'Can't Flip A Switch': Militaries Scramble As War Sucks Up West's Air Defence Stockpiles
Donald Trump's stance on the Ukraine war is shifting. After a maternity hospital strike, Trump expressed "frustration" with Putin, vowing "you'll be seeing things happening." Washington has resumed weapons shipments, including Patriots, and plans new sanctions on Russia. Trump, who previously blamed Zelensky, is now signaling a tougher approach, with a "major statement" on Monday. However, Western allies question if this truly alters the war's dynamic.
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Economic Times
4 minutes ago
- Economic Times
US stock market future slips as Trump's 30% tariffs rattle global trade; Dow, S&P 500, Nasdaq dip while Boeing jumps and Apple, Tesla slide ahead of earnings, CPI data
iStock Stock futures slide as Trump sparks tariff worries with new 30% duty on EU and Mexico; investors await earnings, inflation data, and monitor Trump-Powell rift while Bitcoin hits fresh high and Tesla considers xAI investment amid fast-changing market signals. US Stock futures dip after Trump's 30% tariff threat on EU and Mexico, but markets steady ahead of earnings and inflation data- U.S. stock futures slid early Monday as investors reacted to President Donald Trump's announcement of new 30% tariffs on imports from the European Union and Mexico, set to begin on August 1. The move adds to global trade tensions but markets rebounded slightly from their steep overnight lows as investors looked ahead to second-quarter earnings and upcoming inflation data for direction. At around 6:15 a.m. ET, Dow Jones Industrial Average futures were down 140 points, or 0.3%, after falling more than 200 points overnight. S&P 500 futures slipped 0.28%, and Nasdaq 100 futures fell 0.30%, reflecting broad concerns about the global trade outlook and its impact on U.S. companies. Before the opening bell, major index futures were in the red: Dow Jones futures dropped by roughly 130–158 points (–0.3% to –0.4%) dropped by roughly (–0.3% to –0.4%) S&P 500 futures slipped 15–20 points (–0.3% to –0.5%) slipped (–0.3% to –0.5%) Nasdaq-100 futures dipped 65–90 points (–0.3% to –0.4%) This weakness reflects renewed market jitters over potential economic fallout from escalating trade tensions and uncertainty around upcoming economic data. The major catalyst? Fresh tariff threats. President Trump has announced plans for 30% tariffs on EU and Mexican imports starting August 1, stoking fears of retaliatory moves and higher input costs for U.S. manufacturers. While Wall Street analysts largely see the move as part of Trump's negotiation playbook, the timing—on the eve of a packed earnings week—has added an extra layer of stress. Here's how the big three market ETFs are moving in early trading: SPDR S&P 500 ETF (SPY) : –0.35% : –0.35% Invesco QQQ Trust (QQQ) : –0.20% : –0.20% SPDR Dow Jones Industrial Average ETF (DIA): –0.65% Some individual names are still standing out despite the cautious sentiment: Boeing (BA) jumped nearly 2% premarket after a positive update on aircraft safety measures. jumped nearly after a positive update on aircraft safety measures. Big Tech stocks were mixed: Apple (AAPL) edged lower Nvidia (NVDA) , Tesla (TSLA) , and Amazon (AMZN) posted modest gains stocks were mixed: On Saturday, Trump declared that the United States would impose 30% tariffs on goods from both the EU and Mexico starting August 1. This sparked concern among investors and trading desks early Monday. However, optimism remains that these tariffs might be negotiated down as both EU and Mexican officials signaled willingness to continue discussions with the Trump administration through July. This announcement follows a recent pattern where Trump uses tariff threats as leverage ahead of trade negotiations. The market reaction was swift, though losses eased as traders priced in the possibility of last-minute changes or delays. The new tariff threats are arriving just as investors await fresh inflation data this week. Economists and market strategists are watching closely to see how these duties—along with existing tariffs—are influencing consumer prices and corporate profit margins. Peter Boockvar, CIO at Bleakley Financial Group, noted on CNBC's Fast Money that tariffs bring inflation, but who absorbs the cost depends on the company. 'Those with pricing power will pass it to consumers,' Boockvar said. 'Those without will see a hit to profits.' So far, inflationary effects have been uneven, and this week's data could help clarify how embedded price increases have become. Dow Jones Industrial Average Futures : Currently trading near 44,437 , down approximately 162 points or -0.36% . The index saw earlier losses of over 200 points overnight before recovering some ground. : Currently trading near , down approximately or . The index saw earlier losses of over overnight before recovering some ground. S&P 500 Futures : Sitting around 6,278.5 , down 21.5 points or about -0.34% . The index has pulled back slightly after reaching recent record highs in previous weeks. : Sitting around , down or about . The index has pulled back slightly after reaching recent record highs in previous weeks. Nasdaq 100 Futures: Trading near 22,875.5, falling 83.5 points or about -0.36%. Tech-heavy Nasdaq futures continue to face pressure, edging closer to correction levels. In addition to trade concerns, markets are watching the growing rift between the Trump administration and Federal Reserve Chair Jerome Powell. On Sunday, National Economic Council Director Kevin Hassett told ABC News that Trump has the authority to fire Powell 'if there's cause.' Meanwhile, OMB Director Russell Vought accused Powell of 'gross mismanagement' and criticized a costly renovation of the Fed's headquarters, suggesting that Powell misled Congress about the project. Trump added fuel by saying Powell's resignation would be a 'good thing.' This political pressure on the Fed adds a layer of uncertainty as the central bank balances economic data, interest rates, and now, political tension. Investors are preparing for a flood of updates that could shape the market's next big move: Bank earnings kick off this week with JPMorgan, Citigroup, Wells Fargo, Goldman Sachs, Bank of America, and Morgan Stanley all reporting between Monday and Wednesday. kick off this week with and all reporting between Monday and Wednesday. June CPI data drops Tuesday (July 15), offering a key read on whether inflation pressures are cooling. drops Tuesday (July 15), offering a key read on whether inflation pressures are cooling. Producer price index and retail sales numbers follow later in the week. All of this comes as Wall Street keeps a close eye on the Federal Reserve, with growing speculation about a possible rate cut in September. However, July cuts remain off the table for now. Morgan Stanley is warning that the tariff threats could start to bite hard in Q3 , squeezing corporate profit margins and pushing inflation higher. is warning that the tariff threats could start to bite hard in , squeezing corporate profit margins and pushing inflation higher. Goldman Sachs , meanwhile, remains cautiously optimistic, keeping a bullish outlook on the S&P 500 but flagging short-term volatility as a risk. , meanwhile, remains cautiously optimistic, keeping a bullish outlook on the but flagging short-term volatility as a risk. Interestingly, U.S. banks are expected to report a $26 billion windfall in Q2 from trading activity driven by global tariff volatility. Despite trade concerns, investors are gearing up for second-quarter earnings, with results from major banks like JPMorgan Chase, Goldman Sachs, and Bank of America set to be released starting Tuesday. This week will offer a clearer view into how corporations are handling inflation, rising costs, and slower global growth. Financial stocks in particular will be in focus, as investors assess loan growth, interest income, and credit conditions. Given the recent weakness—the S&P 500 fell 0.3% last week, while the Dow dropped 1%, both snapping multi-week winning streaks—strong earnings could provide a catalyst for recovery. According to Bloomberg, EU officials are now considering retaliatory tariffs if the U.S. tariffs are not withdrawn. Sources suggest the EU may expand talks with other countries affected by previous Trump tariffs in a strategic pushback. With August 1 set as the tariff start date, the next few weeks will be crucial. Markets will be watching diplomatic signals, trade negotiation updates, and possible EU moves closely. Russell 2000 Futures : Down -0.30% , reflecting cautious sentiment in small-cap stocks. : Down , reflecting cautious sentiment in small-cap stocks. Crude Oil Futures (WTI) : Slightly up by +0.15% , hovering around $82.65 per barrel amid mixed supply-demand signals. : Slightly up by , hovering around amid mixed supply-demand signals. Gold Futures : Flat to mildly positive, currently near $2,373 per ounce , supported by investor hedging against inflation and economic uncertainty. : Flat to mildly positive, currently near , supported by investor hedging against inflation and economic uncertainty. 10-Year Treasury Yield Futures : Holding at approximately 4.20% , with bond markets waiting for fresh CPI and PPI data to guide interest rate expectations. : Holding at approximately , with bond markets waiting for fresh CPI and PPI data to guide interest rate expectations. VIX Futures (Volatility Index): Marginally higher at 14.9, showing a slight rise in market fear but still relatively low historically. Outside of trade and inflation, Bitcoin surged again, hitting a record high of $119,300, marking its fourth all-time high in the past week. The rally comes just ahead of 'Crypto Week' starting July 14, during which lawmakers are expected to discuss regulatory proposals around digital assets, stablecoins, and blockchain technologies. Separately, Tesla CEO Elon Musk said shareholders will vote on whether the company should invest in his AI firm xAI, following reports that SpaceX plans to invest $2 billion into the startup behind the Grok chatbot. Index Current Price Change Dow Jones 44,437 –0.36% S&P 500 6,278.5 –0.34% Nasdaq 100 22,875.5 –0.36% US stock market futures are pointing to a softer open as Wall Street reacts to fresh trade worries, upcoming inflation data, and the kickoff of earnings season. Traders are closely watching for more clarity as the week unfolds. This week's market focus is threefold: Impact of Trump's 30% tariffs on global trade and inflation. Tensions between Trump and the Fed, especially around Powell's role. Corporate earnings from major banks, which may help stabilize investor sentiment. With so many headlines at once, volatility could remain elevated. But for now, investors appear to be cautiously betting that negotiations—both trade and political—may take a more moderate turn in the days ahead. Q1: Why did stock futures fall after Trump's 30% tariff announcement? Stock futures dropped due to Trump's new 30% tariffs on EU and Mexico starting August 1, sparking trade tension. Q2: What key events could affect U.S. stock markets this week? Markets are watching earnings reports, new inflation data, and tensions between Trump and the Fed Chair Powell.
Mint
7 minutes ago
- Mint
Brics+ could get the globe to work out a better-balanced world order
Gift this article At first there were four. Then five. And now eleven. Egypt, UAE, Ethiopia, Iran, Saudi Arabia and Indonesia have joined Brazil, Russia, India, China and South Africa (collectively called Brics) in the newly expanded Brics+ group of nations. At first there were four. Then five. And now eleven. Egypt, UAE, Ethiopia, Iran, Saudi Arabia and Indonesia have joined Brazil, Russia, India, China and South Africa (collectively called Brics) in the newly expanded Brics+ group of nations. Brics+ is an eclectic grouping of countries. It owes its conception to a Wall Street report written a quarter of a century ago about the initial four 'Bric' countries and the promise of their economic prospects, mostly driven by demographics. What began as a clubbing meant for global investors to focus on has since evolved into a formal alternative platform for countries to counter Western dominance of multilateral institutions. This makes it an important forum for a post Pax-Americana world, if you will. Also Read: Brics isn't an anti-US forum, it's a voice of the Global South The group is as notable for its differences as for its common purpose. Its members make up 49% of the world's population and 41% of global output (in purchasing power parity terms). In many ways, Brics+ is at par with the G-7 in economic importance. A few members are outright adversaries of the West, such as China, Russia and Iran. Others like India, Brazil, Indonesia and the UAE are keen to retain their flexibility to swing both ways. Only India recognizes China as a competitor; all others have sought to befriend China through this group or keep their relations with it and the West on an even keel. Until the latest meeting in Brazil, Beijing was gradually exerting greater influence on the group. Its dominance was clear in the group's recent expansion. With Russia's support, China overwhelmed Indian and Brazilian hesitation, which resulted in the addition of six countries and 'non-voting partnerships' with 10 other nations. Even though Beijing's rhetoric is nuanced, its objective is clearly to push Brics towards a more stridently anti-Western stance. The goal of India (and Brazil) is to keep an alternate channel open, but not be seen as 'anti-West.' This jockeying for influence will continue within the group, with China assured an edge by its deep trade relationships with all other members. Also Read: Brics isn't out to build a wall but serve the Global South The Brics+ group of countries met in Rio de Janeiro at its 17th summit. All 11 members were represented at the meeting for the first time. However, the heads of state of Russia and China did not attend in person. Vladmir Putin, president of Russia, could only attend virtually because there is an outstanding warrant for his arrest for war crimes issued by the International Criminal Court. The absence of China's President Xi Jinping was a bit puzzling, since this was the first time he has not attended a Brics summit meeting and had played a very visible role in the earlier summits held in Russia's Kazan and South Africa's Johannesburg. Now consider the positions taken by Brics. Group communiques have consistently supported a two-state solution for the Palestine-Israel conflict and an expansion of permanent membership of the United Nations Security Council to include India and Brazil. In the financial realm, the group has emphasized the need to increase quotas of the International Monetary Fund and the shareholding of emerging and developing countries in the World Bank. US President Donald Trump leaned into the current situation by threatening a 10% additional tariff on Brics+ countries for their supposedly 'anti-American' approach. Of course, the situation might change, but Trump's words provided common cause to the 11 nations to strengthen their resolve. Trump seems to be playing a delicate game of trying to weaken the dollar so that America can export more, but doing so without losing the extraordinary privilege that issuing the world's top reserve currency bestows upon the US. Trump's choice of instrument to achieve such a balance is a policy of import tariffs, which is a blunt tool in this context and could create a lot of unintended collateral damage. Pessimists argue that Brics+ only represents a platform for 'transactional multilateralism." In the absence of shared values, a grouping of diverse countries such as this will dilute their individual stands on sensitive issues and reinforce only whatever can achieve a group-wide consensus. There is already some evidence of this in the group's careful wording on the Ukraine conflict, the non-reference to Pakistan on Pahalgam, a dilution of the two-state idea for Israel and Palestine in response to Iran's objection and a soft-pedalling on South Africa's permanent Security Council seat. Also Read: Brics for India: A trade springboard, not an anti-West wall Can Brics+ survive all the differences among member nations? Will it remain relevant in a world that has watched older post-World War II multilateral institutions turn dysfunctional? Paradoxically, the answer appears to be 'yes.' Even though member nations seem to have very different reasons for being part of this club, Brics+ still offers each country some value. For India, membership offers a way to align with other emerging economies, demonstrate leadership of the Global South, exert extra pressure on the UN for a permanent Security Council seat and retain strategic autonomy. For many developing nations, particularly in Africa and Asia, very few means exist to voice themselves on the global stage (other than trade groups). Imperfect as it is, Brics+ is one of the few forums based neither on a military alliance nor trade ties. Its primary purpose is rooted in geopolitics, with geo-economics playing a secondary role. That's why, Brics+ will keep playing a significant role—at least until the world figures out a new order. P.S. 'Nothing endures but change," said Greek Philosopher Heraclitus. The author is chairman, InKlude Labs. Read Narayan's Mint columns at Topics You May Be Interested In
Hindustan Times
9 minutes ago
- Hindustan Times
Now Trump Says Forget Jeffrey Epstein
Donald Trump has traded in conspiracy stories for years: Barack Obama was born in Kenya. Ted Cruz's father had a link to JFK's killer. The 2020 election was stolen. Migrants are barbecuing people's pets. He seems to think this is good show business, with appeal in certain niches of a fragmented culture. Yet now he's upset that the Jeffrey Epstein theories he fanned are proving hard to tamp down. Mr. Trump lamented online Saturday that his Administration is taking heat 'over a guy who never dies, Jeffrey Epstein. For years, it's Epstein, over and over again.' His advisers are suggesting this was a snipe hunt, but the MAGA base is in furious disbelief, since the same people pledged to catch some snipe. Asked on a podcast in 2024 about Epstein's 'list of clients,' Mr. Trump said he'd have 'no problem' releasing it. Attorney General Pam Bondi said in February that 'it's sitting on my desk right now to review.' FBI Director Kash Patel has been on this beat, too. 'Put on your big boy pants and let us know who the pedophiles are,' he told a podcast two years ago. But Ms. Bondi's and Mr. Patel's review 'revealed no incriminating 'client list,'' the Justice Department and FBI said last week. At a cabinet meeting Tuesday, the AG insisted that in February she only meant the Epstein case files were on her desk. Alleged videos, she said, 'turned out to be child porn downloaded' by Epstein. Mr. Patel, wearing official FBI big boy pants, agrees. 'If there was a video of some guy or gal committing felonies on an island, and I'm in charge,' he recently said, 'don't you think you'd see it?' The Trump Administration backs the assessment that Epstein killed himself in prison. But the jailhouse tape it released has a minute gap near midnight. Ms. Bondi said it's a daily glitch, when the aging surveillance system resets. Yet to conspiracy raconteurs, it's one more clue. Nothing will satisfy them, because they live in a world of storytelling, not evidence. Maybe podcast provocateurs think it's fun to spin joking-not-joking yarns about Taylor Swift rigging the Super Bowl to help President Biden. What about the truth? By the way, Mr. Trump now says the Epstein furor can't distract Ms. Bondi from the real conspiracy: 'The 2020 Election was Rigged and Stolen, and they tried to do the same thing in 2024—That's what she is looking into as AG, and much more.'
