Global markets show mixed signals as geopolitical tensions drive oil prices higher, while Pakistan's economy strengthens with forex reserves above $17bn and PSX surges over 3,300 points.

Pakistan's State Bank forex reserves jumped above $17 billion, increasing by $1.214 billion weekly to $17.081 billion as of May 15, 2026, boosted by IMF inflows and Panda Bond issuances, signaling improved external account stability.

Sitara Petroleum Service Limited became the 10th IPO of the year on Pakistan Stock Exchange, completing its initial public offering as the PSX surged over 3,300 points with gains in banking, energy, cement, and auto sectors crossing the 168,000 level.

Wall Street slipped as oil prices surged following reports of Iranian threats, with crude jumping on renewed Middle East concerns, though Gulf stock markets rebounded on Iran deal hopes and expectations of firmer oil prices.

Pakistan announced a Rs15.3 trillion tax target for FY27 budget, expected to rely on enforcement-led revenue measures and high petroleum levies while offering limited tax relief under an IMF-backed fiscal framework.

The government raised Rs76.29 billion through its 6th hybrid Sukuk auction via PSX with strong bidding of over Rs262 billion, demonstrating sustained demand for sovereign Islamic instruments across multiple tenors.

Pakistan and Germany signed a €40.5 million technical cooperation agreement covering 9 projects focused on climate, energy, and social development initiatives through the Economic Affairs Division.

Mortgage rates jumped to over 6.5%, reaching their highest level since the Iran war started, at an eight-month high, though still lower than rates from a year ago, affecting housing market demand.

U.S. consumer spending shows stress signals as Walmart reported customers are putting less gas in their tanks due to high prices, and Target observed unexpected shifts in customer behavior amid economic uncertainty.

Nvidia aims to enter a potential $200 billion central processing unit market with CEO Jensen Huang positioning the chip maker to become king of a new empire beyond its current GPU dominance.

PPL signed agreements for eight offshore blocks under Pakistan's Offshore Bid Round 2025, reopening the country's offshore frontier after nearly 20 years with operations including Gharo Creek and Kochi Creek blocks.