Transcription
Good morning Neha. First of all, we will take an update from you related to Iran and the US. From Trump's side, this time many big important statements have come. What did he say this time?
Absolutely, good morning Swati. In a way, it is like a follow-up, but many series of statements have come from American President Trump. First, he claimed that a final framework has been prepared which will give unlimited access, that is, unlimited access to nuclear inspectors in Iran. Trump has confirmed that the American Treasury Department has given some exemption in Iran's oil and petrochemical sanctions for 60 days. You will remember that just yesterday morning we were also discussing this, how from the American Treasury Department, Iran's petrochemicals, oil, crude oil production, delivery, and sale have received exemption. The confirmation of this has now been done by American President Trump. Besides this, Trump has said that the released Iranian funds will be kept in an Astro account controlled by America. Trump has announced that the Strait of Hormuz will remain toll-free forever for international vessels, and he also claimed that yesterday, 24 hours ago, approximately a record 19 million barrels of oil passed through Hormuz. So this is a very important statement.
Besides this, Trump clarified that the American Navy, despite this deal, those ships will remain deployed around them so that if Iran violates the conditions, then a naval blockade can be done again.
Yes, absolutely, and what was the condition of the American market?
Absolutely, if we talk about American markets, a four-sided beating has been seen. Swati, its beginning we had seen. Yesterday, it happened in the second half of our market session itself when in markets worldwide, including Dow and Nasdaq futures, a decline was seen. But if we talk about yesterday's session, recovery from the day's lowest level did come in Dow Jones, but it closed down, almost a fall of 47-48 points was seen here. S&P and Nasdaq both have fallen to their two-week lowest levels. If we talk about Nasdaq, here a massive fall of 2 to 2.25% was seen. If we talk about S&P, here too we have seen a fall of more than 100 points recorded. In fact, the beating of tech stocks is still ongoing, and in the market, the way investment, excessive investment, has come out from companies regarding AI infrastructure. Now the market is concerned that perhaps there has been overspending. Over-expenditure has happened. So because of this, the market is troubled. Nvidia, Broadcom, Qualcomm, AMD, Micron, SanDisk, all these stocks, including Tesla, Oracle, in all of them we saw a heavy fall of almost 6 to 13% yesterday.
Dollar Index meanwhile went past 101, to a 13-month high. However, the 10-year American bond yield is absolutely sluggish. It has come below 4.5%. Gold has come to a 2-week low. Silver has come to a 6-month low. All base metals have seen a beating for the second consecutive day. Most metals here have fallen by one to 3%, aluminum, copper, nickel are at a 2.5-month low. Aluminum has come to a 3-month low. Zinc has also come to a two-week low. And meanwhile, if we talk about crude oil, it is near pre-war levels. It is trading between $77 and $76. It is at 4-month lows. The movement of ships from the Strait of Hormuz has now picked up pace, and there are media reports that last week, approximately 30 million barrels of crude shipment were recorded from Iran's side, and Kuwait, UAE too. They are looking for different ways to get their oil into the global market. So now the focus will remain on crude metals because we have seen a widespread decline in the commodity market too.
Many thanks Neha for giving us the complete update.