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President Donald Trump has indicated he may change how the United States refers to the Persian Gulf during his upcoming visit to Saudi Arabia, Qatar, and the United Arab Emirates from May 13 to 16.

Speaking at the White House, Trump said the name of the waterway could be raised during meetings with regional leaders. US media reports suggest he may announce a shift to calling it the “Arabian Gulf” or “Gulf of Arabia”, according to Al Jazeera.

The naming of the strategic waterway has long been a point of contention between Iran and Arab states. Iran insists on using the historical  name "Persian Gulf," citing old maps and archives. In contrast, numerous Arab countries, like Saudi Arabia and the UAE, prefer to be known as "Arabian Gulf."

Iranian Foreign Minister Abbas Araghchi slammed the proposed modification, calling it a "hostile act" that will incite enormous resentment among Iranians, Al Jazeera reported.

The US Federal Reserve left its benchmark interest rate constant at 4.25%-4.50%, citing inflation and employment risks associated with President Trump's recent tariffs.

The Fed observed a rise in imports ahead of the tariffs, but concluded it had no major impact on overall GDP. Tariffs imposed on China and other countries have caused market volatility, but execution will be delayed until July to allow for trade discussions, Reuters reported.

Despite low unemployment and stable inflation, early indicators suggest a possible economic slowdown. The Federal Reserve reaffirmed its independent role in regulating inflation and employment.

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.