Iran imports over US$1.7 billion commodities from China

Iran imported commodities worth US$1.755 billion from China in the seventh Iranian calendar month, according to the spokesman of the International Relations and Trade Development Committee of Iran's House of Industry, Mining and Trade.

Ruhollah Latifi said that China was the second source of import for Iran in the mentioned month.

The official also announced that China imported non-oil goods worth US$1.434 billion from Iran in the seventh month of the present year, adding that China was the second export destination of Iranian products in that month.

As previously announced by the former head of the Islamic Republic of Iran Customs Administration (IRICA), the value of non-oil trade between Iran and China stood at US$18.8 billion in the first seven months of the current Iranian calendar year.

Mohammad Rezvanifar said that Iran exported non-oil commodities valued at US$8.6 billion to China in the seven-month period, adding that China was the top export destination of Iran in that time span.

The official also announced that Iran has imported goods worth US$10.2 billion from China in the first seven months of this year.

China was the second top source of import for Iran in the mentioned time span, he added.

In a meeting with Chinese Ambassador to Tehran Cong Peiwu on October 15, Iranian Finance and Economic Affairs Minister Abdolnaser Hemmati emphasized the importance of implementing the memorandums of understanding (MoUs) signed between Iran and China.

In the meeting, held at the place of the ministry, the Iranian minister followed up on the negotiations that took place during the BRICS Economic Ministers' Meeting in Samarkand, Uzbekistan, stressing the importance of implementing the MoUs between the two countries.

He also considered the two countries’ Joint Economic Committee as a suitable platform for negotiations on economic, trade, and investment cooperation, and welcomed the holding of the 19th Joint Economic Committee in Tehran.

Cong Peiwu, for his part, stated that Beijing aims to expedite the implementation of the MoUs and enhance practical cooperation to deepen relations between the two countries.

Both sides also highlighted the commitment of their statesmen to comprehensive development, expressing hope that consultations between senior officials of Iran and China will continue to expand bilateral relations.

In late September, Hemmati had also met and held talks with Chinese Minister of Finance Lan Fo’an, during which the two sides emphasized the implementation of the two countries’ long-term strategic partnership plan.

Hemmati met with Fo’an on the sidelines of the 9th ministerial meeting of the Asian Infrastructure Investment Bank (AIIB) members in Samarkand, Uzbekistan.

In addition to the issues related to the cooperation of the two countries in AIIB, the two sides discussed the most important issues related to bilateral relations, especially the follow-up of the results of previous agreements.

Holding the two countries’ Joint Economic Committee meeting in the new future was another topic discussed by the two officials.

In this meeting, the ministers of the two countries emphasized that Iran and China have put a more serious and deeper implementation of the comprehensive long-term strategic plan of the two countries on their agenda and will continue this path in the official interactions of the two countries until concrete practical achievements are reached.

Also, in a meeting with Iran’s Trade Promotion Organization (TPO) Head Mohammad-Ali Dehghan Dehnavi on October 28, Chinese Ambassador to Tehran Cong Peiwu emphasized that his country is willing to strengthen trade ties with Iran in all fields.

The ambassador emphasized the importance of enhancing trade cooperation between Iran and China.

He highlighted the necessity of developing trade relations across all economic sectors and expressed China's willingness to strengthen trade exchanges with Iran in every field.

Dehghan Dehnavi, for his part, emphasized that trade cooperation between Iran and China is at its highest level, adding that the Trade Promotion Organization of Iran is keen to enhance and grow constructive trade relations between the two countries.

Additionally, he highlighted that Iran's membership in regional agreements like BRICS and the Shanghai Cooperation Organization will facilitate trade cooperation.

Dehnavi also underscored the importance of developing bilateral ties through international exhibitions, technology transfer, and commercial advancements in the industrial and mining sectors.

It is worth mentioning that Mohammad Aghajanlou, the head of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), was also present at the meeting and shared his insights on developing joint cooperation between Iran and China in the mining and mineral industries.

He emphasized the importance of transferring modern technologies from China to Iran, noting that this updated knowledge would enhance productivity in mining and enable the processing of mineral products with higher added value.

Moreover, he pointed out that sharing knowledge and experiences between mining experts and engineers from both countries could help improve skills and standards in the industry.

Iran and China officially signed the document for 25-year comprehensive cooperation in March 2021.

The document was signed between Iran’s former Foreign Minister Mohammad Javad Zarif and Chinese Foreign Minister Wang Yi at the Iranian Foreign Ministry.

Back in December 2022, Iran and China finalized 16 MOUs under the framework of the two countries’ strategic 25-year agreement.

The MOUs were signed in an Iran-China comprehensive cooperation program summit which was held in Tehran on December 13 in the presence of Iran’s former First Vice President Mohammad Mokhber and China’s Vice Premier Hu Chunhua.

The summit was focused on four areas explored by four committees between the two countries with the aim of paving the way for the implementation of the 25-year agreement.

Iran and China also signed 20 memoranda of understanding in the presence of the presidents of the two countries in Beijing in mid-February, 2023.

 

Karoline Leavitt to be youngest ever White House press secretary

US President-elect Donald Trump has announced that Karoline Leavitt, his campaign press secretary, will serve as his White House press secretary, making her the youngest person ever to hold the position. Ronald Ziegler, who was 29 when he became press secretary during Richard Nixon’s administration in 1969.

“Karoline Leavitt did a phenomenal job as the National Press Secretary on my Historic Campaign, and I am pleased to announce she will serve as White House Press Secretary,” Trump said in a statement.

“Karoline is smart, tough, and has proven to be a highly effective communicator. I have the utmost confidence she will excel at the podium and help deliver our message to the American people as we Make America Great Again.”

In response, Leavitt posted on X (formerly Twitter): “Thank you, President Trump, for believing in me. I am humbled and honored. Let’s MAGA.”

As press secretary, Leavitt will become the public face of the administration, a role historically involving daily press briefings.

However, Trump disrupted these norms during his first term, often preferring to communicate directly with the public through rallies, social media posts, and personal briefings.

When asked in August whether regular press briefings would be held in his new administration, Trump stated, “I will give you total access, and you’ll have a lot of press briefings and you’ll have, uh, from me.”

He added, “Probably they’ll do something. If it’s not daily, it’s going to be a lot. You’ll have more than you want.”

Leavitt, a New Hampshire native, is known for her strong defense of Trump and her quick-witted responses in television interviews. Before joining his 2024 campaign, she worked as a spokesperson for MAGA Inc., the super PAC supporting Trump.

In 2022, she ran for Congress in New Hampshire, winning a crowded Republican primary before losing to incumbent Democratic Rep. Chris Pappas.

Leavitt also served in the White House press office during Trump’s first term and later worked as communications director for Republican Rep. Elise Stefanik, whom Trump has nominated as US ambassador to the United Nations.

Trump’s previous press secretaries, including Sean Spicer, Sarah Huckabee Sanders, and Stephanie Grisham, each faced varying levels of public scrutiny, with Grisham notably never holding a briefing. Kayleigh McEnany, who succeeded Grisham, frequently took a combative stance with the media during her appearances.

 

World to face oil surplus in 2025

According to the International Energy Agency (IEA), Global oil supply will exceed demand in 2025 even if OPEC Plus cuts remain in place, as rising production from the United States and other outside producers outpaces sluggish demand.

The prospect of a more than one million barrels per day (bpd) excess supply - equal to over 1% of world output - is a headwind for OPEC Plus, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia - in its plan to start raising output

Oil demand growth has been weaker than expected this year in large part because of China. After driving rises in oil consumption for years, economic challenges and a shift towards electric vehicles are tempering oil growth prospects in the world's second largest consumer.

"China's marked slowdown has been the main drag on demand," the IEA said in its monthly oil market report.

"Rapid deployment of clean energy technologies is also increasingly displacing oil in transport and power generation, adding downward pressure to otherwise weak demand drivers," the report added.

The Paris-based agency left its 2025 oil demand growth forecast little changed at 990,000 bpd. At the same time, it expects non-OPEC Plus nations to boost supply by 1.5 million bpd, driven by the United States, Canada, Guyana and Argentina - more than the rate of demand growth.

Next year's surplus, as forecast by the IEA, could make it harder for OPEC Plus to bring back production. Earlier this month, OPEC plus again postponed a plan to start easing output cuts amid falling prices.

"Our current balances suggest that even if the OPEC Plus cuts remain in place, global supply exceeds demand by more than one million bpd next year," the IEA said.

Oil prices traded slightly weaker after the report was released, with Brent crude trading below US$73 a barrel.

 

 

 

 

 

PSX benchmark index closes at record high

Pakistan Stock Exchange (PSX) maintained its bullish momentum throughout the week ended on November 15, 2024, with the benchmark index closing at a record high 94,763 points, marking a 1.6%WoW increase, achieving its highest-ever closing.

The bullish momentum continues on the back of accelerated pace of monetary easing by State Bank of Pakistan (SBP) and IMF’s visit with a focus on structural reforms.

During the visit, the IMF mission held discussions with local authorities, focusing on the external financing gap and the Federal Board of Revenue (FBR) revenue collections. FBR officials assured the IMF that the revenue target would remain unchanged, attributing the shortfall in revenue collection during the first four months of FY25 to inaccurate economic assumptions, particularly regarding GDP growth, imports, and inflation.

Both the sides discussed short-term as well as long-term measures to address the potential revenue shortfall, including raising taxes on sugary drinks and the import of machinery and raw materials.

In the latest T-Bills auctions, the SBP raised PKR776 billion, with bulk of the participation confined to 3-month tenor. The yield on the 3-month bill decreased by 20bps, while the yield on the 12-month bill increased by 10bps.

Auto sector sales for October 2024 was reported at 15,192 units, up 31%YoY.

Foreign exchange reserves held by SBP increased by US$84 million WoW, ending the week at US$11.2 billion as of November 08, 2024.

Average daily traded volume rose by 19.6%WoW to 878.5 million shares, from 734.6 million shares traded a week ago.

PKR largely remained stable against the greenback throughout the week.

Other major news flow during the week included: 1) Gop awaits IMF stance on mini-budget, 2) Solarization plunging power demand upsets IMF, 3) APM Terminals commits to invest in Pakistan, 4) Finance Minister invites Turkish firms for JVs and 5) Russia expresses interest in working with Pakistan on North-South Trade Corridor (NSTC).

Transport, Woollen, Pharmaceuticals, Vanaspati & Allied industries and Glass & Ceramics were amongst the top performing sectors, while Jute, Mutual Funds, Automobile Assembler, Fertilizer & Engineering were the laggards.

Major net selling was recorded by Companies with a net sell of US$11.0 million, while Mutual Funds absorbed most of the selling with a net buy of US$13.9 million.

Top performing scrips of the week were: Searl, EFUG, BNWN, TRG, and ABOT, while laggards included: FCEPL, THALL, MLCF, MUGHAL, and KOSM.

Continuation of monetary easing and improving macroeconomic environment would make investment in equities more appealing, currently trading at P/E of 4.2x and DY of 10.8%.

Aforementioned factors, along with declining external financing requirement under the IMF program, would keep foreigners’ interest alive. We recommend sectors that benefit from monetary easing and structural reforms.

However, modest economic recovery may limit the upside for cyclicals. Top picks of AKD Securities include, OGDC, PPL, MCB, MEBL, FFC, PSO, LUCK, MLCF, FCCL and INDU.

 

China lauds progress in Iran-Saudi ties

The Chinese Foreign Ministry has expressed strong support for the constructive interactions between Saudi Arabia and Iran, emphasizing their role in fostering enduring good neighborly relations.

During a press briefing, Foreign Ministry Spokesperson Lin Jian noted that Saudi-Iran relations have been on a positive trajectory and China appreciates this progress. 

Lin Jian stated that Saudi Arabia and Iran have been engaging in positive interactions at various levels, further solidifying their reconciliation and playing a crucial role in fostering regional peace and stability. 

China remains committed to supporting both nations as they advance together, enhancing mutual trust, and achieving enduring good-neighborly relations and friendship, the spokesman said. 

The remarks come after several high-ranking visits between Iran and Saudi Arabia took place in the past month. 

Iran and Saudi Arabia restored diplomatic ties in March of 2023 under a China-brokered deal. The two West Asian countries have agreed to move towards establishing a security cooperation pact.

 

US hegemony being challenged by Yemen

Yemen’s Ansarullah movement has seriously challenged the US hegemony in West Asia, particularly in light of Washington’s unwavering support for the Israeli regime’s warmongering and military adventurism in the region.

Nearly two weeks after Israel launched its US-backed genocidal war on Gaza on October 7, 2023, the Yemeni army began firing missiles and drones at Israel in support of Palestinians in the besieged enclave. 

Yemen’s armed forces have also been targeting Israeli-linked ships in the Red Sea and Gulf of Aden since November last year.

The Yemeni army later broadened the scope of its attacks targeting American and British warships. These attacks have been in response to airstrikes carried out by these countries against Yemen with the aim of compelling it to cease anti-Israel operations. 

On Tuesday, the Yemeni army struck a significant blow to the US Navy through the execution of two “specific military operations” off the country’s coast.

“The first operation targeted the American aircraft carrier (Abraham) located in the Arabian Sea with a number of cruise missiles and drones,” the spokesman for the Yemeni Armed Forces said. 

Yahya Sarea added, “The other operation targeted two American destroyers in the Red Sea with a number of ballistic missiles and drones.” 

He noted that the operation had “successfully achieved its objectives”.

The US Defense Department admitted that US warships were targeted but did not acknowledge the attack against the Abraham Lincoln vessel.

Pentagon spokesperson Air Force Major General Patrick Ryder told reporters following the attacks that two US-guided missile destroyers – the USS Stockdale and USS Spruance – were hit by at least eight one-way attack drones, five anti-ship ballistic missiles and three anti-ship cruise missiles.

He claimed that the United States military’s Central Command (CENTCOM) forces “successfully repelled” the Yemeni army’s attacks during a transit of the Bab al-Mandeb strait”, which connects the Red Sea to the Gulf of Aden.

Since January this year, the US and the UK have conducted multiple airstrikes in Yemen, claiming to target Ansarullah’s positions, with the most recent operations taking place over the weekend.

The US has so far failed to force the Yemeni army to stop its attacks against Israel and the regime’s ships. 

The Ansarullah movement has stressed that it will halt the strikes only if Israel ends its war of genocide on Gaza, which has so far claimed the lives of more than 43,700 Palestinians. 

Defense Secretary Lloyd Austin has said that US strikes against Yemen aim to “further degrade” Ansarullah’s military capability to “protect and defend US forces and personnel in one of the world's most critical waterways”.

For now, the targeting of US warships, including the Abraham Lincoln vessel, clearly indicates that American strikes against Yemen have backfired. 

The Yemeni army has also shot down nearly a dozen US drones over the country’s airspace in the wake of the Gaza war. 

The Yemeni army has significantly upgraded its capabilities, enabling it to effectively target sophisticated US naval vessels and aircraft.

 

Trump Victory: Impact on Iran-Russia relations

Iranian political experts have quickly projected that a Trump victory in the presidential elections could lead to renewed US-Russia relations due to Trump and Putin's reportedly friendly ties. Some in Iran worry that this shift might undermine the strategic partnership between Iran and Russia, which has been strengthened over the past three years.

However, a closer look at Russian experts' views presents a more balanced and realistic perspective. These analysts believe that the US-Russia relationship is unlikely to return to pre-conflict levels, given the profound trust issues that have persisted since the Ukraine crisis.

Russian-Iranian partnership, which has gained unprecedented momentum, is unlikely to be sacrificed for potential rapprochement with the United States.

Examining the opinions of notable Russian experts can shed light on Moscow's likely short-term approach to US relations, especially regarding the Ukraine conflict.

In initial responses, some speculate that Trump's return might lead Russia to slightly slow its Eurasian integration efforts, potentially making space for renewed discussions with the US, especially on the Ukraine crisis.

Yet, Alexander Dugin, a prominent proponent of Eurasianism in Russia, expresses a different view. He argues that while Trump’s administration may deprioritize the Ukraine crisis, it will likely focus on domestic US issues and its trade war with China.

Dugin, who frames Russia's actions in Ukraine as part of a destiny-driven mission to “de-Nazify Kyiv,” is adamant that this campaign should continue westward in Ukraine. In his view, even if Trump were to ask Putin to halt military operations in Ukraine, such a request would be improbable to affect Russia's plans.

Similarly, Andrey Bezrukov, an international relations expert and professor at Russia's Ministry of Foreign Affairs University, believes that resolving the Ukraine issue depends more on Russia's military progress than the US elections.

He emphasizes Trump’s unpredictability, citing Iran's experience with US policy shifts, and warns of the risks if future Democratic administrations disregard any agreements.

Bezrukov adds that Trump's administration would likely focus primarily on countering China's global influence, rather than confronting Russia directly in Ukraine.

However, this does not necessarily mean the end of US support for Ukraine; the US might shift more of this responsibility to Europe, despite Trump's potential disagreements with European leaders.

Andrey Sushentsov, director of the Valdai Discussion Club’s programs and an expert on international relations, says US institutions constrained Trump’s policy intentions on Ukraine during his presidency from 2017-2021.

During his campaign, Trump asserted he could resolve the Ukraine crisis swiftly, but Sushentsov views such claims skeptically.

He argues that Ukraine is a tool for the US to manage Russia’s influence, rally European allies, and compel them to bear the economic and social costs of the crisis unless the US decides that Ukraine is no longer an effective lever.

In reviewing these insights from prominent Russian analysts and commentaries in Russian media, it is apparent that most Russian experts are skeptical about any rapid impact of a Trump-Putin rapport on resolving the Ukraine conflict.

Given the unprecedented level of Russian-Iranian relations over the past three years, it is unlikely that this alliance would be sacrificed for hypothetical negotiations between a Republican-led US and Russia.