UK retail sales fall in May
Economists polled by Reuters had a median forecast that retail sales would drop by 0.5%.
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- Reuters
India tax cut plan boosts shares; Nifty set for best day in 3 months
Aug 18 (Reuters) - Indian shares jumped more than 1% on Monday after the government proposed sweeping changes to the goods and services tax (GST) regime, which will make daily essentials and electronics cheaper from October. New Delhi will propose a two-rate structure of 5% and 18%, doing away with the 12% and 28% tax that was imposed on some items, a government official said on Friday, after Prime Minister Narendra Modi announced the reforms. The world's fifth largest economy is expected to grow at 6.5% in the current year, according to the central bank's estimates, but economists have pointed to sluggish urban consumption as wage growth remains modest. The GST cuts, along with income tax reductions announced in February, could mean policy stimulus of 0.7-0.8% of GDP to households, Citi Research said in a note on Monday. The lower rates should boost overall demand and fiscal year 2027 earnings outlook, it added. India's Nifty 50 (.NSEI), opens new tab rose 1.36% to 24,963.65 points and the BSE Sensex (.BSESN), opens new tab gained 1.23% to 81,589, as of 11:27 a.m. IST. The Nifty was set for its best day in three months, while the Sensex was on track for its best session in two months. However, Indian indexes have underperformed global markets this year, with the Nifty gaining 5.5%, compared with gains of 17.4% in Asia (.MIAPJ0000PUS), opens new tab and 18.3% in emerging markets (.MIEF00000PUS), opens new tab. Twelve of the 16 major domestic sectors advanced on Monday, with auto (.NIFTYAUTO), opens new tab and consumer stocks (.NIFTYFMCG), opens new tab jumping 4.5% and 2%, respectively. As part of the reforms, India has proposed lowering GST on small cars to 18% from 28%, a government source said. Shares of India's top carmaker Maruti Suzuki ( opens new tab gained 8.2%, while those of Hero MotoCorp ( opens new tab, the country's biggest two-wheeler maker, surged 6.5%. Consumer staples, automobiles, cement, hotels, retail and consumer durables are likely to be the key beneficiaries of the tax rationalisation, analysts at Motilal Oswal said. The benchmarks were also boosted by lower oil prices after the U.S. refrained from imposing new measures to curb Russian oil exports, following the Trump-Putin meeting on Friday. ($1 = 87.4970 Indian rupees)
Reuters
a few seconds ago
- Reuters
Dutch crypto firm Amdax aims to launch Bitcoin treasury company on Euronext
Aug 18 (Reuters) - Amsterdam-based cryptocurrency service provider Amdax plans to launch a bitcoin treasury company called AMBTS (Amsterdam Bitcoin Treasury Strategy) on the Dutch stock exchange, Amdax said on Monday. WHY IT'S IMPORTANT: Amdax's plans highlight the growing appeal of bitcoin, which has hit record highs this month. KEY QUOTE: "With now over 10% of bitcoin supply held by corporations, governments and institutions, we think the time is right to establish a bitcoin treasury company with the aim to obtain a listing on Euronext Amsterdam, as one of the leading exchanges in Europe," said Amdax CEO Lucas Wensing. BY THE NUMBERS: Bitcoin has risen nearly 32% so far in 2025, reaching record highs, on the back of regulatory victories for the sector following President Donald Trump's return to the White House. Trump has called himself the "crypto president" and his family has made a series of forays into the sector over the past year. Amdax and AMBTS plan to raise capital from a number of private investors in an initial financing round, and the long-term ambition of AMBTS is to own at minimum 1% of all bitcoin over time.
Reuters
a few seconds ago
- Reuters
South African lender Absa posts 17% rise in half-year profit
JOHANNESBURG, Aug 18 (Reuters) - South African lender Absa Group (ABGJ.J), opens new tab on Monday posted a 17% rise in half-year headline earnings as credit impairments declined and pre-provision profit grew. The lender posted headline earnings of 11.9 billion rand ($677 million) in the six months ended on June 30. The group declared an interim dividend of 785 cents per share. ($1 = 17.5654 rand)
