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According to Irans Fars News Agency, Bulgaria claims that a Ukrainian drone attacked the Trans-Balkan Gas Pipeline this morning, which carries Russian gas to Europe via Türkiye.August 9th - Analysts point out that the market generally expects the US CPI to rise 0.1% month-on-month in July, after a 0.4% decline in June. The core CPI, excluding fuel and food, is expected to rise 0.2% month-on-month and 2.5% year-on-year, the smallest year-on-year increase since February. The slowdown in inflation may help alleviate inflationary anxieties within the Federal Reserve following Fridays weak July non-farm payroll report. Previously, at the July 29th meeting, three officials voted to raise interest rates. The CPI report is likely to show that energy-related price pressures have eased, pressures that intensified sharply in the months following the start of the US-Iran conflict in late February. Retail gasoline prices fell to their lowest point in nearly four months in early July before rebounding to above $4 per gallon by the end of the month. The report may also show that airfares have declined as jet fuel costs have stabilized.On August 9th, local time, the U.S. Central Command stated that on August 8th, U.S. Navy personnel were performing maintenance on F/A-18 Super Hornet fighter jets aboard the USS Abraham Lincoln aircraft carrier to ensure the carrier strike groups equipment remained operational and to continue strictly enforcing the naval blockade against Iran. As of that day, the U.S. military had diverted 53 merchant ships, rendered two ships inoperable, and boarded and inspected two other vessels. In addition, the U.S. military allowed more than 30 ships carrying humanitarian aid to pass through the blockade zone.On August 9th, US Vice President Vance stated on the 8th that the US and Iran are in dialogue, and the US-Iran conflict remains in the "middle of the game." In an interview with Fox News that day, Vance said the US-Iran conflict is not over, "but its clearly no longer in the initial stages, but has entered the middle stages." He stated that the US is using a combination of diplomatic, economic, and military means to ensure the best possible outcome. Vance said the USs current primary focus is "to maximize the amount of oil and gas transported through the Strait of Hormuz," and the US is observing whether Iran is willing to make the necessary long-term changes to establish a better relationship with the US. If Iran is unwilling, the US will continue to exert pressure. Vance also said the US is trying to establish a navigation mechanism to ensure the safe passage of ships. This includes mine-clearing operations, and "also requires a commitment from Iran to guarantee that it will not fire on merchant ships."The U.S. Geological Survey reports a 4.7-magnitude earthquake that struck the Kermadec Islands at a depth of 10 kilometers.

Analysts Predict That India's Life Insurance Corp Will Have A Lackluster Market Launch

Aria Thomas

May 17, 2022 10:22

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Analysts predict that Life Insurance Corp will have a lackluster debut on Indian stock exchanges on Tuesday, despite the oversubscription of its $2.7 billion initial public offering.


Last Monday, India priced LIC's record-breaking IPO at the top of the stated range, 949 Indian rupees ($12.20). The government has raised approximately $2.7 billion by selling a 3.5% stake in LIC, the country's largest state-owned insurance.


However, uncertainty in global markets and selling pressure on the domestic stock market are anticipated to cast a shadow over LIC's listing, and the shares are likely to begin trading at a little discount or near the IPO price.


"Unofficial gray premium is trading in negative territory, primarily as a result of gloomy global markets. We anticipate a soft listing at +/- 5% of the offering price, "Prashanth Tapse, research analyst at domestic brokerage Mehta Equities, said on the price.


New Delhi had planned to list LIC in March of this year, but was forced to postpone the listing due to unfavorable market conditions in the wake of the Ukraine conflict.


The offering is considered essential for India to accomplish its lofty goal of selling off state assets. The debut result will also set the tone for future issues after India's recent major IPOs badly burned regular investors.


The per-share price range for the offering was established between 902 and 949 rupees. Employees and retail investors received a discount of 45 rupees per share, while policyholders received a discount of 60 rupees per share.


LIC shares were trading at a discount of roughly 15 rupees on the gray market, compared to a premium of nearly 100 rupees earlier this month.


"Even if the shares list flat on Tuesday, ordinary investors would still be able to make money because of the discount," said Narendra Solanki, head of fundamental analysis at domestic brokerage Anand Rathi.


With over 280 million policies, the 66-year-old firm leads India's insurance industry.

IPO MARKET DECREASE

The Indian IPO market, which had exponential growth in 2021, has experienced a dramatic decline this year. EY reported on Monday that this demonstrates the impact of geopolitical tensions, stock market volatility, a price correction in overvalued stocks from recent IPOs, concerns about rising commodity and energy prices, and slower economic development.


EY said that in the first quarter of 2022, India's primary markets raised $995 million through the three largest IPOs, compared to $2.57 billion during the same period the previous year.


Sandip Khetan, Partner and Financial Accounting Advisory Services Leader at EY India, stated that if market conditions improve, there may be a solid pipeline of IPOs this year, as more than 20 businesses had filed draft prospectuses in the first quarter.

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