Briefing 16-07-2022

Investors still in selling mode

Stocks witnessed yet another bearish week to Thursday, the shortened week after Eid vacation, as jittery investors remained in selling mode amid growing macroeconomic worries. This week saw three trading days as the market remained closed for the first two days on the occasion of Eid-ul-Azha and all the three sessions closed in the red. Page 9

Oil rises on Saudi output expectations

Oil prices rose on Friday after a U.S. official told Reuters an immediate Saudi oil output boost is not expected, with further support from indications that the U.S. central bank could raise interest rates less aggressively than anticipated. Brent crude futures for September delivery rose $1.77, or 1.79%, to $100.87 a barrel by 1206 GMT while WTI crude rose $1.32, or 1.38%, to $97.10. Page 15

Biden visits Palestinian territory

Palestinians require a political path towards peace with Israel, even if a two-state solution to the conflict appears far off, US President Joe Biden said Friday as he met Palestinian leader Mahmud Abbas. Page 14

Tigers want to whitewash WI today

Bangladesh refused to give up the hopes of sweeping the series even though team management wants to test their bench strength in the third and final ODI against West Indies, statring today (Saturday) at Providence Stadium in Guyana. Page 16