Modi Misses Chance to Push for US Trade Deal as Trump Leaves G-7
Indian Prime Minister Narendra Modi had no opportunity to push for a US trade deal with Donald Trump after the American president left the Group of Seven leaders' summit early, a potential setback for New Delhi as recent tariff negotiations hit hurdles.
Modi was expected to hold a bilateral meeting with Trump on the sidelines of the G-7 meeting in Canada this week. Trump said Monday he was leaving the summit a day early because of the unfolding tensions in the Middle East.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
15 minutes ago
- Yahoo
Majority of Consumers Say They Will Decrease Spending Once Tariffs Kick In
It seems U.S. consumers may be just as tariff-ied of added costs and brands and retailers. New data from e-commerce provider ESW shows that seven in 10 U.S. consumers plan to reduce their spending once President Donald Trump's tariffs take effect. Fionn Uibh-Eachach, vice president of global commercial services at ESW, said he believes that gap is even wider among younger generations. More from Sourcing Journal Algolia's New Tech Aims to Help Companies Capitalize On Consumers' Increasing Trust in AI Rick Caruso and Elyse Walker Announce Plans for Palisades Village Reopening Following SoCal Fires Kearney: Shoppers Place Higher Premium on Value Than Values 'Younger Gen Z and Millennial consumers will be especially price sensitive as they are not as financially prepared to absorb higher prices as older shoppers,' he said. And indeed, ESW's data shows that Millennials are the most price sensitive group of all; 78 percent said they plan to decrease spending. One-quarter of all U.S. consumers also plans to decrease spending or abstain from buying on Amazon Prime Day this summer, according to data from Akeneo. And though consumers are finicky, it seems they have a bit of flexibility around single-digit percentage point increases to their goods. But many draw the line at a 10 percent increase. Six in 10 U.S. consumers said they would not absorb a cost increase of 10 percent or more once tariffs kick in. ESW's data shows that, despite their general caution around spending because of tariffs, about half of consumers would like to see brands and retailers offer free shipping or discounts in exchange for higher prices. Uibh-Eachach said that's a promising sign for brands and retailers, if they can find the right balance. 'It was great to see that most respondents understand that brands will not be able to absorb all the extra costs and are willing to have options like free shipping and loyalty rewards in exchange for increased prices,' he said. But it seems, regardless of the benefits they might try to bait consumers with, consumers still want retailers to be transparent about their price hikes. According to software company K-ecommerce's research, only 14 percent of consumers said they feel brands are transparent about their price changes. And Michael Netto, general manager at the company, said that kind of transparency can be make or break for a stressed-out consumer. 'If you're not updating prices in real-time, personalizing the buyer journey, or explaining where your price hikes are coming from, your customers will go somewhere that does,' Netto said. That sentiment may be particularly true for discretionary categories, including fashion and apparel. ESW's data showed that 61 percent of U.S. consumers plan to decrease the amount they spend on apparel and accessories because of tariffs. K-ecommerce's data showed that, across categories, 44 percent of U.S. consumers have already shaved down their spending. And while about one-quarter of U.S. consumers reported noticing a significant increase in fashion and apparel prices, Netto said the brands and retailers in the industry are far from off the hook. 'Fashion and apparel live on discretionary spending, and with indicators pointing to that pipeline tightening, brands need to rethink everything from SKU strategy to how they communicate value,' Netto said. 'If you're not updating prices in real-time, personalizing the buyer journey, or explaining where your price hikes are coming from, your customers will go somewhere that does,' Netto said. Beyond strategies seen and experienced directly by the customer, brands and retailers will likely have to make changes behind the scenes, Uibh-Eachach said, noting that further expansion into diverse geographic markets will be a boon to brands and retailers that can make that happen. But, in the U.S., companies may have to shift their trade, customs and warehousing strategies to account for consumer price sensitivity, while also remaining conscious about their own margins. 'Various strategies include using existing customs measures, such as drawback or bonded warehousing, alternative fulfillment strategies or B2B2C type of importing arrangements which can reduce brands' embedded duty cost in their supply chain and allow them to remain competitive,' Uibh-Eachach said. 'The retailers and brands that adopt these strategies will be the ones that will remain price competitive and won't have to pass on significant tariff costs to consumers.'
CNBC
16 minutes ago
- CNBC
10 things to watch in the stock market Tuesday including Israel-Iran conflict and Nvidia
The Club's 10 things to watch Tuesday, June 17 1. Stocks are tracking for a lower open this morning after President Donald Trump left the G7 meeting early, suggesting the conflict between Israel and Iran was intensifying with a call to "immediately evacuate Tehran." 2. Oil prices rose around 1% this morning, in line with the intensification of the Israel-Iran war. Separately, OPEC yesterday trimmed its 2026 global supply growth forecast. The oil cartel revised down its estimate for U.S. supply growth, while keeping its demand outlook unchanged. 3. Barclays raised its price target on Club name Nvidia to $200 a share from $170 and reiterated its overweight buy rating. Analysts sees upside to July quarter revenue versus current estimates following supply chain checks. 4. Club holding Amazon announced that its annual Prime Day even starts on July 8 and will last for 96 hours, double its usual length. Elsewhere, the May retail sales came in weaker-than-expected this morning, but there's still some noise in those numbers after a tariff pull-forward effect in March. 5. Wells Fargo reiterated its overweight buy rating on Club name Meta Platforms , calling the WhatsApp monetization news a positive indicator for the company's next product cycle. As we wrote yesterday for Club members, we're big fans of this long-awaited move for WhatsApp. 6. Morgan Stanley trimmed its price target on Nike to $61 a share from $70 and it's become "slightly more negative" on its hold-equivalent equal weight rating. Analysts aren't seeing positive demand signals and believe innovation is lacking. The good news may simply be how bearish investors already are on the name. 6. Club holding Eli Lilly announced an agreement to acquire Verve Therapeutics , a clinical-stage company working on medicines for cardiovascular disease that use gene editing. The deal could be worth up to $1.3 billion if certain milestones are hit. Lilly and Verve had an existing partnership. 7. Shares of homebuilder Lennar climbed nearly 2% this morning after beating on second-quarter sales but missing on earnings. Co-CEO Stuart Miller said Lennar continues to "see softness in the housing market due to affordability challenges and a decline in consumer confidence" 8. A number of price-target hikes for Olive Garden owner Darden ahead of earnings later this week. Wells Fargo went to $225 a share, citing positive casual dining trends and share gains for the restaurant operator. Bank of America went to $252, and BTIG went to $235. We own Texas Roadhouse in casual dining. 9. Solar stocks are under pressure after the Senate's version of Trump's spending and tax bill included full cuts to solar and wind power tax incentives by 2028. The Invesco Solar ETF is down more than 10% this morning. However, the Senate's bill is more positive for nuclear, hydropower and geothermal energy than the House version. 10. Lenskart is working on filing for an initial public offering in the coming weeks, Bloomberg News reported . The Softbank-backed firm is the largest eyewear maker in India. While Club name Goldman Sachs isn't involved in the deal, per Bloomberg, it's nevertheless a good sign to see more IPO activity around the globe. Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Yahoo
21 minutes ago
- Yahoo
Morning Movers: Sage Therapeutics surges after deal to be acquired by Supernus
Stock market futures are up slightly. Enthusiasm has been tempered by geopolitical risks and uncertainty ahead of Wednesday's Federal Reserve decision. The Fed is widely expected to hold rates steady, but investors are laser-focused on Chair Powell's language regarding potential rate cuts later this year. Currently, markets are pricing in a roughly 56% chance of a quarter-point cut by September. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter In the background, rising tensions between Israel and Iran continue to cast a long shadow. Oil prices, although cooling slightly from last week's surge, remain elevated. Analysts at RBC have warned that a prolonged crisis in the Middle East could trigger a significant market correction due to a combination of higher energy costs, weaker earnings expectations, and shaken investor sentiment. In pre-market trading, S&P 500 futures rose 0.67%, Nasdaq futures rose 0.80% and Dow futures rose 0.64%. Check out this morning's top movers from around Wall Street, compiled by The Fly. Also, The Fly has brought its right-to-the-point stock market reporting to YouTube! Subscribe if you want to know how the markets will open and what stocks traders will be focused on. HIGHER – EchoStar (SATS) up 42% after Bloomberg reported President Donald Trump has intervened to urge EchoStar and Federal Communications Commission Chairman Brendan Carr to resolve a dispute over the company's valuable spectrum licenses Sage Therapeutics (SAGE) up 35% after entering a definitive agreement for Supernus (SUPN) to acquire the company through a tender offer for $8.50 per share in cash, payable at closing, plus one non-tradable contingent value right collectively worth up to $3.50 per share in cash, for total consideration of $12.00 per share in cash Prothena (PRTA) up 10% after announcing partner Roche (RHHBY) will advance prasinezumab into Phase III development in early-stage Parkinson's disease Roku (ROKU) up 9% after Amazon Ads (AMZN) and the company announced a new integration that gives advertisers access to the largest authenticated CTV footprint in the U.S. Victoria's Secret (VSCO) up 7% after Bloomberg reported the company is being targeted by Barington Capital, who plans to urge the company to make changes to its board and strategy U.S. Steel (X) up 5% after the company and Nippon Steel (NPSCY) announced that President Trump has approved the companies' partnership Hinge Health (HNGE) up 4% after Piper Sandler initiated coverage of Hinge with an Overweight rating among other firms starting coverage with bullish ratings MNTN (MNTN) up 4% after Loop Capital initiated coverage of MNTN with a Buy rating and other firms also started with bullish ratings LOWER – Sarepta (SRPT) down 40% after suspending non-ambulatory Elevidys shipments following a second reported case of acute liver failure resulting in death, prompting several downgrades of the shares Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on SAGE: Disclaimer & DisclosureReport an Issue Video: Sarepta, Hinge Health among major pre-market movers SAGE Therapeutics Announces Merger with Supernus Pharmaceuticals Supernus to acquire Sage Therapeutics for $8.50 per share in cash plus CVR SAGE Therapeutics Approves Stock Plan Amendment SAGE Therapeutics: Hold Rating Maintained Amid Steady Growth and Strategic Uncertainties
