Global markets today: Nikkei 225 hits record high, Kospi rises marginally on US-China trade truce extension
Attention remains on Australian markets, with the Reserve Bank of Australia widely anticipated to cut cash rates later in the day.
Japan's Nikkei 225 hits record high as market resumes after a holiday. The index gained 1.26 per cent, while the broader Topix index climbed 0.74 per cent.
In South Korea, the Kospi rose 0.66 per cent and the Kosdaq added 0.4 per cent. Meanwhile, Australia's S&P/ASX 200 benchmark traded flat.
(This is a developing story)
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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They've proved powerful in the past in effecting political change. A year-long protest by hundreds of thousands of farmers forced Modi's government to repeal three contentious agricultural reform laws in late 2021. In a meeting with farmer groups on Tuesday, Agriculture Minister Shivraj Singh Chouhan hailed the importance of the sector. An official statement that followed the meeting cited several farmer groups pledging their support to Modi's government.'The courageous decision not to allow American companies into our agriculture and dairy sectors is echoing in every field, village, and cowshed,' Virendra Lohan of the Chhattisgarh Youth Progressive Farmers' Association said in the statement. 'You have shown that the Indian farmer is not just a food provider but the very soul of this nation, a soul no foreign power can ever control.'Nalin Kohli, spokesperson for the ruling BJP, said India will continue to be driven by national priorities and 'at no cost can we cause any prejudice or risk to our farmers, agriculture and other similar sections of society.'Domestic media have largely rallied behind the government's pushback against US pressure. Prominent commentators — and even some opposition figures — have called Trump a 'bully' in recent days. Meanwhile, Swadeshi Jagran Manch, a group linked to the BJP, is pushing Indians to boycott some American goods and food chains, like McDonald's, Reuters reported on the sharpest rhetoric from Modi's officials, Defence Minister Rajnath Singh said Sunday efforts to penalize India reflect unease with the country's rising global stature. Without naming anyone, he took a veiled swipe at the US president, saying someone who sees himself as 'everyone's boss' is rattled by India's US tensions are also serving to shift attention away from recent scrutiny over a controversial revision of electoral rolls in Bihar that opposition leaders warned could disenfranchise millions from marginalized communities. Opposition groups led by the main Indian National Congress have accused the Election Commission of India of voter fraud and demanded an end to the exercise. Lawmakers have repeatedly disrupted the current parliamentary session taking place in New Delhi, demanding a debate on the matter. On Monday, police prevented Rahul Gandhi, the main face of the Congress party, from leading a protest march to the commission's offices, briefly detaining some of the protesters. Gandhi has called out Modi for his friendly ties with Trump, saying it was a misstep to align so early with a leader who's proved to be fickle. Congress President Mallikarjun Kharge accused Modi of failing to do enough to cushion the impact on farmers, even though Trump had been threatening reciprocal tariffs for months. Modi's strategy may hold for now, but analysts warn it could falter if economic pain from Trump's tariffs intensifies. Citigroup Inc. estimates that 50% tariffs would reduce India's annual economic growth by as much as 0.8 percentage points.'Trump is being a bully with regards to India and its natural for Indians to want to stand with the leaders,' said Neelanjan Sircar, an associate professor at Ahmedabad University. 'Modi might use this for his advantage but it will all depend on how economic pain pans out.'
