China's benchmark ends 0.5% higher
A cautious undertone prevailed elsewhere across the region ahead of key U.S. inflation report due later in the day that might shape the Federal Reserve's interest-rate path.
The report may show a slight pickup in inflation as companies pass higher import taxes on a variety of items to consumers.
Gold edged up slightly, the dollar held gains and oil prices were modestly higher after U.S. President Donald Trump downplayed expectations for his upcoming meeting with Russian leader Vladimir Putin, saying it is a "feel-out meeting" and he would confer with Ukrainian and European leaders after the sitdown.
China's Shanghai Composite index rose half a percent to 3,665.92 as the United States and China confirmed a 90-day extension of their trade truce, as expected. This keeps tariffs steady until November.
Shares of Chinese chipmakers surged on signs that China is seeking to strengthen its domestic semiconductor industry.
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First Post
18 minutes ago
- First Post
Why Trump's tariffs on India are a colossal mistake
As a long-term Donald Trump supporter, it pains me to see the mistakes he is making regarding his treatment of India. Slapping India with 50 per cent tariffs is total madness! Starting August 7, a 25 per cent levy, then another 25 per cent penalty for buying Russian oil—framed as 'secondary tariffs' to squeeze Moscow over Ukraine. But this isn't smart. It's a blunder that alienates a powerhouse ally, hurts America's wallet, and weakens its global clout. In short, it is a colossal mistake, and I fail to understand why he is being so hostile. India, the world's fastest-growing major economy, deserves respect—not bully tactics. Here's why Trump is wrong! STORY CONTINUES BELOW THIS AD Strategically, this is a foolish decision. India is America's indispensable shield against China's aggression in the Indo-Pacific. The Quad—US, India, Japan, Australia—hinges on this bond to keep sea lanes free and Beijing in check. Trump risks shattering it. Wiser heads have called it an 'enormous mistake,' warning it will push New Delhi toward Moscow and Beijing after decades of US courtship. Prime Minister Narendra Modi? He's unbowed! He's prioritising India's energy security for 1.4 billion people and refusing to halt Russian imports that stabilise global prices. Back in 2022, America encouraged India to buy Russian crude oil to cool markets post-invasion. Now? Flip-flop betrayal! This idiocy accelerates India's BRICS pivot, ditching dollar dominance and eroding US leverage. India, with its booming tech hubs and military might, won't kneel. Trump's short-sightedness empowers adversaries, turning a vital partner into a reluctant rival. Economically, it is a disaster! China guzzles more Russian oil than anyone—yet no tariffs there? Trump spares Beijing while hammering India, exposing his selective rage. America itself trades $3.5 billion with Russia yearly, despite sanctions. India's 36 per cent reliance on Russian crude? Pure necessity—cheap fuel for growth, averting global spikes above $80/barrel that would slam U.S. consumers too. These tariffs crush India's exports: textiles, gems, autos—sectors employing millions. US supply chains? Disrupted! India powers America's pharma and IT—think life-saving drugs and software. Exports could plummet 40-50 per cent, shaving India's GDP by 0.3 per cent—but the ripple effects hit US jobs in linked industries. Trump killed a potential deal, branding India a 'bad partner'. Yet India's offers—cutting tariffs on US goods, boosting defence buys—were rebuffed. India is not exploiting anyone. It's fuelling about 7 per cent growth, lifting millions from poverty, creating markets for US firms like Apple and Ford. Diplomatically? Trump is isolating America, not Russia. The EU still imports 19 per cent of its LNG from Moscow. Turkey? Same deal. But India, a strategic gem, gets slammed. New Delhi rightly responds by saying: 'Unfair, unjustified!' and vows to safeguard its interests after US hypocrisy on Venezuela sanctions that burned India before. Trump's threats of broader 'secondary sanctions' also ring hollow. STORY CONTINUES BELOW THIS AD What is impressive is India's diplomatic response—no knee-jerk retaliation, but a focus on talks. Trump is prioritising short-term Russia pressure over long-game alliances. But India won't flinch—the economy is resilient, stocks are steady despite threats. Alienating India empowers China. To whose advantage is this? Trump's error here will cost jobs, security, and influence. India will continue to rise regardless—vibrant, innovative, visionary. I hope Trump listens to better voices and changes his antagonistic approach. Making America Great means working with India to make it great too! Trump must now reverse course and work with PM Modi, as this is in the best interests of the world. David Vance is a political commentator and author. Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect Firstpost's views.
Time of India
27 minutes ago
- Time of India
Currency watch: Rupee climbs 16 paise to 87.47 against US dollar, crude slide and Fed cut hopes lift sentiment
The rupee appreciated 16 paise to end at 87.47 against the US dollar on Wednesday, buoyed by a weak greenback and positive sentiment in domestic equity markets. Traders said easing crude oil prices and cooling inflation further supported the local currency, although uncertainties over trade tariffs and persistent foreign fund outflows capped sharper gains. At the interbank foreign exchange, the domestic unit opened at 87.63 and moved between an intraday low of 87.72 and a high of 87.38 before settling at 87.47, up 16 paise from the previous close. On Tuesday, the rupee had risen 12 paise to end at 87.63, PTI reported. "The rupee experienced its biggest one-day appreciation since July 3, driven by a decline in the US dollar. The dollar weakened amid expectations of a September interest rate cut from the Federal Reserve, following a decline in US inflation," said Dilip Parmar, Research Analyst, HDFC Securities. Parmar added that gains in Indian equities and other Asian currencies, a fall in crude oil prices, and cooling domestic Consumer Price Index (CPI) inflation further bolstered the rupee. Brent crude futures fell 0.54% to $65.76 per barrel. The dollar index, which measures the greenback against six major currencies, slipped 0.44% to 97.66. Anuj Chaudhary, Research Analyst at Commodities and Currencies, Mirae Asset Sharekhan, said, "The rupee rose sharply on cooling inflation and strength in the domestic markets. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Learn More - How Donating Sperm May Boost Your Income SpellRock Undo India's CPI inflation cooled off to 1.55% in July 2025 vs the forecast of 1.76% and 2.1% in June. The US Dollar too fell as CPI data was in line with estimates, raising odds of a rate cut by the Fed in September." Retail inflation slowed to an 8-year low of 1.55% in July, moving below the Reserve Bank's comfort zone for the first time since January 2019, helped by subdued food prices, government data showed. The RBI is tasked with keeping CPI inflation at 4%, with a margin of 2% on either side. Chaudhary added that sliding crude oil prices also supported the rupee. "We expect the rupee to trade with a positive bias on risk sentiments in the global market and a weakening US dollar. Softening inflation and declining crude oil prices may further support the domestic currency. However, the ongoing trade tariff war between India and the US and FII outflows may cap sharp upside. Investors may remain cautious ahead of US President Donald Trump and Russian President Vladimir Putin's meeting on Friday," he said. In equities, the Sensex climbed 304.32 points to close at 80,539.91, while the Nifty advanced 131.95 points to end at 24,619.35. Foreign Institutional Investors sold shares worth Rs 3,644.43 crore on Wednesday, exchange data showed. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
The Print
35 minutes ago
- The Print
US promoting terrorism & dictatorship in the world—RSS mouthpiece days after Trump's 50% tariff bomb
'The world is in turmoil. All the promises of 'free' and 'democratic' liberal world order are proving to be elusive. The unruly world order monopolised by the United States and based on military might and economic exploitation is crumbling down,' the editorial says. 'Trade wars and tariffs are new tools of interference and undermining sovereignty,' the editorial said in the backdrop of the Trump administration raising tariffs on India to 50 percent. New Delhi: Under the façade of being a messiah of freedom and democracy, the United States is promoting terrorism and dictatorship in the world, Rashtriya Swayamsevak Sangh (RSS) mouthpiece Organiser has said in an editorial. US President Donald Trump on 6 August imposed an additional 25 percent tariff on India as a penalty for New Delhi's continued purchase of Russian oil. The duties are additional to the 25 percent tariff rate announced earlier by Trump. After the end of the world war, the editorial argued, 'it was assumed that the liberal world order had triumphed forever, leading to the spread of democracy, stability and peace across the world.' However, the situation today is 'drastically different from our assumptions', it says. The American unipolar world is in decline and the international institutions like the United Nations and the World Trade Organisation proving to be irrelevant and inefficient, it argues. 'We are witnessing trade wars, unnecessary tariffs, sanctions, and regime change operations. The United States, self-proclaimed messiah of freedom and democracy, is promoting terrorism and dictatorship,' it says. 'China is emerging as a major challenger to the existing system,' it said while underlining the country's 'debt trap' and lack of 'credible' stable institutions. 'Russia-Ukraine War, Israel-Hamas War and Israel-Iran conflicts are the symptoms of this crumbling international order—the clear sign of this crumbling world order—which was never orderly.' The RSS has been silent over the Trump administration's tariffs on India so far, even as its economic wing, the Swadeshi Jagran Manch, said that no country could 'direct' trade rules to another country in a multipolar world. It also appealed to people to adopt 'Swadeshi' products, urging them to boycott goods from US-based companies like Amazon, Walmart and Flipkart (in which Walmart has a majority stake). There is a concerted attempt by 'neo-colonisers' and their domestic agents with vested interests to suppress the cultural resurgence witnessed by India in the last few decades, the Organiser said in the editorial. 'Actions like Surgical Strikes, Operation Sindoor, and continuous assertion to ensure strategic autonomy through prudent foreign policy options are a symbol of the same national consciousness,' it said. 'The forces in favour of the status quo, driven by vested interests, continue to bully the world based on economic and military might. The new assertive Bharat is a bête noire for them. They are using all the neo-colonial machinations to suppress this instinct.' For short-term political interests, some players within Bharat are acting as agents of neo-colonisers, it stated. 'All proposed globalisations—whether American market globalisation, Islamic religious globalisation or ideology-driven Communist globalisation—are nothing but the forms of colonisation imposing a one-size-fits-all approach across the world,' it further said. In order to counter the challenges, it said, India 'will have to face the competition and conflicts based on the current parameters for which we need to be economically prosperous, technologically advanced and militarily self-sufficient'. It also draws a parallel between communism and capitalism, arguing that while the independence movement in India was based on the ideals of Swadharma, Swadeshi and Swaraj, 'unfortunately, the elite of Independent Bharat lost their resilience and succumbed to the binary of capitalism and communism'. (Edited by Ajeet Tiwari) Also Read: No option but to be powerful in face of evil forces at our borders—RSS chief Mohan Bhagwat in Organiser
