Europe assured Iran on three main JCPoA achievements!
– In a gathering with Iranian and foreign economic practitioners and representatives, Iran secretary of state announced three economic commitments made by the EU to Iran keeping the JCPoA achievements intact:
- Crude sales at will stay at the current level;
- Transportation barriers, as agreed on JCPoA, will stay removed; and
- The banking transactions will be intact as agreed upon;
He also added that there is a political will in the world to actively present in Iran despite US pressure. While the Oil and Gas Minister had previously announced his dissatisfaction with EU proposals for selling crude, his words, in fact, appear as signs of a new phase of negotiation with the EU.
– In its latest news, the WSJ declared that EU is seeking a plan to activate an Iran dedicated account in each of its members’ central banks. Central banks of France, England and Germany can open accounts for their Iranian counterpart while there is an option to reactivate age-old frozen accounts of the nation. This could raise hopes for an executable plan to rescue the deal that Iran had with 5+1.
– According to an official, there have been negotiations and talks on the changing of the interest rates on banking deposits most likely in an upward manner to around 18% (just anticipations); the Central Bank of Iran is determined to direct the massive amount of money supply amid the society towards banks; in this regard and in the first phase, the inter-bank interest rate is now changed, however, there are official statements on the figure yet.
In the Market
Stocks opened with a sleepy performance on today’s session that ended with a loss of 0.3% for the TEDPIX. The IFEX also declined, losing 0.47%.
Following the opening of oil ports in Libya along with signs of US easing pressure on Iran, the crude prices started a declining trend; however, protests by Norwegian workers had a say in an uptick in prices. Despite significant sales pressure early in the session, the Oil Products industry closed managed to turn the atmosphere to some extent. There are talks that Chinese companies might turn to Iran for oil as the result of the trade war between the US and China
Except a few, the Chemicals space also finished in the green; as the result of the 20% growth in 4 consecutive trading sessions, Pars Petrochemical Company ticker got halted; on the contrary, Zagros Petrochemical Company’s ticker returned to the market 4.3% higher.
The Automotive space started the session strong with companies active in spare part mfg. the area facing buy queues. Just like the recent sessions, Saipa led the group. Based on sales data, Renault Company has seen a 9.8% growth in sales in the H1 2018 in comparison with the same period last year.
The Iron Ore space went through sales pressure, led by Chadormalu Mining & Industrial. The Metals industry also went through negative trades. Iran Zinc Mines Development paid out IRR 200 as the dividend. According to the data pertinent to the Q1 of the current Persian calendar year, an 11% growth has been made in Iran aluminium output compared to the same period last year.
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