SNAPSHOT Wall Street indexes move lower after FT report says Trump pushes for 15-20% tariff on EU goods
At 12:29 p.m., the Dow Jones Industrial Average (.DJI), opens new tab fell 242.74 points, or 0.54%, to 44,242.58, the S&P 500 (.SPX), opens new tab lost 7.28 points, or 0.11%, to 6,290.21 and the Nasdaq Composite (.IXIC), opens new tab lost 15.30 points, or 0.07%, to 20,870.41.
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Reuters
9 minutes ago
- Reuters
Exclusive: Shippers ask to end contracts with Russian-backed refiner Nayara, sources say
NEW DELHI, July 29 (Reuters) - The owners of three vessels chartered by India's Nayara Energy have asked to end their contracts with company, six sources familiar with the matter said on Tuesday, under pressure from EU sanctions imposed on the Russian-owned refiner. Nayara, majority-owned by Russian entities including oil major Rosneft ( opens new tab, runs India's third-biggest refinery and exports refined products and also supplies them domestically. Fresh European Union sanctions unveiled on July 18 that target Russia and its energy sector over Moscow's war in Ukraine, have been increasingly disruptive to Nayara. Reuters earlier reported it has been forced to reduce operations at its 400,000-barrels-per-day refinery due to fuel storage constraints. India-based Seven Islands Shipping Ltd ( opens new tab and Great Eastern Shipping Co ( opens new tab (GESCO) have asked Nayara to release the three clean products tankers from their contracts, citing concerns over the sanctions, five of the sources told Reuters. Seven Islands is seeking the release of its medium-range vessels Bourbon and Courage, while GESCO has sought the return of the Jag Pooja, the sources said. The sources declined to be named as they were not authorised to speak to the media. Mumbai-based Nayara did not immediately respond to a Reuters request for comment. It has previously criticised the EU sanctions, calling them "unjust and unilateral". Seven Islands and GESCO did not immediately respond to requests for comment. Bourbon is anchored near Vadinar port in western India, where Nayara's refinery is based, while Courage and Jag Pooja are floating off Kochi and Ennore ports, respectively, data from analytics firm Kpler showed. Another tanker, Sanmar Songbird, chartered by Indian state refiner Hindustan Petroleum Corp ( opens new tab, was scheduled to load gasoline from Nayara on Tuesday, according to three sources and LSEG data. But it has since been diverted to load from Mangalore Refinery and Petrochemicals Ltd ( opens new tab, sources said. The diversion was due to the sanctions and the lack of available insurance cover for the voyage, they said. HPCL and Sanmar did not immediately respond to requests for comment. India has become the biggest importer of Russian seaborne crude since Moscow launched its full-scale invasion of Ukraine in early 2022. Last week, Reuters reported that a tanker carrying Russian Urals crude was diverted from Nayara's Vadinar port following the EU sanctions announcement, while two other tankers skipped loading refined products there. Nayara's CEO resigned in the wake of the new sanctions, and the company filed a court case in India against Microsoft (MSFT.O), opens new tab after the U.S. software giant suspended services to the firm.
The Guardian
12 minutes ago
- The Guardian
Donald Trump increases his golf footprint in Scotland while world looks elsewhere
Even a cursory glance towards the scale of this year's Open Championship at Royal Portrush emphasised why ongoing and occasionally fevered chatter about Turnberry staging the world's oldest major is futile. Whether the Turnberry owner was Donald Trump or Donald Duck, its lack of adjacent infrastructure makes it unfit for the Open. The Ayrshire venue, lauded again by its owner Trump during a visit in recent days, is simply incapable of hosting the Open in its present form. This need not be an uncomfortable reality for the US president, who can secure at least a portion of the profile and kudos he desires for Turnberry – one of the world's most outstanding golf courses – from an alternative source. It would, in fact, now be a surprise if Turnberry does not appear on the Scottish Open's rota at some point soon. Mutual convenience is staring us all in the face if Trump can even temporarily accept a prize which sits in the shadow of the championship he has craved since buying Turnberry in 2014. The European Tour Group has proved adept at navigating choppy sporting waters. Or, perhaps, merely dealing with the same away from prying eyes. It was the DP World Tour, formerly European, which eased Saudi Arabia into the golf mainstream and it is the same tour which allows Jon Rahm and Tyrrell Hatton to pursue Ryder Cup ambitions while technically in dispute over fines issued for participation in LIV competitions. As eyes fix on Royal Porthcawl and the Women's Open this week, where Lottie Woad will look to continue her vertiginous rise, the Legends Tour – Europe's domain for senior citizens – will stop off at Trump Aberdeen. Only days later, the DP World Tour's Nexo Championship is to be contested at the same venue. The European Tour Group has continued its trick of hiding in plain sight by arranging these events with no backlash whatsoever. Not so much as a raised eyebrow; a scenario that will inevitably continue as the tournaments take place. Depending on one's viewpoint, this is either a tremendous example of public relations or an ominous sign that few people care about the European Tour Group's approach to business. This is not at all to suggest protest or hand-wringing is essential, rather that Trump has quietly and already increased his golfing footprint in a land far from home. The Scottish government has even contributed £180,000 of public money to the Nexo Championship. The stakes look set to be raised. Doonbeg, now Trump Ireland, is known to be under consideration to stage the Irish Open. Reports suggest that could happen as quickly as 2026. Doonbeg and the Irish Open looks a strong alliance; a stunning location which also boasts hotel accommodation. Ireland, like Scotland, should have links venues for its national open. Guy Kinnings, the European Tour Group's chief executive, attended a function in Trump's company in Aberdeenshire on Monday evening before being present for the opening of the president's New Course on the Menie Estate. As Trump cut the ribbon on the New Course, Kinnings was one of just four people standing behind him; two were the president's sons. The Scottish Open's present base at the Renaissance Club in East Lothian is convenient. Leading players can stay on or close to the venue. Renaissance's American owners want the Scottish Open to stay there in perpetuity. The tournament offers a form of seaside preparation immediately before the Open. Last month's edition, though, bore witness to audible grumbles from golfers about the nature of that test. It is impossible to shake the feeling that Scotland has too many exceptional, true links courses for this competition to remain at its current home. Chief among them? Turnberry. There may be a necessary break to Renaissance's run. The R&A will give the Open an overdue return to Muirfield at some point, meaning it would be logistically impossible to stage the previous week's Scottish equivalent at a course which is basically next door. A switch to the west coast would make perfect sense at that point. Any suggestion Turnberry would be banned from future Open duties by hosting the DP World Tour is undermined by the fact professionals and amateurs crash around St Andrews and Carnoustie every year at the Dunhill Links Championship. Turnberry could not only handle a Scottish Open but would be a celebrated venue. 'We love Scotland,' Trump announced before boarding Air Force One on Tuesday. Get ready for a lot more of the same.
Reuters
12 minutes ago
- Reuters
Oil prices rise 1% on trade war relief, US pressure on Russia
NEW YORK, July 29 (Reuters) - Oil prices rose on Tuesday, extending the previous day's rally, on optimism that a trade war between the United States and its major trading partners was abating and as President Donald Trump ramped up pressure on Russia over its war in Ukraine. Brent crude futures were up 95 cents, or 1.36%, at $70.99 a barrel at 12 p.m. EDT (1600 GMT), having touched their highest since June 23, while U.S. West Texas Intermediate crude was at $67.70, up 99 cents, or 1.48%. Both contracts settled more than 2% higher in the previous session. The trade agreement between the United States and the European Union, while imposing a 15% import tariff on most EU goods, sidestepped a full-blown trade war between the two major allies that would have rippled across nearly a third of global trade and dimmed the outlook for fuel demand. "There is definitely some optimism around the trade deals," said Bob Yawger, director of energy futures at Mizuho. "It's not perfect, especially for the Europeans, but it is better than it could have been by a long shot." The agreement also calls for $750 billion of EU purchases of U.S. energy over the next three years, which analysts say the bloc has virtually no chance of meeting, while European companies are to invest $600 billion in the U.S. over Trump's second term. Top economic officials from the U.S. and China finished meetings in Stockholm that were aimed at resolving longstanding economic disputes and stepping back from an escalating trade war between the world's two biggest economies. Trump set a new deadline on Monday of "10 or 12 days" for Russia to make progress toward ending the war in Ukraine. Trump has threatened sanctions on both Russia and buyers of its exports unless progress is made. "Oil prices rallied after President Trump said he would shorten the deadline for Russia to come to a deal with Ukraine to end the war, raising supply concerns," ING analysts said in a note. Market participants are also waiting to hear the outcome of the U.S. Federal Open Market Committee meeting on Tuesday and Wednesday. The Fed is widely expected to hold rates but could signal a dovish tilt amid signs of cooling inflation, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova.
