India's equity benchmarks set to open near one-month low
The Gift Nifty futures were trading at 24,841 points as of 8:04 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open near Friday's close of 24,837.
The benchmark hit its lowest level since June 20 at 24,806.35 points in the previous session
The Nifty 50 and 30-stock Sensex (.BSESN), opens new tab have logged four consecutive weekly losses due to weak earnings, foreign outflows and uncertainty over U.S.-India trade deal.
Negotiations between India and the United States remained deadlocked over tariff cuts on agriculture and dairy products, dimming hopes of an interim deal ahead of U.S. President Donald Trump's August 1 deadline.
Meanwhile, the U.S. struck a framework trade agreement with the European Union over the weekend, averting a bigger trade war between the two allies, which account for almost a third of global trade.
The easing global trade tensions buoyed equities globally. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab was up 0.2%, just shy of the almost four-year high it touched last week.
Kotak Mahindra Bank (KTKM.NS), opens new tab will be in focus on the day after India's No. 3 lender by market capitalisation reported a drop in first-quarter profit on Saturday, as it set aside more funds for potential bad loans and saw a contraction in lending margins.
** India's largest IT services provider Tata Consultancy Services (TCS.NS), opens new tab will reduce its workforce by 2%, affecting roughly 12,200 employees, in fiscal year 2026 as it deploys AI and other technologies while entering new markets and contending with an uncertain demand outlook
** Bank of Baroda (BOB.NS), opens new tab posts higher profit and interest income for April-June quarter, and says it is targeting a 9%-10% growth in corporate loans for fiscal year 2026
** Homebuilder Sobha's (SOBH.NS), opens new tab first-quarter profit more than doubled, helped by higher prices and sustained demand for premium apartments
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The Guardian
15 minutes ago
- The Guardian
European leaders express concerns over new trade deal with US
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The Guardian
15 minutes ago
- The Guardian
US-EU trade deal criticised by German business leaders and French minister
The US-EU trade deal clinched in a ballroom at Donald Trump's golf resort in Scotland on Sunday has been criticised by business leaders in Germany and by a French government minister. The deal, which will impose 15% tariffs on almost all European exports to the US including cars, ends the threat of a punitive 30% import duties being imposed on Trump's 1 August deadline for a deal, but it is a world apart from the zero-zero import and export tariff the EU offered initially. It also means European exporters to the US will face more then triple the average 4.8% tariff they now pay, with negotiations to continue on steel which is still facing a 50% tariff, aviation, and a question mark over future barriers to pharmaceutical exports. The German chancellor, Friedrich Merz, rapidly hailed the deal, saying it avoided 'needless escalation in transatlantic trade relations' and averted a potentially damaging trade war. But German exporters were less enthusiastic. The powerful BDI federation of industrial groups said the accord would have 'considerable negative repercussions', while the country's VCI chemical trade association said the accord left rates 'too high'. It is also clear that the US tariff of 15% on automotive products will place a burden on German automotive companies in the midst of their transformation, hitting sales and profits. The president of the car industry federation VDA, Hildegard Müller, said it was 'fundamentally positive' that a framework deal was agreed but warned of huge costs to come. European stock markets rallied at the start of trading on Monday, amid relief that a deal had been reached. Germany's Dax jumped by 0.86%, and France's Cac 40 index rose by 1.1%. Ireland, one of the EU's top exporters to the US, said on Sunday it welcomed the deal for bringing 'a measure of much-needed certainty', but that it 'regrets' the baseline tariff, in a statement by its deputy prime minister, Simon Harris. France's minister for Europe, Benjamin Haddad, said on Monday that the agreement would provide 'temporary stability … but it is unbalanced'. The German bank Berenberg said the deal brought the 'crippling uncertainty' to an end but said it was a victory for Trump. 'It is great to have a deal. In two major respects, however, the outcome remains much worse than the situation before Trump started his new round of trade wars early this year,' said Holger Schmieding, Berenberg's chief economist. 'The extra US tariffs will hurt both the US and the EU. For Europe, the damage is mostly frontloaded,' Schmieding said in a note to clients on Monday morning. 'The deal is asymmetric. The US gets away with a substantial increase in its tariffs on imports from the EU and has secured further EU concessions to boot. In his apparent zero-sum mentality, Trump can claim that as a 'win' for him,' Schmieding added. The Italian bank UniCredit also said Trump had got the better out of the EU. 'Is this a good deal for the EU? Probably not. The outcome is heavily asymmetrical, and it leaves US tariffs on imported EU goods at much higher levels than EU tariffs on imports from the US,' UniCredit said in a note to clients. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion 'Fifteen per cent is not to be underestimated, but it is the best we could get,' the European Commision president, Ursula von der Leyen, acknowledged. Initially the EU had tried to hardball the US by threatening but pausing €21bn (£18bn) worth of retaliatory measures in April, and adding another list of €73bn worth of US imports that would be taxed earlier this month. But it pivoted to a quick UK-style deal after the Nato summit in June, swapping a comprehensive trade deal for security and defence promises from Trump. By contrast, China, which threatened the US with a cascade of punitive tariffs, is still negotiating with Trump, who over the weekend froze technology transfer restrictions to create space for a deal with Beijing. Berenberg said the deal would impact the German economy, but the decline in growth would be offset by the Bundestag's recent growth stimulus package, it added. The EU had pushed for a compromise on steel that could allow a certain quota into the US before tariffs would apply. Trump appeared to rule that out, saying steel was 'staying the way it is', but von der Leyen insisted later that 'tariffs will be cut and a quota system will be put in place' for steel. He also ruled out a carve-out for pharmaceuticals but later von der Leyen said the 15% tariff would apply to EU medicine exports and that any other tariffs were up to the US president. The EU is now subject to a 25% levy on cars, 50% on steel and aluminium, and an across-the-board tariff of 10%, which Washington had threatened to increase to 30% in a no-deal scenario. The bloc had been pushing hard for tariff carve-outs for critical industries from aircraft to spirits, and its car industry, crucial for France and Germany, is already reeling from the levies imposed so far.
Reuters
15 minutes ago
- Reuters
Explainer: Why Big Alcohol needs US tariff relief in five charts
LONDON/NEW YORK, July 27 (Reuters) - European Union wine and spirits producers could emerge among the few winners of a EU-U.S. trade deal agreed at the weekend that some European officials consider unbalanced. The high-level agreement, which imposes a 15% baseline duty for most EU goods entering the United States, is set to include tariff exemptions for some agricultural products, still to be hammered out. Alcoholic beverages could be among those, according to trade and industry officials. "We are optimistic that in the days ahead this positive meeting and agreement will lead to a return to zero-for-zero tariffs for U.S. and EU spirits products," Distilled Spirits Council President and CEO Chris Swonger said in a statement in response to the U.S.-EU agreement. On Monday, French Trade Minister Laurent Saint Martin also said he expected the spirits sector to be exempted from U.S. tariffs. If confirmed, an exemption would offer a lifeline to alcohol players including the world's biggest spirits maker, Diageo (DGE.L), opens new tab, Pernod Ricard ( opens new tab, Remy Cointreau ( opens new tab and Campari ( opens new tab, all of which are very exposed to vast U.S. market and whose profits have already taken a big hit as consumers spend less on drink. Shares in Pernod, Diageo and Campari initially rose in early trade. But they stood 1.3%, 0.4% and 0.3% lower by 0707 GMT. Shares in Remy fell 2.2%. Alcohol is among the EU's top exports to the United States, worth about 9 billion euros ($10.5 billion) in 2024, according to Eurostat data, with certain products like Remy Martin cognac and champagne required to be produced in specific European regions. About one-third of all exports of Irish whiskey such as Pernod Ricard's Jameson are destined for the United States. Earlier in July, President Donald Trump had threatened a crippling 30% tariff that some industry experts said could stop flows of certain EU goods towards the United States. The United States accounts for about 18% of exports for another exclusively French product, champagne. Of all exports of cognac from its namesake region in France, about 43% end up in the United States. LVMH ( opens new tab owns Hennessy Cognac. Remy Cointreau, which makes more than 70% of its sales from French-made cognac, is among the alcohol makers hit hardest by tariffs. It has pegged the hit from tariffs imposed globally at about 45 million euros. For cognac makers, the U.S. tariffs represent a fresh challenge after producers of the drink managed this month to avert the threat of duties of up to around 35% from China. For Spanish and Italian wines, around 14% and 24% of total exports, respectively, are sold in the United States. Beer brewers and makers of popular ready-to-drink cocktails will, however, continue to face tariffs on imported aluminum they may use for cans. Under the EU-U.S. deal struck on Sunday, Washington will continue to impose a levy of 50% on steel and aluminum entering the United States. ($1 = 0.8518 euros)
