Eyeing Arctic dominance, Trump bill earmarks $8.6 billion for US Coast Guard icebreakers
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Time of India
37 minutes ago
- Time of India
Iran To Attack U.S. Bases In Saudi Arabia? MBS In Action, Deploys THAAD Air Defence System
Iran To Attack U.S. Bases In Saudi Arabia? MBS In Action, Deploys THAAD Air Defence System | Watch Source: Saudi Arabia has officially activated its first Terminal High Altitude Area Defense (THAAD) system in Jeddah after successful testing and training. This move aims to bolster Riyadh's defensive capabilities. The inauguration comes weeks after Iran struck a U.S. airbase in Qatar on June 23, following a U.S. bombing of three Iranian nuclear facilities on June 22. Both strikes occurred amidst a 12-day war between Israel and Iran. The THAAD system, operating on a "hit-to-kill" method, can detect missiles over 2,000 km away. Saudi Arabia reportedly bought the THAAD battery for $15 billion during Trump's first term, with plans for six more. The Trump administration also approved $3.5 billion in weapons sales to Riyadh in June and precision-guided weapon sales in March.
Time of India
38 minutes ago
- Time of India
US dollar drops more that 10%; economists warns of prolonged decline- worst start in 50 years
Representative image credits: AFP The US dollar has dropped more than 10 per cent in the first half of 2025, marking its sharpest six-month decline since 1973, and sparking fresh warnings from economists and currency experts about the potential for heightened financial market volatility. Despite a full rebound in US stock markets, with the S&P 500 and Nasdaq recently hitting record highs, the falling dollar and surging long-term treasury yields point to growing investor concerns over the stability of US financial assets. Analysts link the selloff to US President Donald Trump's unpredictable economic policies and weakening confidence in the federal reserve. "It's US exceptionalism basically falling by the wayside and the rest of the world playing catch-up," said Erik Nelson, macro strategist at Wells Fargo, predicting continued dollar depreciation as other global economies catch up, according to AFP. The ICE US dollar index, which measures the greenback against a basket of major currencies, fell 10.7 per cent through June, its worst start to a year in over five decades. The euro has been a major beneficiary, gaining over 13 per cent this year thanks to Germany's fiscal spending and ECB rate cuts. Dollar weakness raises red flags Economists say global investors are rethinking their reliance on the dollar as a safe haven currency. Joseph Brusuelas, chief economist at RSM US, called the current retreat the start of a 'multi-year unwinding' of the dollar's 14-year bull run. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Providers are furious: Internet access without a subscription! Techno Mag Learn More Undo Harvard economist Kenneth Rogoff, author of Our Dollar Your Problem, pointed to a growing trend among central banks in China and other nations to diversify away from the dollar, a trend accelerated by Trump's policies. 'I think we'll see a period of a lot of financial volatility, largely centered around the chaos in the United States," Rogoff said, citing threats to central bank independence and the rise of populism. Trump's actions adds to uncertainty The Trump administration has added to the volatility with conflicting signals on monetary and trade policy. Trump has publicly attacked fed chair Jerome Powell, demanding interest rates "at least two to three points lower," and called Powell "a stupid person." While treasury secretary Scott Bessent denied aiming for a weak dollar, analysts say the trend fits with the administration's manufacturing and onshoring strategy. "Lower interest rates and a weaker dollar would enable the US to strengthen its economic self-sufficiency and increase onshoring," reported AFP quoting Jason Schenker of Prestige Economics. In April, Trump reversed new tariffs announced just a week earlier after a surge in Treasury yields caused a stock market dip. He later said he had no plans to remove Powell, walking back earlier threats. So far, US equities remain strong, seemingly unaffected by the dollar's drop. But some experts warn the situation could shift quickly. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
38 minutes ago
- Business Standard
Sensex, Nifty fall on profit booking; defence, capital market stocks shine
Stock markets in India took a volatile turn on Friday, July 4, as investors exhibited cautious move ahead of US President Donald Trump's looming tariff deadline next week. Benchmark equity indices, Sensex and Nifty, witnessed a downward movement after trading in the consolidation zone. At 11:45 am, BSE Sensex was trading at 83,061.50, down by 185 points or 0.22 per cent. Whereas, the 50-scrip index, Nifty, was down by around 66 points or 0.27 per cent, trading at 25,343.40. Broader markets followed suit as consolidated movement kept any prospective momentum in check. The Nifty Midcap 100 was trading at 59,474, up 0.35 per cent. Meanwhile, Nifty Smallcap also experienced a marginal decline of 0.2 per cent, trading at 18,974. From the Sensex Pack, Bajaj twins, Hindustan Unilever. Eternal (Zomato), Infosys and BEL were among the top gainers. Whereas, Trent, Tata Steel, Tech Mahindra, Mahindra and Mahindra, and Maruti Suzuki were among the top laggards. On the sectoral front, Nifty Auto was among the worst-performing indices, trading at 23,874, down by around 0.54 per cent. Nifty metals also fell sharply by 0.87 per cent and were trading at 9,539. Defence and Pharma were among the top-performing sectors. The Nifty Pharma index was trading at 22,339, up by 0.61 per cent. On the global front, Trump's 'Big Beautiful Bill' was passed in the House of Representatives. The bill will make the US president's 2017 tax cuts permanent and slash funding for green projects. Defence, capital market stocks in focus Defence Stock witnessed a sharp surge on Friday, even as the broader market mood remained flat. The Nifty India Defence index saw a rise of 1.4 per cent, trading above 8,980 and just a few inches away from its all-time high level. Hindustan Aeronautics Ltd and Bharat Electronics Ltd were among the lead gainers in the index. Shares of Bharat Dynamics Ltd and shipbuilder, Mazagon Dock, witnessed a surge of 1.26 per cent and 1.75 per cent, respectively. The uptrend in stock price came after the Defence Acquisition Council (DAC) announced the approval of 10 capital acquisition proposals worth ₹1.05 Lakh crore. "Key approvals include Armoured Recovery Vehicles, Electronic Warfare Systems, SAMs, Integrated Inventory Systems, Naval Mines, Mine Counter Measure Vessels, and Submersible Autonomous Vessels. These will enhance mobility, air defence, logistics efficiency, and maritime security," the Ministry of Defence mentioned in a social media post. Meanwhile, capital market stocks, including BSE, Angel One and Motilal Oswal Financial Services witnessed a major drop on D-street after the market watchdog, Securities and Exchange Board of India (Sebi), banned Jane Street Group and its associated entities from Indian markets. All eyes on earnings With markets trading in the consolidation zone, analysts believe that the upcoming earnings season will provide directional cues for the coming weeks. "The cap to the upside of the range is put by the tepid earnings growth and expectations of modest earnings growth in FY26. Investors should watch for possible changes in the earnings growth trajectory, the indications of which will be available in the Q1 results, which will start coming soon," said VK Vijayakumar, chief investment strategist at Geojit Investments.
