Iran dedicated SPV is now finalized!
– In an interview with Javad Zarif, the current Iranian Minister of Foreign Affairs, it was announced Iran dedicated SPV is now finalized and soon will be registered. The heads of EU powers apparently are on the same page about the mechanics of this specialized purpose vehicle, however, in order to minimize the chance of US meddling, EU members are finalizing the practical steps in private. This came out after the meeting of Javad Zarif with EU officials held the other week in Geneva.
– Iranian parliament amended one of the CFT related faults that made the guardian council reject the ratified bill. In an open session today, parliament members referred the other fault to Expediency Discernment Council for a final vote. FATF granted Iran until January 2019 to make amendments in the nation’s anti-money laundering laws in a way that results in Iran rejoining the task force. The speaker of parliament told the press just the other day that EU banks seek FATF opinion on Iran before reconnecting with Iran.
– Iran warned OPEC members that unless a unanimous vote that results in oil production reduction reaches, the global price of crude can be as low as YSD 40 per barrel. Iran envoy in OPEC told the press that the organization oil production must be lowered at least by 1.4 million barrels per day in order to put a cap on the current oversupply in the market. After the US granted exemptions to 8 nations on their Iran oil purchases, the global crude started a massive downfall from +$80 to $50 on OPEC basket.
In the Market
Equities jumped slightly today, catalyzed by anticipation of a free market rate for auto producers. TEDPIX (+0.70%) hiked 1158.42 green points to settle at 166,860.10 while IFEX (+0.83%) performed nearly the same with lower trading volume.
Almost all the tickers of small-cap Auto (+4.61%) ended the day with strong demand and full range price fluctuations cap. After frustrating approval and denials on the auto prices jump, it seems that finally, the administration gave a green light on the matter (which was somehow inevitable since all the other economic parts of the nations priced with a free market FX rate).
Other commodity-based sectors have their eye on the global commodities and exclusively the price of crude oil in coming days to decide once for all to enter the market on a full scale or to sit on their hands fishing for a better entry point. The news of CFT related amendments along with promises of a finalized SPV by EU are in deep grey as of now and more clarifications are needed at this point.
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