Iran Financial News

Markets always tend to climb a wall of worry. And in 2024, investors are grappling with abundant worries. Alongside the looming elections, they now must contend with a fresh geopolitical outbreak in the Middle East. Despite this, most international markets are trading within 5% of their all-time highs. Recent weeks have been dominated by news of strife and armed conflicts. This has led to jitters in foreign flows into Asian equities, impacting India as well. Approximately Rs 25,000 crore has been pulled out by foreign institutional investors from Indian equity markets in April so far.

ICICI Bank Q4 results 2024 preview: Amid speculations of weak quarterly numbers from the Indian banks in Q4FFY24, ICICI Bank is going to declare its Q4 results 2024 today. According to market experts, the private lender may see a rise in net profit and net interest income on a rise in loan books and improved asset quality.

Gold rate today: On account of ease in the Iran-Israel war buzz and dent in the US Fed rate cut speculations in the upcoming US Fed meeting, gold prices witnessed strong profit-booking last week. Gold futures contract on the Multi Commodity Exchange (MCX) for June 2024 expiry ended its five-week rally and finished at ₹71,486 per 10 gm level, ₹2,472 per 10 gm or around 3.35 percent lower from its record high of ₹73,958 per 10 gm mark that it touched on 12th April 2024.

illicit trade and unmanned aerial vehicle (UAV) transfer on behalf of the Iranian military, the US Department of Treasury said in an official statement. These companies, individuals and vessels have played a key role in financing and facilitating the clandestine sale of Iranian unmanned aerial vehicles (UAVs) to Russia’s war in Ukraine, it said. According to the US Department of Treasury, Sahara Thunder is the main front company that oversees Iran's commercial activities in support of these efforts.

Also read: Saudi Arabia has an unlikely solar star Data from the ministry of commerce and industry showed that oil supplies from Saudi Arabia jumped 67.5% to $2.6 billion taking it to the second position in the list of oil suppliers to India, from $1.55 billion in January. For most part of the past two years, Iraq has been the second largest supplier to India. It has now slid to the third position with $2.24 billion worth of supplies in February, 11.6% down from $2.54 billion in January.

Oil prices eased in early trade on Thursday as concerns about a potential slowdown in the U.S. economy amid prospects for delayed interest rate cuts outweighed worries over the risk of expanding conflict in the Middle East. Brent crude futures dipped 9 cents, or 0.1%, to $86.95 a barrel at 0024 GMT, and U.S. West Texas Intermediate crude futures slipped 7 cents, or 0.1%, to $82.74 a barrel. Both benchmarks lost less than 1% on Wednesday.

India and Iran have finalized a long-term contract for the development of Chabahar port after more two decades of painfully slow negotiations with the oil-rich Gulf nation, periodically stymied by geopolitical tensions, according to three persons aware of the matter. A high-level delegation led by the Indian minister for shipping will be visiting Iran after India's general election. The visit, to take place in the second half of 2024, will be see the signing of the contract that will pave the way for full exploitation of this strategic port located in southeastern Iran and developed with Indian aid.

Iran was now able to share its knowledge with others, currently having projects in 20 countries. The Uma Oya project, in the central Badulla district, was constructed with Iranian technical assistance.

Iranian President Ebrahim Raisi says his country has proven the West doesn’t have a monopoly on technology while inaugurating a hydropower and irrigation project in Sri Lanka

Gold hits over two-week low despite touching record highs in 2024; What's hurting the yellow metal's appeal? Since reaching a record high of $2,431.29 on April 12, bullion prices have retreated by over $100. Back home, Gold prices saw a slight increase on Wednesday, April 24th. Gold futures for June expiry on the Multi Commodity Exchange (MCX) recorded a modest uptick of 0.15% per 10 grams.

One of the most popular meme coin presales of the year, Shiba Shootout , has raised more than $190k till now. 

U.S. prosecutors are seeking an above-guidance sentence of 36 months for the former CEO of cryptocurrency exchange Binance on charges of enabling money laundering, according to a sentencing memorandum out late Tuesday.

Bitcoin enthusiasts had eagerly waited for the «halving» — a change to the cryptocurrency's underlying technology that happened around 0014 GMT on Saturday and is designed to cut the rate at which new bitcoins are created.

US prosecutors are seeking a 3-year prison term for Binance founder Changpeng Zhao, per a Tuesday court filing.

Also Read: Axis Bank, Hindustan Unilever, among 23 companies to report Q4 results today The recent uptrend in Indian equities has been attributed to favorable global cues and a decline in crude oil prices, with the oil market seemingly unaffected by the potential impact of additional sanctions on Iranian oil. Moreover, concerns have eased as both Iran and Israel have indicated a reluctance to escalate tensions further, following limited exchanges of strikes earlier this month. In March, small-cap stocks suffered as concerns over high valuations prompted regulatory scrutiny, leading mutual fund houses to conduct stress tests every 15 days.

Joe Biden will sign a bill of national security package to deliver a long-delayed $95 billion emergency aid for Ukraine, Israel, and Taiwan on April 24. The Senate passed the aid for besieged US allies on Tuesday night, clearing the way for resumed arms shipments to Kyiv within days. “Congress has passed my legislation to strengthen our national security and send a message to the world about the power of American leadership: we stand resolutely for democracy and freedom, and against tyranny and oppression," the statement read.

Pakistan of «potential risk of sanctions,» adding that they will continue to disrupt and take actions against proliferation networks considering business deals with Iran. Emphasising the US imposing sanctions on suppliers to Pakistan's Ballistic Missile Program, US State Department Principal Deputy Spokesperson Vedant Patel said «We're going to continue to disrupt and take actions against proliferation networks and concerning weapons of mass destruction procurement activities wherever they may occur...Just let me say, broadly, we advise anyone considering business deals with Iran to be aware of the potential risk of sanctions. But ultimately, the government of Pakistan can speak to their own foreign policy pursuits.»

Gold prices edged lower on Wednesday, as fears of an escalation in the Middle East conflict eased, while investors waited for crucial U.S. economic data that could shed more light on the timing of interest rate cuts.

EAM Jaishankar expresses concern over rising deaths of Indian students in US "Now I read that article and I wanted to say listen, in that heat my lowest turnout is higher than your highest turnout in the best run," Jaishankar said. Jaishankar stressed that "They (West) actually think they are part of our electorate", adding, "I think it's time today that we disabuse them, and the best way that we do that, is by confidence." 'They need to calm down': Jaishankar dials Iran, Israeli counterparts The EAM said that the Western media also slams the Bharatiya Janata Party by calling it "unfair", and added, "In a kind of way, today, we are at a very important inflection point.". "They will question your election system, your EVM, your election commission, even the weather," Jaishankar said.

Sensex gained 89.83 points, or 0.12%, to close at 73,738.45, while the Nifty 50 settled 31.60 points, or 0.14%, higher at 22,368.00. “The domestic market exhibited range-bound performance, tracking positive global cues with sustained outperformance of the broader market. While tensions between Iran and Israel were perceived to have limited escalation, the uptick in crude prices suggests investors’ reassessing the risks.

Day trading guide for today: Domestic equity benchmarks Sensex and Nifty 50 rose for the third straight day in the previous session following gains in telecom, tech and consumer durable shares amid a strong trend in the global markets. Volatility index plunged to within a margin of its record closing low amid fading worries over a major escalation in the Middle East conflict. The fear gauge India VIX which suggests how much the Nifty 50 index is likely to change in the next 30 days, plunged 20 per cent to reach near the level of 10.