Asian shares rise broadly, China benchmark index rise 0.72%
Investors watched the latest trade developments, with U.S. Commerce Secretary Howard Lutnick saying he was confident the U.S. and the EU could reach a trade deal before August 1.
U.S. stock futures edged higher ahead of key earnings reports from major tech companies, with Tesla and Google parent Alphabet set to unveil their earnings results on Wednesday, followed by Intel on Thursday.
Investors also looked ahead to a busy week of U.S. housing market data and comments from central bankers, including Federal Reserve Chairman Jerome Powell at a banking conference, as Trump piles pressure on him over rates and renovations at the U.S. central bank's headquarters.
Gold prices rose on a weakening dollar as investors debated the Federal Reserve's next move and U.S. President Donald Trump reiterated that a 10 percent tariff would be imposed on any BRICS nation actively working to bypass the dollar in international trade.
Oil prices were marginally lower in Asian trade as investors weighed the prospect of increased supply from OPEC+ against new sanctions on Russia.
China's Shanghai Composite index climbed 0.72 percent to 3,559.79 as the People's Bank of China held the 1-year loan prime rate at 3.0 percent and 5-year LPR at 3.5 percent, as expected.
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Hindustan Times
2 hours ago
- Hindustan Times
No trade talks for now: Trump; Goyal says ‘not bowing down'
US President Donald Trump on Thursday rejected stepping up trade negotiations with India until the tariff dispute is resolved, clouding plans for discussions between officials of both countries later this month. President Donald Trump's initial 25% reciprocal tariff took effect on Thursday, and an additional 25% penalty for purchasing Russian energy is slated to kick in after August 27. (REUTERS) 'No, not until we get it resolved,' Trump said at the Oval Office when asked about increased trade negotiations with India, following his August 7 executive order that doubled tariffs on Indian goods to 50%—among the highest levied on any US trading partner. Assistant US Trade Representative Brendan Lynch is expected to visit India on August 25 for another round of trade talks, with both sides having invested months of intensive negotiations pursuing a bilateral agreement. Trump's initial 25% reciprocal tariff took effect on Thursday, and an additional 25% penalty for purchasing Russian energy is slated to kick in after August 27. Even as Trump closed the door on immediate negotiations, commerce minister Piyush Goyal delivered a defiant response, declaring India 'will never bow down in front of anyone' while vowing to protect farmers and small businesses from tariff impact. 'The country's morale is very high with immense domestic capabilities to convert adversities into opportunities,' Goyal said at the Business Today India@100 Summit in New Delhi, citing India's response to the Covid pandemic as an example of national resilience. 'When rich countries denied vaccines to India during the pandemic period, we not only manufactured our own vaccines and vaccinated 250 crore Indians free of cost but we also gave vaccines to the poor countries,' he said in tacit reference to current global disruptions from US punitive tariffs. Indian negotiators led by special secretary Rajesh Agrawal visited Washington from July 14-17 but left without concluding an agreement. The stalemate contrasts with Trump's recent diplomatic success, with his administration announcing trade agreements with the EU, Japan, and Indonesia while talks with India remained deadlocked. US trade representative Jamieson Greer and commerce secretary Howard Lutnick have stated Trump seeks wider market access commitments from India, particularly in agriculture and dairy sectors New Delhi has refused to open. Treasury Secretary Scott Bessent called India 'recalcitrant' on market access concessions while reiterating White House concerns about Russian energy purchases. The tariffs threaten most of India's $86.5 billion annual exports to the US, though exemptions for electronics, pharmaceuticals, and energy products protect an estimated 45-50% of bilateral trade. India has called the tariffs 'unjustified and unreasonable' whilst arguing Western countries maintain extensive trade relationships with Russia. Goyal dismissed deglobalisation concerns, arguing countries are 'restructuring their trade routes and partners.' 'I am quite confident this year, India will do more exports than we did last year,' he said, citing recent free trade agreements with the UK and European Free Trade Association as evidence of India's expanding global partnerships.
Time of India
3 hours ago
- Time of India
US tariffs: Shoemakers take measured steps
MUMBAI: At the heart of India's non-leather footwear manufacturing hub in Tamil Nadu where global brands such as Nike, Puma, Crocs and Adidas are pouring in several thousand crores of investments, there is worry over the looming US tariff threat of 50%. Brands are looking to reroute some of their orders to the US through other Asian hubs and players including American firms Crocs and Nike may be putting a pause on new export orders to the US from India until there is further clarity on trade talks between the two countries, sources indicated. A 25% tariff has already eroded India's export competitiveness compared to other regions such as Vietnam and Indonesia and another 25% would altogether bring business activity to a halt, fear exporters. "Indian manufacturers will lose out on US orders. Those will start getting shifted to places like Vietnam," said an industry source. In the apparel sector, US retailers are putting pressure on exporters to shift production for the US to other locations such as Bangladesh and Vietnam, said Pallab Banerjee, MD at cloth manufacturer Pearl Global which counts major US brands among its customers. "Orders that are on the way are not impacted but 50% tariff will not be viable for anyone. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like With temperatures hitting 95°F, this is the mini air conditioner everyone's buying in the U.S News of the Discovery Undo For us, production for US will now move to our factories in other manufacturing countries," said Banerjee. For Pearl's India factories, US accounts for 50% of its production. Mails sent to Walmart, Gap remained unanswered. Sources familiar with the matter said that Walmart has not paused or cancelled orders as of now. Not all doom and gloom Brands are certainly not reviewing their India growth plans or the idea to remain invested in the country; not now at least. Most of them are on a wait and watch mode and will take decisions based on how the deal talks between India and US pan out later this month. "Companies will wait until there is clarity. But if the 50% tariff indeed gets applied, most of the orders to the US from India will stop getting shipped from that day," said Simon Lee, vice-president at the Taiwan Chamber of Commerce in India. Detailed questionnaires sent to the global teams of Puma, Adidas, Nike, Converse and Crocs didn't elicit a response. Puma and Adidas, however, indicated that India remains an important sourcing market for them. Sivaramakrishnan Ganapathi, managing director and vice chairman at Gokaldas Exports, said that the company has started to diversify the markets where it sells and the FTA with UK will be a big help. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Time of India
3 hours ago
- Time of India
US duty bump jolts JLR, dents Tata Motors profit in Q1
MUMBAI: The profitability of Tata Motors ' cash cow, Jaguar Land Rover, was hit by tariffs imposed by US President Donald Trump, resulting in a 30% fall in the overall profitability of the Indian company. Outgoing JLR chief Adrian Mardell anticipates new trade deals signed between the US and the UK, effective June 30, and between EU and US, announced on July 27, reducing tariffs on UK-produced and EU-made vehicles exported to America from 27.5% to 10% and 15%, respectively, will lessen the financial impact of US tariffs on the business in following quarters. Operating profit of JLR slipped 49% to 351 million pounds or Rs 4,130 crore in Q1FY26. Revenue at JLR, acquired by Tata Motors in June 2008, also decreased by 10% to 6.6 billion pounds or Rs 77,662 crore as it ceased exports to the US for nearly a month in April in response to the tariffs imposed by Trump and phased out older Jaguar models primarily made in the UK. The US is the most important export market for JLR, accounting for nearly a quarter of its sales. These earnings come just eight days after JLR announced Mardell's exit from the company, where he has worked for 35 years and overseen its strongest profit in a decade. Incoming JLR CEO P B Balaji brushed off criticism from Trump, who accused JLR of being in "absolute turmoil" and labelled its recent marketing campaign as "stupid" and "woke". Despite this, JLR is standing by its new branding. Tata Motors' profit reduced to Rs 4,003 crore in Q1 FY26. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
