
China's Shanghai Composite index hits thre year high
The dollar index pulled back slightly after Federal Reserve Governor Christopher Waller said policymakers should cut interest rates this month to counter rising growth and job market risks.
Gold edged up slightly on dollar weakness while oil held a gain on brewing Middle East tensions and data signaling strong U.S. demand.
China's Shanghai Composite index rose half a percent to 3,534.48 amid expectations the government may roll out more stimulus to boost domestic demand.
Meanwhile, according to a statement from the Chinese commerce ministry released today, China has called on the United States to abandon zero-sum thinking and continue to lift "unjustified" trade and economic restrictions.
Hong Kong's Hang Seng index rallied 1.33 percent to 24,825.66 buoyed by a positive outlook from Taiwan Semiconductor and strong earnings from Netflix. Chinese Shanghai Composite index and Hong Kong's Hang Seng index both hit three-year highs today.
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Economic Times
27 minutes ago
- Economic Times
BYD runs India remotely as China tensions shut out top brass
Synopsis BYD faces hurdles in India due to strained political ties. Visa issues force executives to meet abroad. Despite this, BYD cars are popular. India rejects BYD's investment plan. This impacts tariff benefits. Tesla expands in India. BYD relies on its Chennai plant. High import duties increase car costs. India now allows Chinese tourist visas again. Reuters Representative image. China's BYD Co. is forging ahead with its attempts to expand in India despite roadblocks from the government that are preventing the electric vehicle maker from conducting key business dealings there. Like most Chinese companies, BYD has been unable to obtain visas for executives after a deadly clash between Indian and Chinese soldiers along a disputed Himalayan border in 2020 sparked a major deterioration in political ties. That's seen the EV giant resort to holding board meetings and high-level business interactions in Colombo in Sri Lanka and Kathmandu in Nepal, and even as far away as Singapore, according to people familiar with the Zhang, BYD's managing director for India, has been unable to obtain a work permit since he left the EV maker's local base in Chennai, despite government efforts to facilitate his travel, said the people, who asked not to be identified because they're not authorized to speak worked from the carmaker's headquarters in Shenzhen in 2021 before moving to Tokyo this year, they said. From Japan, he oversees Asian markets including India, the people said. Also Read: Chinese carmaker BYD launches smartphone-car connectivity feature An on-the-ground presence is particularly important for manufacturers, given the need for quick decision making, addressing productivity issues and establishing community cold shoulder is mutual. As recently as March, travel restrictions were still being wielded in the political spat. That month, an Indian contingent wanting to visit a major meeting of BYD car dealers in Shenzhen had to be scaled down after the majority of participants, including the company's employees based in India, were unable to obtain visas, a person familiar with the matter said. A representative for BYD in India declined to the operational difficulties, BYD has proved popular with Indian drivers — sales in the first half of this year are nearly touching the total units sold in 2024. Also Read: Tesla's long-awaited India debut bets on luxury vehicle buyers Indian officials have been clear they won't welcome investment from the carmaker — Commerce Minister Piyush Goyal said earlier this year that it's a 'no' to BYD due to caution around the nation's strategic has already rejected BYD's $1 billion plan to build a plant in partnership with a local company. This leaves the Chinese firm unable to qualify for reduced tariffs on imported EVs in exchange for establishing a substantial manufacturing presence in freeze contrasts with the experience of Tesla Inc. Its Chief Executive Officer Elon Musk met with India's Prime Minister Narendra Modi in the US earlier this year. The US carmaker opened its first showrooms in India this month, with deliveries set to begin as early as August. Tesla doesn't have plans to establish local manufacturing, meaning it faces import taxes of as much as 110% for fully-assembled overseas is critical for BYD, which risks missing its target to sell 5.5 million cars this year as demand in China stagnates and it draws the ire of Beijing following rounds of heavy price without the ability to invest in manufacturing in India, BYD relies on its assembly plant in the southern city of Chennai, which has annual capacity of 10,000 to 15,000 units, to meet Indian company also imports most cars it sells in India, but hefty duties — aimed at shielding domestic firms — effectively double the cost of a vehicle and India restricts volumes unless a model has received a local roadworthiness tensions between China and India are thawing, it's unclear whether curbs on professional visas will be lifted or if BYD will ever be welcomed with open arms. Still, there are tentative signs of progress. Earlier this month, India allowed Chinese nationals to apply for tourist visas again.
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Business Standard
39 minutes ago
- Business Standard
BYD runs India remotely as tensions with China shut out top brass
China's BYD Co. is forging ahead with its attempts to expand in India despite roadblocks from the government that are preventing the electric vehicle maker from conducting key business dealings there. Like most Chinese companies, BYD has been unable to obtain visas for executives after a deadly clash between Indian and Chinese soldiers along a Himalayan border in 2020 sparked a major deterioration in political ties. That's seen the EV giant resort to holding board meetings and high-level business interactions in Colombo in Sri Lanka and Kathmandu in Nepal, and even as far away as Singapore, according to people familiar with the matter. Ketsu Zhang, BYD's managing director for India, has been unable to obtain a work permit since he left the EV maker's local base in Chennai, despite government efforts to facilitate his travel, said the people, who asked not to be identified because they're not authorised to speak publicly. Zhang worked from the carmaker's headquarters in Shenzhen in 2021 before moving to Tokyo this year, they said. From Japan, he oversees Asian markets including India, the people said. An on-the-ground presence is particularly important for manufacturers, given the need for quick decision making, addressing productivity issues and establishing community ties. Cold Shoulder The cold shoulder is mutual. As recently as March, travel restrictions were still being wielded in the political spat. That month, an Indian contingent wanting to visit a major meeting of BYD car dealers in Shenzhen had to be scaled down after the majority of participants, including the company's employees based in India, were unable to obtain visas, a person familiar with the matter said. A representative for BYD in India declined to comment. Despite the operational difficulties, BYD has proved popular with Indian drivers — sales in the first half of this year are nearly touching the total units sold in 2024. Indian officials have been clear they won't welcome investment from the carmaker — Commerce Minister Piyush Goyal said earlier this year that it's a 'no' to BYD due to caution around the nation's strategic interests. India has already rejected BYD's $1 billion plan to build a plant in partnership with a local company. This leaves the Chinese firm unable to qualify for reduced tariffs on imported EVs in exchange for establishing a substantial manufacturing presence in India. The freeze contrasts with the experience of Tesla Inc. Its Chief Executive Officer Elon Musk met with India's Prime Minister Narendra Modi in the US earlier this year. The US carmaker opened its first showrooms in India this month, with deliveries set to begin as early as August. Tesla doesn't have plans to establish local manufacturing, meaning it faces import taxes of as much as 110 per cent for fully-assembled vehicles. Expanding overseas is critical for BYD, which risks missing its target to sell 5.5 million cars this year as demand in China stagnates and it draws the ire of Beijing following rounds of heavy price discounting. But without the ability to invest in manufacturing in India, BYD relies on its assembly plant in the southern city of Chennai, which has annual capacity of 10,000 to 15,000 units, to meet Indian demand. The company also imports most cars it sells in India, but hefty duties — aimed at shielding domestic firms — effectively double the cost of a vehicle and India restricts volumes unless a model has received a local roadworthiness certificate. While tensions between China and India are thawing, it's unclear whether curbs on professional visas will be lifted or if BYD will ever be welcomed with open arms. Still, there are tentative signs of progress. Earlier this month, India allowed Chinese nationals to apply for tourist visas again.
&w=3840&q=100)

Business Standard
39 minutes ago
- Business Standard
Stocks to Watch today, July 28: TCS, SAIL, Shriram Finance, Aadhar Housing
Stocks to Watch Today, Monday, July 28, 2025: The domestics stock markets today could open flat-to-positive with GIFT Nifty futures trading 7 points higher at 24,838 at 7:56 AM. Global markets traded mixed on Monday as investors awaited further clarity on US-China trade negotiations set to begin in Stockholm later today. In the Asia-Pacific region, Japan's Nikkei 225 benchmark fell 0.85 per cent, while South Korea's Kospi index was trading 0.15 per cent higher. Australia's ASX 200 also edged up, gaining 0.2 per cent. Earlier on Friday, July 26, Wall Street's major indices ended higher as investors braced for a busy week ahead, which includes a Federal Reserve policy meeting, key corporate earnings reports, and President Donald Trump's August 1 deadline for negotiating trade deals. The S&P 500 rose 0.40 per cent, the tech-heavy Nasdaq Composite added 0.24 per cent, and the Dow Jones Industrial Average closed up 0.47 per cent. Meanwhile, here is a list of stocks to watch today: Tata Consultancy Services (TCS): India's largest IT services firm plans to cut its global workforce by around 2 per cent, or approximately 12,260 employees, over the current financial year. The move is aimed at enhancing agility amid a shift toward AI-driven business transformation. Aadhar Housing Finance: BCP Topco VII Pte. Ltd., the promoter of Aadhar Housing Finance, has signed an agreement to sell up to 64.14 per cent stake in the company to BCP Asia II Holdco VII Pte. Ltd. at a price not exceeding ₹425 per share, in one or more tranches, subject to regulatory approvals. Additionally, the Acquirer, along with Blackstone Capital Partners (CYM) IX AIV - F L.P. (PAC 1) and Blackstone Capital Partners Asia II L.P. (PAC 2), has launched an open offer to acquire a further 25.82 per cent from public shareholders at ₹469.97 per share, amounting to a total of ₹5,335 crore payable in cash, according to the regulatory filing submitted by Aadhar Housing Finance. Whirlpool India: Consumer durables maker reported a marginal increase in its consolidated net profit to ₹146.08 crore for the June 2025 quarter. The company had posted a net profit of ₹145.25 crore during the corresponding quarter of the previous fiscal. Its revenue from operations slipped 2.58 per cent to ₹2,432.32 crore during the quarter under review. It was ₹2,496.86 crore in the corresponding period of the previous fiscal. Shriram Finance: The non-banking finance company (NBFC) has posted a consolidated net profit of ₹2,159.39 crore during the first quarter of the financial year 2025-26, up 6 per cent from ₹2,030.64 crore during the April to June quarter of 2024-25. Balkrishna Industries: The company reported a decline of 41.2 per cent in its profit to ₹288.3 crore in Q1FY26 from ₹490 crore reported in Q1FY25. During the quarter under review, the company's revenue, however, witnessed a rise of 1.7 per cent Y-o-Y to ₹2,760 crore from ₹2,714 crore. Balkrishna Industries' earnings before interest, taxes, depreciation and amortisation (Ebitda) stood at ₹506 crore in Q1FY26, down 24 per cent Y-o-Y from ₹664 crore. Steel Authority of India (SAIL): The state-owned company reported a multifold jump in standalone net profit to ₹685.48 crore in Q1FY26, against ₹10.68 crore posted in Q1FY25. The company's revenue from operations rose 8.01 per cent Y-o-Y to ₹25,921.46 crore in the quarter ended 30 June 2025. The company's Ebitda stood at ₹2,925 crore in Q1FY26, marking a 20.86 per cent increase from ₹2,420 crore reported in the same quarter last year. Kotak Mahindra Bank: Kotak Mahindra Bank reported a 40 per cent year-on-year (Y-o-Y) decline in its consolidated net profit to ₹4,472.18 crore in the April–June quarter of the financial year 2025-26 (Q1FY26), mainly due to the gain of ₹3,013 crore it had earned in the year-ago quarter from the divestment of a 70 per cent stake, through a combination of fresh growth capital and share sale, in its subsidiary Kotak Mahindra General Insurance Company (KGI) to Zurich Insurance Company. The consolidated net profit in the year-ago quarter was ₹7,448.16 crore. Zen Technologies: The company's revenue stood at ₹158.22 crore, reflecting a quarter-on-quarter (Q-o-Q) decrease of 51.31 per cent from ₹324.97 crore. This corresponds to a Y-o-Y decline of 37.86 per cent. Net profit stood at ₹47.75 crore, reflecting a Q-o-Q decrease of 52.75 per cent from ₹101.05 crore, and a decline of 37.83 per cent Y-o-Y. Q1FY26 results today IndusInd Bank, Bharat Electronics, Adani Green Energy Limited, Torrent Pharmaceuticals, GAIL India, Mazagon Dock Shipbuilders, Waaree Energies, NTPC Green Energy, Adani Total Gas, Nippon Life India Asset Management, Ajanta Pharma, Go Digit General Insurance, Piramal Pharma, Motherson Sumi Wiring India, KEC International, Five-Star Business Finance, Paradeep Phosphates, Gravita India, and Railtel Corporation of India are set to announce their Q1FY26 results today. Vijaya Diagnostic Centre, IIFL Capital Services, Transport Corporation of India, CarTrade Tech, TTK Prestige, Archean Chemical Industries, Arvind Fashions Limited, JK Paper, Thangamayil Jewellery, Laxmi Organic Industries, NACL Industries, Apollo Micro Systems, Fedbank Financial Services, Quess Corp, Mangalore Chemicals and Fertilisers, Flair Writing Industries, Arvind SmartSpaces, Xpro India, Aeroflex Industries, Mold-Tek Packaging, Astec Lifesciences, Sanghi Industries, and Systematix Corporate Services will also announce their earnings on Friday, July 25, 2025.