest since May 22. Yields move inversely to bond prices. The Bank of Japan will consider maintaining the current pace of bond purchases beyond next fiscal year, sources said, pausing a tapering process in its quantitative tightening plan. JGBs fell earlier in the session as persistent inflation concerns clouded the demand picture ahead of a sale of 30-year bonds on Wednesday. “The recent rise in interest rates is driven more by inflation concerns and fears that the Bank of Japan is lagging behind in responding to price pressures than by supply-and-demand factors,” Takayuki Miyajima, senior economist at Sony Financial Group, said in a note. Japan’s Economic Revitalisation Minister Minoru Kiuchi said on Tuesday that he hoped the BOJ would work closely with the government to durably achieve its 2% inflation target. He also said the government would keep scrutinising interest-rate moves and their effects on the economy. JGB yields have been under upward pressure as expectations firmed that the central bank will raise its policy rate by 25 bps to 1% at its June 15-16 meeting. Interest rate swaps data through Monday showed a 93% probability of a hike, according to research firm Tokyo Tanshi. The BOJ has shifted to a more hawkish tone as the Iran war-driven energy shock lifted inflation risks, and Governor Kazuo Ueda has warned that energy shocks can become persistent via wages and expectations. Moves in Japanese yields also tracked global bond markets, where U.S. Treasury and euro zone yields have risen in recent sessions amid persistent inflation pressures and expectations for central bank tightening. The 20-year JGB yield slid 7 bps to 3.565%, while the 30-year yield sank 6.5 bps to 3.870%. The yield on the 40-year JGB, Japan’s longest tenor, rose 0.5 bps to 3.805%. The two-year yield, the one most sensitive to BOJ policy rates, decreased 0.5 bps to 1.41%. The five-year yield fell 2 bps to 1.920%. [...]

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. [...]

Oil prices fall 4% to seven-week low as Iran and Israel halt attacks

June 9, 2026 4:16

Rupee registers gain against US dollar

June 9, 2026 4:14

Gold price per tola gains Rs2,830 in Pakistan

June 9, 2026 1:39

Buying returns to bourse, KSE-100 gains nearly 1,400 points

June 9, 2026 1:19

Palm falls to two-week low on weak export demand

June 9, 2026 11:02

Indian rupee gains as oil retreat soothes, inflow expectations erode weakening bias

June 9, 2026 10:58

Pakistan plans to join INSTC, eyes Gwadar link with Russia

June 9, 2026 10:34

Pakistan plans to join the International North-South Transport Corridor (INSTC), with Russia backing a link between the trade route and Gwadar Port as both countries move to deepen economic and strategic cooperation through a new partnership framework extending to 2030. This was disclosed by Federal Minister for Energy, Sardar Awais Ahmed Khan Leghari, while delivering a keynote address at Webinar-1, titled “Pakistan-Russia Bilateral Relationship at the cusp of shifting global order,” highlighting a highly positive and pragmatic trajectory in bilateral relations over the past two decades. A key focus of the address was regional connectivity, with Pakistan signalling its intent to join the INSTC, read an official statement. The INSTC is a 7,200-kilometre multimodal transit network combining ship, rail, and road routes designed to move freight between India, Iran, Azerbaijan, Russia, Central Asia, and Northern Europe. During the webinar, Leghari welcomed the statement by Russian Deputy Prime Minister Alexey Overchuk regarding connecting the INSTC with Pakistan’s Gwadar Port, which would bridge a crucial link in China’s Belt and Road Initiative. Addressing the structural transformations in global politics, the minister noted that residual distrust from the Soviet era has faded, elevating the partnership from an “unfriendly country” to a “trusted friend” across sectors, including trade, energy, defence, and technology. This diplomatic momentum is driven by high-level leadership, underscored by four recent meetings between Prime Minister Muhammad Shehbaz Sharif and Russian President Vladimir Putin, he said. As Co-Chairman of the Russia-Pakistan Intergovernmental Commission (IGC), the minister emphasised regular engagements with his counterpart, Russian Energy Minister Sergey Tsivilev, describing the IGC as the foundation of their multi-faceted ties. Bilateral cooperation has expanded through structured frameworks, including consultations on security, strategic stability, and counter-terrorism, alongside mutual alignment at the United Nations and the Shanghai Cooperation Organisation (SCO) to advocate for an inclusive, multipolar international order, he said. Leghari also highlighted that Russian leadership has praised Pakistan’s recent diplomatic role in mitigating conflicts between Iran and the United States, further validating President Putin’s acknowledgement of Pakistan as a genuine global stakeholder. To unlock the substantial potential for bilateral trade and address structural hurdles like payment mechanisms, both nations have agreed to sign the Program of Economic Cooperation between the Russian Federation and Pakistan for the Period until 2030, he said. Furthermore, the recent signing of the long-pending Russia-Pakistan Readmission Agreement in Bishkek will ease visa regimes, facilitating business travel and people-to-people exchanges. Concluding his remarks, Leghari reiterated that Pakistan-Russia relations are a vital component of broader Eurasian economic integration and regional stability. [...]

Pakistan plans coastal sports academies under blue economy vision

June 9, 2026 10:16

Pakistan plans to establish coastal sports academies and cricket training centres under its blue economy vision, with the Maritime Affairs Ministry and former Pakistan cricket captain Shahid Afridi exploring a partnership to promote youth development, sports tourism and environmental awareness in coastal regions. The initiative was discussed during a meeting between Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry and Afridi on Tuesday. The discussions focused on expanding the role of maritime and coastal infrastructure beyond trade and logistics to include sports development, youth engagement and environmental awareness. The minister assured full support from maritime institutions for initiatives aimed at promoting sports, particularly in coastal regions. He said ports and maritime zones were increasingly becoming centres of national development where education, sports and environmental awareness could be integrated. Chaudhry said under the blue economy vision, sports development could be advanced through public-private partnerships, including the establishment of coastal sports academies, cricket training centres and structured youth programmes along the coastline. He added that cricket, as the most popular sport, could be used as a unifying platform to raise awareness about marine conservation, climate change and the importance of ocean resources among young people. The meeting also discussed linking sports activities with ocean literacy campaigns to address issues such as marine pollution, declining fish stocks and the protection of coastal ecosystems. Afridi welcomed the proposal, saying sports were one of the most effective tools to engage young people in positive activities and could also be leveraged to promote environmental awareness. He noted significant potential for sports tourism and grassroots cricket development. The two sides also reviewed proposals for launching coastal sports and ocean awareness drives in Karachi, Gwadar and other port cities. These initiatives would combine cricket tournaments with awareness sessions on mangrove conservation, marine biodiversity and sustainable use of ocean resources. Under the proposed framework, maritime institutions would provide infrastructure support, while sports organisations and private sector partners would develop training and outreach programmes. Both sides agreed to develop a comprehensive roadmap to strengthen cooperation between the maritime and sports sectors, aiming to promote Pakistan’s blue economy vision while encouraging social cohesion and environmental awareness through sports. [...]

China stocks rebound as chipmaker selloff lures bargain hunters; Hong Kong steady

June 9, 2026 10:02

Emirates will not cut flights despite Middle East war pressures

June 9, 2026 9:41

BERLIN: Emirates has no plans to cut capacity despite financial pressures from the war in the Middle East, its president Tim Clark said on Tuesday, as the airline presses for Berlin traffic rights. The airline continues to route passengers through Dubai to destinations including India and Australia, taking precautions such as carrying extra fuel. “We have no intention of cutting back, reducing,” Clark said, adding he was not concerned about the extra cost. Emirates is also seeking broader expansion in Germany, saying most stakeholders would benefit from new long-haul capacity, while it rolls out free Starlink connectivity on as many aircraft as possible despite limited hardware. Emirates begins ‘reduced flight schedule’ Emirates has long campaigned for greater access to Berlin. Clark said Emirates had secured slots at Berlin airport but still lacked approval to operate. It has regularly used the air show as a platform to highlight its contribution to the local economy, dating back to an order for 32 more Airbus A380 securing thousands of German jobs in 2010. Clark also criticised Deutsche Lufthansa, which has long argued Gulf carriers enjoy an unfair regulatory advantage in Europe. “It is a listed company, and it needs to fight its own corner without going to the government and hiding behind its skirts,” he said. [...]

Shakarganj Limited appoints CEO, chairman

June 9, 2026 9:40

Shakarganj Limited (SML) announced on Tuesday key appointments in the company. The information was disclosed in a notice to the Pakistan Stock Exchange today. “The Board of Directors of the Company, in its meeting held on 9 June 2026, has appointed Manzoor Hussain as Chairman of the Board of Directors,” the listed company shared. It added that Muhammad Pervez Akhtar was appointed the Chief Executive Officer of the company for a period of three years. SML was incorporated in Pakistan as a public listed company in 1967. The company is in the business of transforming renewable crops such as cotton and sugarcane into value-added products such as textiles, refined sugar, bio fuel, building materials etc. [...]

India’s TCS chair says AI agents may equal headcount, dampen hiring

June 9, 2026 9:24

BENGALURU: India’s largest software services exporter Tata Consultancy Services expects IT companies to slow down hiring, as the company moves towards having an equal number of employees and AI agents in its workforce, Chairman N Chandrasekaran said at the company’s annual general meeting on Tuesday. India’s $315-billion IT sector has been grappling with investor concerns that AI could disrupt its traditional, labour-intensive business model. The industry, one of India’s largest private sector employers, has already slowed down hiring with geopolitical turmoil also denting client demand. Mumbai-headquartered TCS does not plan to downsize staff, but will hire less, Chandrasekaran said. Last July, it cut more than 12,000 jobs, while headcount fell by more than 23,000 on a net basis in the fiscal year ended March 2026. India’s TCS to probe sexual assault, religious conversion allegations in western India office “If the company has half a million employees, the day is not far when the company will have half a million AI agents… The company’s employees and AI agents will work together, and that will be the future.” TCS shares have fallen more than 32% so far in 2026, compared with a 25% drop in the Nifty IT index. Advanced AI tools have shaken up the way companies work across industries from Silicon Valley to media and IT in the last few years as businesses seek efficiencies while staying on top of rapid technological changes. Chandrasekaran said increased usage of AI agents would curb the number of people hired by both TCS and the broader IT industry as tasks are automated. At the same time, he said new roles and opportunities would emerge as companies adapt to AI-driven ways of working. “Some of the work being done will go to AI agents. That will be the nature of the transition that we have to go through not only as a company, as an industry, and as a country,” he said. Chandrasekaran’s comments carry added weight as TCS is India’s largest IT firm by both market cap and number of employees. The company’s annualised AI revenue crossed $2.3 billion in the quarter ended March 31. Chandrasekaran said 100% of TCS’ revenue will have an AI component before the end of the decade. [...]

JGBs rally on report Bank of Japan to consider pausing bond-buying taper

June 9, 2026 9:13

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. [...]

President summons National Assembly, Senate sessions on June 10

June 9, 2026 6:36

President Asif Ali Zardari has approved the summoning of sessions of both houses of parliament on June 10, according to an official statement issued on Tuesday. Under the approval, the National Assembly session will convene at 5:00pm, while the Senate session will begin at 4:00pm on Wednesday. The development comes as the government prepares to unveil the federal budget for the fiscal year 2026-27. Earlier in the day, the government said Pakistan would present its FY27 budget in the “coming days”, indicating a possible delay in the budget announcement after it had already been rescheduled to June 10 from the original date of June 5. “Time, date and venue will be shared in due course,” the government said in a statement. Meanwhile, 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 within the next couple of days. The federal budget is expected to outline the government’s fiscal priorities, revenue measures and expenditure plans for the upcoming financial year. [...]

Trump blames Iran for helicopter attack, says US must respond

June 9, 2026 6:03

WASHINGTON: President ‌Donald Trump on Tuesday said Iran shot down a US Apache helicopter that was patrolling the ⁠Strait of Hormuz overnight and vowed to respond, but gave no other details. “I have just been informed by our Great Military that last night ‌the ⁠Iranians shot down one of our highly sophisticated Apache Helicopters while patrolling over ⁠the Strait of Hormuz,” Trump wrote in a social media ⁠post. “Nevertheless, the United States must, of necessity, respond to this attack,” Trump said. The episode adds further strain to efforts to broker a peace deal to end the wider Middle East war and reopen Hormuz, a vital conduit for international trade in energy and other commodities. In remarks earlier on Tuesday about the downing of the Apache, Trump said the two pilots were “fine” following their rescue, but made no comment about what brought the Apache down. A US Navy surface drone found and rescued the two crew, the US military told Reuters. U.S. Central Command said the AH-64 Apache went down at around 3 am on Tuesday (2300 GMT on Monday). [...]

Rupee registers gain against US dollar

June 9, 2026 4:14

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

June 9, 2026 3:51

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. 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 LCOc1 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 LNG-AS have risen 75% over the same period. 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 stabilise 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 overtaken as South Korea, Taiwan ride AI wave

June 9, 2026 3:45

ICC rates Gaddafi, Lord's pitches as 'unsatisfactory'

June 9, 2026 3:41

The International Cricket Council (ICC) has rated the pitches used for the third One-Day International between Pakistan and Australia at Gaddafi Stadium and the first Test between England and New Zealand at Lord’s as “unsatisfactory”, awarding one demerit point to each venue under its Pitch and Outfield Monitoring Process. In a media release issued on Tuesday, the ICC said match referees Graeme La Brooy and Andy Pycroft submitted reports highlighting concerns raised by match officials and team captains regarding the playing surfaces. Commenting on the Gaddafi Stadium pitch in Lahore, La Brooy said the wicket was “slow and low” throughout the match, making run-scoring difficult and unsuitable for a One-Day International contest. “The pitch was slow and low and made scoring runs very difficult. It did not suit a One Day International game as batters had to spend more time to settle in. It helped spin very early in the match and continued the same way throughout,” he said. Meanwhile, Pycroft criticised the Lord’s surface used for the England-New Zealand Test, saying it offered excessive assistance to bowlers and created an imbalance between bat and ball. “There was plenty of excessive seam movement throughout the Test and the ball also kept extremely low on several occasions. The bounce was variable throughout as 16 wickets fell on the first day and 17 on the second. There was simply an over-balance in favour of ball against bat caused by the pitch,” Pycroft noted. The ICC has forwarded the reports to the Pakistan Cricket Board (PCB) and the England and Wales Cricket Board (ECB), respectively. Both boards have 14 days to appeal against the sanctions. According to the ICC, neither venue had any previous demerit points on record. Under the ICC Pitch and Outfield Monitoring Process, venues receive one demerit point for an “unsatisfactory” rating and three demerit points for a pitch deemed “unfit”. Demerit points remain active for a rolling five-year period. A venue that accumulates six demerit points faces a 12-month suspension from hosting international cricket, while a venue reaching 12 demerit points is suspended for 24 months. [...]

Soldier martyred, 14 terrorists killed in Balochistan operation: ISPR

June 9, 2026 3:33

Security forces killed 14 terrorists linked to the Indian proxy group “Fitna al Hindustan” during an intelligence-based operation (IBO) in Balochistan’s Basima area, while a soldier embraced martyrdom during the exchange of fire, the military’s media wing said on Tuesday. According to the Inter-Services Public Relations (ISPR), intelligence reports indicated the presence of terrorists in the Naal area of Basima district who were planning attacks on a nearby police station and banks. Acting on the information, security forces launched a swift intelligence-based operation to foil the planned attacks. “The movement of terrorists was effectively checked and engaged by own forces,” the ISPR said, adding that 14 Indian-sponsored terrorists were killed after an intense exchange of fire, while several others sustained injuries. The military said four vehicles being used by the terrorists were destroyed during the operation. Improvised explosive devices (IEDs) were also recovered and destroyed at the site. However, Lance Havildar Muhammad Abbass embraced martyrdom while fighting gallantly during the operation, the statement said. The ISPR said sanitisation operations were continuing in the area to eliminate any remaining terrorists. It added that Pakistan’s security forces and law enforcement agencies would continue their counter-terrorism campaign under the “Azm-e-Istehkam” framework to eradicate what it described as foreign-sponsored terrorism from the country. The operation comes amid ongoing efforts by security forces to curb militant violence in Balochistan and other parts of the country. [...]

India's gold tariff hike fuels smuggling revival, squeezes banks and refiners

June 9, 2026 3:24

US Energy Secretary says ship traffic through Strait of Hormuz rising 'very meaningfully'

June 9, 2026 2:56

WASHINGTON: U.S. Energy Secretary Chris Wright said on Tuesday that ship traffic through the Strait of Hormuz is rising “very meaningfully” as the conflict with Iran continues. “I would say rising very meaningfully,” Wright said when asked how ship traffic is flowing through the Strait compared to a week or two ago. Wright made the remarks during an Atlantic Council conference and added that it would take many months to get back to normal flows of energy once the war is over. Vessel movements on the strait have been largely blocked since U.S. and Israeli strikes on Iran in late February, interrupting around 20% of global oil and liquefied natural gas supplies. But some vessels have since begun transiting the narrow waterway bordering Iran, often with transponders turned off and under cover of darkness. Disruptions to normal flows have triggered a surge in global energy prices, upending economies around the world and creating a political vulnerability for U.S. President Donald Trump and his Republican party ahead of midterm elections in November. Washington has been pressing for a peace deal with Tehran that would include a full reopening of the strait. [...]

Bahrain National Guard commander meets Pakistan military leadership, discusses defence cooperation

June 9, 2026 2:49

Commander of the Bahrain National Guard, H.H. General Shaikh Mohammad Bin Isa Bin Salman Al Khalifa, called on Field Marshal Syed Asim Munir at the General Headquarters (GHQ) in Rawalpindi on Tuesday, with both sides discussing regional security and ways to enhance bilateral defence cooperation. According to the Inter-Services Public Relations (ISPR), the meeting focused on matters of mutual interest, the regional security environment, and avenues for strengthening defence and security ties between Pakistan and Bahrain. The two dignitaries expressed satisfaction over the longstanding brotherly relations between the two countries and underscored the importance of expanding military-to-military collaboration. During his visit, the Bahraini commander also held separate meetings with Chief of the Naval Staff Admiral Naveed Ashraf and Chief of the Air Staff Air Chief Marshal Zaheer Ahmed Baber Sidhu. At Naval Headquarters, discussions centred on bilateral defence cooperation and regional maritime security. The Bahraini commander commended the Pakistan Navy’s role in promoting cooperative maritime security and described it as a stabilising force in the region At Air Headquarters, Air Chief Marshal Zaheer Ahmed Baber briefed the visiting dignitary on the Pakistan Air Force’s ongoing modernisation drive, including capability enhancement, infrastructure development, indigenisation initiatives and advanced training reforms. The two sides also exchanged views on emerging defence technologies, including drones, artificial intelligence, autonomous systems, advanced sensors and digital innovation, as well as evolving air defence challenges and integrated defence architectures. General Shaikh Mohammad Bin Isa Bin Salman Al Khalifa praised the professionalism and operational readiness of Pakistan’s armed forces and acknowledged their contributions to regional peace and stability. He also appreciated Pakistan’s indigenous defence capabilities and modernisation efforts, expressing interest in expanding cooperation in training, emerging technologies and capacity-building initiatives. The ISPR said the visit reflects the strong and enduring defence partnership between Pakistan and Bahrain and is expected to further advance bilateral military cooperation for the mutual benefit of the two countries. [...]

US stocks rise as oil prices pull back

June 9, 2026 2:16

Gold price per tola gains Rs2,830 in Pakistan

June 9, 2026 1:39

PM Shehbaz consults agriculture stakeholders ahead of budget, announces reform push

June 9, 2026 1:10

Prime Minister Shehbaz Sharif on Tuesday held a meeting with key stakeholders from Pakistan’s agriculture sector ahead of the federal budget for fiscal year 2026-27, seeking recommendations to accelerate growth and unlock the sector’s economic potential. The meeting was attended by representatives of farmers’ organizations, dairy and livestock businesses, value-added agricultural industries, seed companies, as well as national and multinational firms operating in the sector. The consultation was part of the government’s pre-budget engagement process aimed at incorporating the views of stakeholders into policy and budgetary planning for the upcoming fiscal year. Participants lauded the prime minister’s efforts to promote peace amid the prevailing regional situation and appreciated the government’s commitment to economic stability. The stakeholders also welcomed the recently introduced seed policy and broader agricultural reforms, describing them as a “game changer” for Pakistan’s agriculture sector. Addressing the meeting, PM Shehbaz said agriculture has the capacity to bring about a transformative change in Pakistan’s economy and play a central role in the country’s recovery and long-term growth. He said the government was modernising the Pakistan Agricultural Research Council (PARC) with the support of the Chinese Academy of Agricultural Sciences to accelerate agricultural research and innovation. The prime minister emphasized the need for technology-driven farming, improved productivity and stronger linkages between research institutions and farmers to enhance the sector’s competitiveness. To advance the government’s agricultural reform agenda and ensure sustainable development of the sector, Shehbaz directed the formation of a committee comprising experts and relevant stakeholders from across the country. The committee will provide recommendations to support agricultural modernization, improve policy implementation and address challenges faced by farmers and agribusinesses, according to an official statement. The consultation comes as the government prepares to unveil the federal budget for FY2026-27, with agriculture expected to remain a key focus area due to its significant contribution to employment, exports and food security. [...]

India's opposition urges government to absorb oil price shock, warns on growth

June 9, 2026 12:55

NEW DELHI: India’s main opposition Congress party urged the government on Tuesday to absorb higher crude oil costs rather than pass them on to consumers, saying that rising prices of fuel and essential goods would hurt demand and slow economic growth. Higher crude prices and supply disruptions after the closure of the Strait of Hormuz have hit India, the world’s third-largest oil importer and consumer, prompting s ate retailers to raise petrol and diesel prices by about 8%. The government has also cut subsidies on cooking gas cylinders for households. Releasing a 76-page report on the government’s performance, titled “Promise vs Reality: Year 2 of Modi 3.0”, Congress said capital outflows, weak private investment, falling confidence and high unemployment undercut Prime Minister Narendra Modi’s economic claims. Rajeev Gowda, a senior Congress leader and former central bank board member, said the government had benefited from years of lower crude oil prices but chose to raise taxes and collect windfall gains instead of passing relief to consumers. He said the government should not now shift the burden of higher crude prices to consumers. “Please don’t do that. Swallow that bitter pill for a little while because you have been enjoying the fruits,” he said. Oil Minister Hardeep Singh Puri, defending the government’s measures on Monday, said India expected oil and gas prices to drop in the coming months, and had adequate stocks despite the U.S.-Israeli war with Iran that is squeezing energy supplies. Gowda said repeated price hikes in fuel and essential goods would reverse growth. The Congress report also said India had slipped to the world’s sixth-largest economy in 2026 after being ranked fourth last year, while the rupee fell to a record low of 95 against the dollar in May. Foreign portfolio investors pulled out about 2.1 trillion rupees ($22 billion) from India in the first five months of 2026, it said, while net foreign direct investment turned negative in most months of the fiscal year that ended in March. Gowda also blamed weak investment on fear among businesses. [...]

India's fertiliser ministry seeks to double subsidy fund as cost of Iran war mounts

June 9, 2026 12:34

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Tech stocks dive as Friday’s incoming SpaceX IPO creates ‘bad psychology’

June 9, 2026 8:56

Technology stocks tumbled on Tuesday, extending a swoon that began in early June, as investors anxiously await the historic SpaceX IPO later this week and retreat from hot parts of the AI playbook. [...]

A powerful inflation storm is brewing — and your portfolio isn’t ready

June 9, 2026 8:23

Looming El Niño shock threatens to drive up global commodity prices. These investments can help protect your purchasing power. [...]

Adobe needs a new CEO to make bold AI moves, and its choice could be revealed on Thursday

June 9, 2026 8:21

Given all the doubts around Adobe, it’s perhaps surprising that the company will likely go with an internal candidate to replace outgoing CEO Shantanu Narayen. [...]

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

June 9, 2026 8:16