Iran & Turkey to establish a trade dedicated mutual bank!
– In an attempt to deepen their business relations, Iran & Turkey are to establish a dedicated bank easing the trade processes between the nations. Economy, Banking and Petrochemical, Iron ore and industrial part purchases are the areas of interest between two countries and in that regard and as the first step, an export guaranty fund shall be formed that assures any sale and purchases. The process of establishing such a bank will take at least 6 months and central banks of the two nations are responsible for keeping its shareholding structure intact.
– Anticipations over Iran oil exports get more serious as the US deadline of November 4th is closing. In a report carried out by Bourse & Bazaar, two completely different scenarios for Iranian oil sales of September 2018 have been analysed. According to two sources (TankerTrackers – S&P Global Platts), one suggests that Iran is still exporting 2 mn barrels of crude per day and the other speaks of an 11% reduction. The below image demonstrates the datils:
– After a recent IMF report on the Iranian economy, an analysis has been carried out by Part Financial Data Processing showing a comparative look of major macroeconomic factors of Iran for the last 3 years and forecasts the coming 3. The below picture demonstrates the details:
In the Market
The stock market waffled on today’s session amid concerns about the ending episode of FATF amendments and CFT convention which now is in hands of the Guardian Council. TEDPIX (+0.09%) experienced a turbulent day yet finally settled almost near its flat line. IFEX (-0.92%), on the other hand, continued its corrective phase yet with much slower pace today.
Mapna Group (MAPN, -12.30%) of the Engineering (-12.10%) was a notable laggard today as its financial reports tell different stories anytime the ticker is being halted. Conversely, with the rising prices of global crude amid the US-Iran tensions, most of the tickers listed on Oil Products (+2.19%) ended the day in good green, however, the demand pressure was somehow lifted towards the end.
In the coming week, there is a news or two that could have a massive influence on the capital market and other parallel ones like FX and Gold coins. The guardian council consent on the parliament ratification with regards to FATF related amendments and joining the CFT convention is the most crucial of those followed by the introduction of new ministers to fill the blanks of president Rouhani’s cabinet.
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