China benchmark edges up 0.13%
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
43 minutes ago
- First Post
'Silence only emboldens the bully': China envoy slams US for 50% tariff on India, says 'firmly stand' with New Delhi
China's envoy to India, Xu Feihong, called for greater trust and cooperation between New Delhi and Beijing, accusing the US of hypocrisy over tariffs and said PM Modi's upcoming visit to China for the SCO Summit could boost bilateral ties. China's ambassador to India Xu Feihong, on Thursday called for greater strategic trust and stronger cooperation between New Delhi and Beijing, stressing that the two neighbours should view each other as partners rather than competitors. 'China and India should enhance strategic mutual trust and avoid mutual suspicion. Both countries are partners, not rivals. We should manage differences through dialogue,' Xu said. He also highlighted the importance of unity and collaboration between the two Asian powers, noting that constructive engagement would help maintain stability and advance common interests. STORY CONTINUES BELOW THIS AD 'Silence only emboldens the bully' Speaking in New Delhi, Xu accused Washington of hypocrisy, saying that the US had long benefited from free trade but was now weaponising tariffs as bargaining tools. Xu further said 'US has long benefited from free trade but now uses tariffs as bargain chips. US imposed tariffs of up to 50% on India. China firmly opposes it. Silence only emboldens the bully. China will firmly stand with India,'. #WATCH | China's ambassador to India, Xu Feihong says, "...US has imposed tariffs of up to 50% on India and even threatened for more. China firmly opposes it. Silence only emboldens the bully. China will firmly stand with India ." — ANI (@ANI) August 21, 2025 Speaking on the broader geopolitical context, Xu Feihong said, 'The world today is experiencing a turbulent period; The international order is undergoing the most profound evolution since World War II…At this moment of turbulence and change, the significance of China and India relations has become increasingly evident. China-India cooperation benefits both countries.' STORY CONTINUES BELOW THIS AD 'The ambassador also highlighted progress in people-to-people exchanges, saying, 'China has resumed the visit of Indian pilgrims to the sacred mountain and lake, and India has resumed issuing tourist visas to Chinese nationals. Looking ahead, Xu Feihong expressed optimism about Prime Minister Narendra Modi's upcoming visit to China for the SCO Summit, saying, 'In the coming days, PM Modi will travel to China to attend the SCO Summit. I believe this visit will give a new impetus to China-India relations. 'This comes after Chinese Foreign Minister Wang Yi met PM Modi on Tuesday and handed over a message and an invitation from President Xi Jinping for the summit in Tianjin, providing context for the upcoming visit. The Prime Minister thanked President Xi for the invitation to the SCO Summit and conveyed his acceptance. The SCO summit will be held in Tianjin from August 31 to September 1. With inputs from agencies
Time of India
an hour ago
- Time of India
US central bank under scrutiny as Donald Trump criticizes Powell; Jackson Hole braces for high-stakes speech, why Fed independence matters
The battle over the independence of the US Federal Reserve has intensified, with President openly calling for the resignation of a governor, threatening to fire Chair Jerome Powell, and repeatedly pressuring the central bank to cut interest rates. Tired of too many ads? go ad free now The escalating confrontation has revived a long-running debate over why the Fed has historically been insulated from direct White House influence — and why markets, economists, and past experience suggest that independence is critical. This week, Trump demanded that Fed governor Lisa Cook step down after a mortgage fraud allegation, which she has flatly denied, saying she would not be 'bullied' into leaving her post. The move came just ahead of Powell's much-watched speech at the annual Jackson Hole economic symposium, his last as chair before his term ends in May 2026. The Fed, which sets interest rates and manages the world's largest economy's monetary policy, has long been one of Washington's few independent power centers, AP reported. But Trump has repeatedly railed against Powell for refusing to cut borrowing costs, arguing that high interest rates are slowing growth and raising the government's debt-servicing bill. At one point, the president even accused Powell of mismanaging a $2.5 billion renovation of the Fed's headquarters, an allegation that economists dismissed as political theatre. Markets watch as Powell holds ground For Wall Street, Powell's stance matters. The Fed has kept its benchmark rate at 4.3% for five straight meetings, a level meant to tame inflation but one that also keeps mortgages, auto loans, and business borrowing expensive. Powell has said the central bank needs more time to assess the impact of Trump's sweeping tariffs on inflation and growth. Tired of too many ads? go ad free now But the economic picture has grown murkier. July's jobs report showed weaker-than-expected hiring, casting doubt on Powell's earlier description of the labour market as 'solid.' Inflation, meanwhile, ticked higher in July, with core prices rising 3.1% from a year ago — above the Fed's 2% target. That leaves Powell trapped between sluggish employment that argues for a rate cut and stubborn inflation that argues against it. Most economists expect Powell to hint at a possible cut later this year without committing to one in September, disappointing investors who have priced in an earlier move. 'The dilemma that the Fed is in has become, if anything, more intense,' said David Wilcox, former Fed economist and now senior fellow at the Peterson Institute. Why Fed independence matters The stakes go beyond one rate decision. Economists warn that allowing a president to dictate monetary policy could undermine confidence in US markets, push up government borrowing costs, and stoke inflation. The Fed's credibility rests on its ability to make unpopular decisions when necessary, such as raising rates even when politicians want easy money. That lesson was seared into economic memory in the 1970s, when then-Fed Chair Arthur Burns, under pressure from President Richard Nixon, kept rates low heading into the 1972 election. Inflation spiralled, and the US endured years of economic pain. It took Paul Volcker, appointed by President Jimmy Carter in 1979, to impose brutally high rates of nearly 20% — triggering a deep recession but ultimately taming runaway prices. Volcker's defiance is now seen as a defining example of why central banks must stand apart from day-to-day politics. Trump's pressure campaign Trump has made little secret of his frustration with Powell. He has accused him of mishandling inflation, mismanaging Fed operations, and blocking growth. At a recent tour of the Fed's renovation project, Trump tried to publicly embarrass Powell by claiming costs had soared to $3.1 trillion, a figure Powell calmly dismissed as including unrelated expenses. The president's attacks are unusual in their intensity, though not unprecedented. Past presidents, from Lyndon Johnson to Ronald Reagan, have privately leaned on Fed chiefs. What sets Trump apart is his willingness to air those grievances in public and to threaten removal of officials whose terms are protected by law. Legal experts say the president cannot fire a Fed chair simply for policy disagreements. The Supreme Court has signaled that removal would require 'cause' — such as misconduct or negligence. That may explain why Trump has focused on the renovation controversy as a potential pretext. Still, any attempt to oust Powell would likely spark a court battle and roil global markets. How much control presidents really have Despite its independence, the Fed is not unaccountable. The president appoints all seven members of its governing board, subject to Senate confirmation, and over time can reshape policy direction. Trump will get his chance when Powell's term ends in May 2026. Congress also has a role: in 1977, it gave the Fed its 'dual mandate' to pursue stable prices and maximum employment. The chair must testify before lawmakers twice a year, offering public explanations of the Fed's decisions. For now, however, Powell and his colleagues retain their votes on interest-rate policy. Even if Trump replaced Powell tomorrow, the 12-member rate-setting committee could still resist political pressure. That is precisely why markets prize Fed independence: it makes decisions more predictable, less politicized, and more credible. Powell's balancing act As Powell prepares to deliver his Jackson Hole speech, he faces one of the most delicate balancing acts of his career. The Fed must decide whether to prioritize cooling inflation, which risks choking growth, or cutting rates to cushion a slowing economy, which risks igniting prices. Either way, his words will be parsed by investors, politicians, and global markets alike. For Trump, the stakes are political; for Powell, institutional. For the Fed, it is about preserving a legacy of independence that, economists say, has safeguarded US stability for decades.
Time of India
2 hours ago
- Time of India
Are Nvidia stocks the single biggest factor behind S&P 500, US stock market's swing? Investors will be surprised to know details
Nvidia and Federal Reserve's announcement related to interest rate cut are perhaps the most pivotal factors that could trip up the runaway stock market. Chip producer Nvidia's financial report, which is scheduled to be released on Wednesday, is expected to produce the S&P's biggest one-day reaction over the next month. Nvidia Impact on US Stock Market As Nvidia has grown, swelling to a $4 trillion valuation last month, so has its weighting in the S&P 500. It now makes up almost 8 per cent of the index. The last time Nvidia reported earnings, in May, its stock rose 3.25 per cent and the S&P 500 rose 0.4 per cent. After reporting earnings in February, Nvidia sank more than 8 per cent and the S&P 500 dropped 1.6 per cent. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This is The Cost Of The New Walk-In Shower in Portland. Kohler Safe Showers Learn More Undo Nvidia has led rivals in the race to dominate the high-powered chips used to power AI, and next week investors are looking for signs that the relentless demand for Nvidia's products will continue. The company's earnings could help answer another big question looming over the stock market: whether there is a bubble in AI, as some have speculated this week. Other large companies in the index, like Apple and Microsoft, are also tied to the AI theme, so Nvidia's financial results are likely to affect these other big stocks as well. Live Events "It's always a big deal," said Stacy Rasgon, an Nvidia analyst at Morningstar, joking that he had perhaps become "jaded" by the frequency of big moves in Nvidia's stock price. US Fed Impact on Wall Street On Friday, the Federal Reserve chair delivers a hotly anticipated speech at Jackson Hole in Wyoming. Not long after that, the Labor Department will release the latest update on hiring, and then there's an important reading on inflation. The forecast for that market move is reflected in recent options activity -- derivatives that give an investor the right to buy or sell a stock, or an index of stocks, at a future date for a preset price. Investors use options to make bets on the direction of the market and to protect against the potential for the market to move against them. According to S&P 500 options data from Citi Global Markets, investors are positioned for a 0.8-percentage-point move -- in either direction -- on Friday, depending on what the Fed chair, Jerome Powell, says in his speech at the central bank's annual conference at Jackson Hole. Prices for next Thursday -- the first chance investors have to react to Nvidia's earnings released the night before -- imply a move in the index of 0.9 percentage points in either direction. The Fed still looms large over financial markets, with policy decisions that can move markets around the world. But the fact that quarterly results from one technology company focused on artificial intelligence can match, in the view of equity investors, the impact of some of the most widely tracked economic data and central bank activity reflects the significant influence that a handful of behemoth tech companies have on today's stock market. "On a relative basis, Nvidia's earnings is the largest event for the S&P 500 for the next month," said Stuart Kaiser, an equity strategist at Citi. "For equity investors," he added, "particularly in the S&P 500, the AI theme, and the impact of that on returns, is on par with the Fed now." For comparison, when Powell spoke at Jackson Hole last year, the S&P 500 rose a little more than 1 per cent. The year before, his remarks were followed by a 0.7 per cent increase in the index. Powell's address this week could shift investors' expectations for monetary policy and cuts to interest rates, both of which are crucial inputs for modeling the path ahead for the economy and stock market. The Trump administration has repeatedly complained about the Federal Reserve's keeping rates elevated, calling on the central bank to lower them rapidly, which would probably make borrowing cheaper and accelerate the economy. It would also help President Donald Trump fulfill a campaign promise to bring interest rates down. So far, the Fed has resisted, warning that rapidly lowering interest rates risks heating up the economy at the wrong time, potentially stoking inflation and raising prices for consumers. FAQs Q1. Who is US Fed Chairman? A1. US Fed Chairman is Jerome Powell. Q2. What is valuation of Nvidia? A2. As Nvidia has grown, swelling to a $4 trillion valuation last month, so has its weighting in the S&P 500. It now makes up almost 8 per cent of the index. The last time Nvidia reported earnings, in May, its stock rose 3.25 per cent and the S&P 500 rose 0.4 per cent. After reporting earnings in February, Nvidia sank more than 8 per cent and the S&P 500 dropped 1.6 per cent.
