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Time of India
26 minutes ago
- Time of India
Tee time with Trump: US President caps his Scotland visit by opening a new golf course
U.S. President Donald Trump cut the ribbon to his new golf course in Aberdeenshire on Tuesday (July 29) during his visit to Scotland. Accompanied by bagpipes, Trump greeted the audience as he arrived at the opening ceremony before teeing off on the Trump International Golf Links Aberdeen in Balmedie. The U.S. president is scheduled to visit the UK again in September, where he will be hosted by King Charles for a state visit. After accepting an invitation presented to him during British Prime Minister Keir Starmer's visit to the White House in February, Trump will become the first world leader in modern times to undertake two state visits to Britain. Show more Show less
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First Post
26 minutes ago
- First Post
US-China trade talks resume in Stockholm as August 12 tariff deadline looms
US and Chinese officials resumed critical trade talks in Stockholm on Tuesday, aiming to de-escalate a mounting economic standoff. read more A US and Chinese flag flutter outside Sweden's government offices "Rosenbad" in Stockholm, Sweden, July 29, 2025, ahead of the second day of trade talks between China and the US. Reuters US and Chinese officials began a second day of talks in Stockholm on Tuesday to resolve longstanding economic disputes and step back from an escalating trade war between the world's two biggest economies. The meetings may not yield immediate large breakthroughs but the two sides could agree to another 90-day extension of a tariff truce struck in mid-May. It may also pave the way for a potential meeting between US President Donald Trump and Chinese President Xi Jinping later in the year, though Trump on Tuesday denied going out of his way to seek one. STORY CONTINUES BELOW THIS AD The delegations met for more than five hours on Monday at Rosenbad, the Swedish prime minister's office in central Stockholm. Neither side made statements after the first day of talks. US Treasury Secretary Scott Bessent was seen arriving at Rosenbad on Tuesday morning after a separate meeting with Swedish Prime Minister Ulf Kristersson. China's Vice Premier He Lifeng also arrived at the venue. China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration, after reaching preliminary deals in May and June to end weeks of escalating tit-for-tat tariffs and a cut-off of rare earth minerals. Without an agreement, global supply chains could face renewed turmoil from US duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. The Stockholm talks follow Trump's biggest trade deal yet with the European Union on Sunday for a 15% tariff on most EU goods exports to the United States, and a deal with Japan. That agreement has brought a measure of relief to the EU but also frustration and anger, with France denouncing the deal as a 'submission' and Germany, Europe's largest economy, also warning of 'significant' damage. STORY CONTINUES BELOW THIS AD China can exercise a degree of leverage with its grip on the global market for rare earths and magnets, used in everything from military hardware to car windshield wiper motors, analysts say. Unlike the EU, it also does not rely on the United States for security ties and can let trade talks play out for several more months, Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, told Reuters. 'China is well aware of its strong negotiating position, as could clearly be seen in the temporary escalation observed in April,' he said. 'But over Europe always hangs the Damocles sword of the US withdrawing its security guarantee, and that is why the EU did not escalate the situation like China did.' Trump on Xi meeting The Financial Times reported on Monday that the United States had paused curbs on tech exports to China to avoid disrupting trade talks with Beijing and support Trump's efforts to secure a meeting with Xi this year. STORY CONTINUES BELOW THIS AD Trump pushed back against suggestions he was seeking a meeting with Xi. 'This is not correct, I am not SEEKING anything! I may go to China, but it would only be at the invitation of President Xi, which has been extended. Otherwise, no interest!' he wrote on Truth Social on Tuesday. Previous US-China trade talks in Geneva and London in May and June focused on bringing US and Chinese retaliatory tariffs down from triple-digit levels and restoring the flow of rare earth minerals halted by China and Nvidia's H20 AI chips, and other goods halted by the United States. Among broader economic issues, Washington complains that China's state-led, export-driven model is flooding world markets with cheap goods, while Beijing says US national security export controls on tech goods seek to stunt Chinese growth. Bessent has already flagged a deadline extension and has said he wants China to rebalance its economy away from exports to more domestic consumption – a decades-long goal for US policymakers. STORY CONTINUES BELOW THIS AD
Mint
26 minutes ago
- Mint
Market weakness temporary; earnings and capex cycle to drive recovery: Mansi Patel
The Indian stock market has remained range-bound with a negative bias since the start of July. The trend began to shift in late June, after benchmark indices touched a nine-month high. Following the rally that pushed the Nifty 50 and Sensex near record highs, investors have been awaiting clearer earnings signals to justify valuations. However, a muted start to the June-quarter results has dampened sentiment. The absence of fresh triggers and uncertainty surrounding a potential India–US trade deal has also kept investors cautious. The correction has been more pronounced in mid- and small-cap segments, due to their lower liquidity and greater sensitivity to risk-off sentiment. Amid this backdrop of macroeconomic headwinds and earnings uncertainties, Mansi Patel, Head – Investment Counsellor, Institution, shares her insights on the current market trajectory. She discusses what's driving the ongoing correction, whether it presents a buying opportunity, and how sectoral earnings upgrades, rural recovery, and a robust capex cycle could shape equity market trends in the coming months. Edited excerpts: While company-specific earnings remain critical in the long term, macroeconomic forces are currently shaping the ongoing correction in Indian equities. Global macro headwinds—particularly sticky U.S. inflation and elevated bond yields—are the primary culprits. These factors have triggered a broad-based risk-off sentiment and delayed hopes of U.S. Fed rate cuts, resulting in Foreign Institutional Investors (FIIs) turning net sellers after steady inflows in April–May. In contrast, Domestic Institutional Investors (DIIs) have offered strong support, reflecting their belief in India's structural earnings story. Backed by a relatively stable rupee, robust GDP growth, and healthy tax collections, DIIs have continued deploying capital. Notably, the correction has been more pronounced in the mid- and small-cap segments due to lower liquidity and higher volatility. On the earnings front, Q1 FY26 has been a mixed bag. While global-facing sectors like IT services and select NBFCs have seen some softness, large private banks, auto names, and capex-linked industrials have largely met or exceeded expectations so far. Fundamentally, India Inc. remains on solid ground, even if temporarily overshadowed by global developments. The current correction is in line with historical patterns. Over the past decade, the Nifty 50 has seen nearly one 10%+ correction each year, followed by strong rebounds. Excluding black swan events like COVID-19, these corrections have averaged around 11–12%. Institutional consensus suggests this is a healthy pause, not the beginning of a bear market. Despite external headwinds, India's macro setup remains robust—Q4 FY25 GDP growth stood at 7.4%, and rural demand and capex momentum are strengthening. This pullback offers a strategic opportunity to accumulate high-quality stocks at more attractive valuations, especially in sectors like financials, infrastructure, and consumption. A balanced approach is advisable: core exposure to large caps for stability and selective entry into mid- and small-cap ideas with strong fundamentals. Yes, several domestic-facing sectors are poised for earnings upgrades in the coming quarters. Capital goods and infrastructure remain front-runners, powered by the government's ₹ 11.11 lakh crore capex outlay in FY26. Companies like L&T, Siemens India, and ABB are benefiting from strong order inflows and improved execution efficiency. In financials, private banks and NBFCs such as ICICI Bank, Bajaj Finance, and SBI are expected to see stable NIMs and strong credit growth. Manufacturing and industrials are gaining from PLI schemes and the China+1 strategy, benefiting players like Bharat Forge and Cummins India. Auto and auto ancillaries are seeing rural-led demand revival and softer raw material costs, boosting earnings visibility for names like M&M and Bajaj Auto. Healthcare and diagnostics too are on a recovery path, with improving volumes and margin support—players like Apollo Hospitals and Dr. Reddy's stand to benefit. However, global-facing sectors like IT services and chemicals may remain under pressure due to sluggish overseas demand. Corporate commentary on rural markets has turned distinctly positive. NielsenIQ data shows rural FMCG sales grew 11% in Q4 FY25, far outpacing urban growth of 2.6%. FMCG majors like HUL and Colgate report stronger traction in rural areas, especially in smaller SKUs and hygiene products. This recovery is underpinned by better monsoons, rising farm incomes, and lower inflation. Simultaneously, the capex outlook is strengthening. Large banks like SBI and ICICI Bank are witnessing increasing demand for project financing across manufacturing, agriculture, and infrastructure. Energy majors like NTPC and Adani Energy are ramping up investments, while infra players like L&T and KNR Construction report robust pipelines. This dual tailwind of rural consumption and industrial investment bodes well for sustained economic growth. Yes, we continue to accumulate select sectors that align with India's structural and policy-led growth trajectory. Infrastructure, capital goods, and power remain top picks due to the strong capex cycle and government spending. Financials—particularly private banks and high-quality NBFCs—offer stability and earnings momentum. Consumer staples are showing rural-led demand revival, while healthcare is benefiting from volume growth and normalizing input costs. Sectors aligned with digital transformation, such as automation and fintech infrastructure, also present long-term potential. These areas remain core to our buy-on-dips strategy. In the near term, large caps are better positioned due to their stable earnings, stronger balance sheets, and ability to weather macro volatility. Blue-chip names like HDFC Bank, Infosys, and L&T continue to attract institutional flows, especially during FII pullouts. However, recent corrections have improved valuations in mid- and small-cap spaces, reviving interest among long-term investors. With Q1 earnings showing resilience and improved corporate guidance, selective accumulation in quality mid-cap financials, capital goods, and consumption names is underway. A barbell strategy—anchoring portfolios with large-caps while selectively adding high-conviction mid- and small-caps—is the most prudent approach in the current cycle. Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
