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Oil prices dropped over $1 a barrel on Wednesday amid doubts over US-China trade talks and easing concerns about global supply disruptions.Brent crude settled at $61.12, down $1.03, while US West Texas Intermediate fell $1.02 to $58.07, Reuters reported.

Investor sentiment fell as US-China trade talks, scheduled for Switzerland, were considered as unlikely to achieve results. At the same time, hints of progress in US-Iran nuclear talks have allayed concerns about restricted supplies from the OPEC supplier.

Gasoline stocks in the United States unexpectedly increased, increasing demand concerns as the summer driving season approaches. Although oil stockpiles declined by 2m barrels, the increase in gasoline negated optimistic optimism, according to Reuters.

Geopolitical tensions in the Middle East and signals of reduced investment from US producers provided some relief, but market volatility is set to linger.

The UAE has established a backchannel to facilitate indirect talks between Syria and Israel, Reuters reported.

The conversations, which began during Syrian President Ahmed Sharaa's visit to the UAE on April 13, are focused on intelligence and security coordination between the two nations, which do not have formal diplomatic connections.Throughout a visit to Paris, President Sharaa acknowledged the indirect negotiations and urged Israel-friendly states to call for a halt to Israeli hostilities in Syria.

Lana Nusseibeh, the UAE's Assistant Foreign Minister, denied any formal engagement in mediation.

According to Reuters, the channel involves UAE and Syrian security officers, as well as former Israeli intelligence agents. Syrian and Israeli officials have not responded, and it is unknown whether the channel was used following recent Israeli strikes near Damascus.

Greece and Egypt announced a strategic alliance on Wednesday to improve political coordination and regional stability in the midst of the Gaza conflict, Reuters reported.

Greek Prime Minister Kyriakos Mitsotakis and Egyptian President Abdel Fattah al-Sisi met in Athens for the inaugural Supreme Cooperation Council, calling for an urgent cease-fire in Gaza and humanitarian aid access.  Mitsotakis supported an Arab-led Gaza rehabilitation plan following the ceasefire.

Migration was also a topic of discussion, with increasing arrivals from Egypt and Afghanistan putting a burden on Greek islands.  Despite putting an end to irregular migration in 2016, Egypt continues to be a major concern. 

As stated by the Reuters, EU recently pledged €7.4bn to Egypt to stem migrant flows and labeled it a “safe country” for returns, despite rights criticisms.

The Nepal Stock Exchange (NEPSE) gained 61.26 points to close at 2,672.70 points on Wednesday.

Similarly, the sensitive index surged by 11.02 points to close at 451. 28 points.

 A total of 27,245,459-unit shares of 308 companies were traded for Rs 10. 51 billion.

Meanwhile, Nepal Micro Insurance Company Limited (NMIC) and Crest Micro Life Insurance Limited (CREST), with their price surging by 10. 00 percent.

Likewise, Nyadi Hydropower Limited (NYADI) was the top loser as its price fell by 4.43 percent.

At the end of the day, total market capitalization stood at Rs 4. 44 trillion.

China on Wednesday expressed regret and concern over Indian strikes on Pakistan, urging both sides to show restraint in response to a major escalation between its nuclear-armed neighbours, The Indian Express reported.

India and Pakistan exchanged heavy artillery along their contested frontier on Wednesday, after New Delhi launched missile strikes on its arch-rival.

Pakistan said Indian strikes had killed at least eight people, and India said Pakistani artillery fire had killed three civilians along the de facto border in contested Kashmir, according to The Indian Express.

China, which shares land borders with both countries and is a close ally of Pakistan, said it expressed “regret over India’s military action this morning” and said it was “concerned about the current developments”.

President Donald Trump termed escalating tensions between India and Pakistan "a shame" and urged a swift resolution following India's strikes in Pakistan and Pakistan-administered Kashmir. The move followed a militant strike on April 22 in Indian-administered Kashmir, which killed 26 people, according to Reuters.

Pakistan promised to respond, raising regional anxieties.

Secretary of State Marco Rubio stated that the US is closely following the situation and has urged both sides to avoid escalation. He met with national security advisers from both countries, including India's Ajit Doval, who informed him on the strikes, Reuters reported.

While expressing support for India, the United States avoided condemning Pakistan and instead encouraged peaceful engagement. Analysts believe Washington may play a limited role in the ongoing crises in Ukraine and Gaza.

"They'll figure it out one way or another," Trump declared.

Life insurance companies in the country generated business worth over Rs 126m over the first nine months of fiscal year 2024/25.

Third quarter data released by the Nepal Insurance Authority (NIA) shows 14 life insurance companies operating in the country sold 13.54m policies over the nine-month period, earning a total premium of Rs 126.18bn. This marks a growth of 14.62 percent compared to Rs 110.08bn that these companies had earned in the same period of the previous fiscal year.

These life insurers issued 507,615 policies and collected a total premium of Rs 17.46bn in the ninth month of the fiscal year (mid-March to mid-April). Similarly, three micro life insurance companies sold 70,863 policies, generating Rs 131.08m in premiums during the same period. The micro insurers have collected Rs 555.69m in premium in the nine-month period.

All 14 companies recorded business growth during the review period, data shows. Nepal Life led the market in terms of total premium collected, while Citizen Life and Rastriya Beema Company posted the highest growth rates. By mid-April, Nepal Life collected a total premium of Rs 33.01bn, up 12.1 percent from Rs 29.45bn in the same period last year. National Life ranked second with premium earnings of Rs 15.64bn, a 21.26 percent increase from last fiscal year’s Rs 12.89bn. LIC Nepal came third with its total premium rising by 9.39 percent to Rs 14.03bn from Rs 12.83bn in the nine-month period of the previous fiscal year.

By mid-April, Himalayan Life earned Rs 12.59bn in premiums, marking a modest growth of 2.16 percent compared to the same period last year. In contrast, Rastriya Jeevan Beema recorded a significant surge in business, with premium collections rising by 49.25 percent to reach Rs 8.16bn. Suryajyoti Life Insurance posted strong results as well, earning Rs 7.65bn, a 17.34 percent increase year-on-year. Similarly, Asian Life Insurance saw its premium income rise by 11.66 percent to Rs 6.46bn. Citizen Life also posted notable growth, collecting Rs 5.08bn in premiums, a 19.84 percent growth from the previous year.

Meanwhile, Sanima Reliance Life Insurance earned Rs 4.84bn, reflecting a 13.32 percent growth, while MetLife Insurance collected Rs 4.44bn, 7.52 percent more compared to the same period of the previous fiscal year. IME Life also saw its premium earnings rise by 14.64 percent to Rs 3.77bn, while Reliable Nepal Life Insurance posted a robust 23.75 percent growth to Rs 3.69bn.

Prabhu Mahalaxmi saw its premium collections rise by 19.96 percent to Rs 3.67bn, while Sun Nepal Life earned Rs 3.08bn, marking a 10.62 percent year-on-year growth.

The price of gold has increased by Rs 1, 700 per tola in the domestic market on Wednesday.

According to the Federation of Gold and Silver Dealers' Association, the precious yellow metal is being traded at Rs 191, 600 per tola today. It was traded at Rs 189, 900 per tola.

Similarly, the silver is being traded at Rs 1, 965 per tola.