INR pressured by firm dollar amid tariff uncertainty
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The Hindu
17 minutes ago
- The Hindu
After 5 years, India to issue visas to Chinese tourists
India will start issuing tourist visas to Chinese nationals after a gap of five years, the Indian Embassy in Beijing announced on Wednesday. The announcement, that was called 'positive' by the Chinese Ministry of Foreign Affairs, marks another step in normalising India-China ties ruptured by the military standoff at the Line of Actual Control and Galwan clashes in 2020. According to an official notice posted online and on Chinese social media, the visas can be applied for online beginning from Thursday and obtained after an appointment at the Indian Embassy in Beijing and consulates in Shanghai and Guangzhou. Amidst the bonhomie, Beijing rejected concerns in Delhi and Dhaka about China's latest dam project on the Yarlung Sangpo or Brahmaputra River in Tibet and said it had communicated with both the governments. Responding to a question about the visa issuance on Wednesday, a Chinese MFA spokesperson said that Beijing had taken note of the 'positive move'. 'Easing cross-border travel is widely beneficial. China will maintain communication and consultation with India to further facilitate travel between the two countries,' said spokesperson Guo Jiakun in Beijing. After the Covid pandemic and then violence between the two militaries after China amassed troops at the LAC, both countries had cancelled all flights and most visa services between them. China restored visa applications for Indian students in 2022 and for business and tourism purposes subsequently. It issued an estimated 85,000 visas between January and June 2025. India had issued visas in business and student categories, but not for tourism until now. According to the Ministry of Tourism figures in 2019, before the lockdown, more than 3,00,000 Chinese tourists had visited India and about 8,69,000 Indian tourists had gone to China. After Prime Minister Narendra Modi and Chinese President Xi Jinping met in Kazan last October and agreed to restore ties, a series of high-level meetings discussed the next steps, including the start of the Kailash Manasarovar Yatra. Most recently, External Affairs Minister S. Jaishankar travelled to China on July 14-16, and met with his counterpart Wang Yi, and also called on Chinese President Xi Jinping and Vice-President Hang Zheng, before attending the SCO Council for Foreign Ministers. In an interview to The Hindu, Chinese Ambassaor Xu Feihong said that resuming the Kailash pilgrimage was 'an important initiative taken by China to improve relations between the two countries', indicating that it was India's turn to take the next positive step. Both sides are also working on resuming direct flights between the two countries soon, understood to be announced before PM Modi's visit to China for the SCO summit, which is expected on August 31-September 1, officials said. When asked by reporters about the hydropower project being constructed on the Yarlung Sangpo, Mr. Guo said that it was 'fully within China's sovereignty'. 'China is engaged in cooperation with downstream countries on sharing hydrological data, flood prevention and disaster reduction,' he said, adding that Beijing has had the 'necessary communication' with India and Bangladesh. Construction for the massive 60,000 MW Medog Hydropower station, set to be the world's largest, began last week, and was flagged off by Chinese Premier Li Qiang. In a response in Parliament, the government had said that India had 'registered its concerns' with China over the ecological and disaster risks of the project in December 2024, while the Bangladesh's Ministry of Water Resources had also requested Beijing's response on its concerns in March this year.
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Business Standard
17 minutes ago
- Business Standard
Wall Street rises on US-Japan trade deal, hopes for more tariff talks
Wall Street climbed on Wednesday after President Donald Trump secured a trade deal with Japan, sparking optimism for a flurry of new agreements as the August 1 deadline looms. The pact will slash tariffs on the Japanese auto sector to 15per cent from 27.5per cent, with duties on other goods also dropping to 15per cent from 25per cent. At 9:41 a.m. ET, the S&P 500 gained 20.11 points, or 0.31per cent, to 6,329.73 and the Nasdaq Composite gained 39.71 points, or 0.19per cent, to 20,932.40. The Dow Jones Industrial Average rose 215.38 points, or 0.48per cent, to 44,717.82, closing in on its all-time high. Meanwhile, Wall Street's "fear gauge," the CBOE Volatility Index, dipped to its lowest level in nearly two weeks. As US and EU officials head into crucial trade talks, hopes are high for a breakthrough agreement. However, the European Commission signaled it's ready to play hardball , preparing to seek approval for 93 billion euros ($109 billion) in counter-tariffs on American goods. "The United States has been working very hard on trying to get a lot of trade deals in time before the August 1st deadline, and it seems like they're starting to get some momentum. So I do think this is a very positive sign," said Chris Zaccarelli, chief investment officer at Northlight Asset Management. Investors are now laser-focused on earnings from the "Magnificent Seven" â€' the market's star performers who have powered stocks to record highs. Tesla and Alphabet are set to report after the bell on Wednesday. With AI optimism running high and valuations stretched, expectations for these tech giants are sky-high, leaving little margin for disappointment. In earnings-focused moves, GE Vernova's shares climbed 13.7per cent to an all-time high, as the power equipment maker raised its current-year revenue and free cash flow forecasts after beating Wall Street estimates for second-quarter profit. Texas Instruments tumbled 12.7per cent after its quarterly profit forecast failed to impress investors, as it pointed to weaker-than-expected demand for its analog chips from some customers and underscored tariff-related uncertainty. The earnings also weighed on its peer analog chipmakers, with NXP Semiconductors, Analog Devices and ON Semiconductor falling between 3.5per cent and 5.6per cent. Toymaker Hasbro slipped 2.4per cent even after raising its annual revenue forecast. A 1.7per cent drop in AT&T kept the communications sector in the red, with all other sectors in positive territory. The company's stock dropped despite beating quarterly profit estimates. In economic data, existing home sales numbers for June are due on the day. Thursday's weekly jobless claims numbers and S&P Global's flash PMI data will be closely assessed to gauge economic health in the wake of tariff uncertainties. Following a mixed set of economic data last week, traders have ruled out an interest rate cut by the Federal Reserve next week. Odds for a September reduction stand at 58per cent, according to the CME FedWatch tool. The Fed's July meeting will follow on the heels of mounting concerns about its independence amid political interference and President Trump's persistent attacks on Chair Jerome Powell for his reluctance to cut rates. Advancing issues outnumbered decliners by a 2.22-to-1 ratio on the NYSE and by a 1.76-to-1 ratio on the Nasdaq. The S&P 500 posted 30 new 52-week highs and two new low, while the Nasdaq Composite recorded 48 new highs and eight new lows.
Economic Times
17 minutes ago
- Economic Times
U.S. stock market today: Dow, S&P 500, Nasdaq climb on US–Japan deal as Tesla, Google, and meme stocks take center stage
AP The stock market is buzzing with momentum today as investors turn their attention to some of the biggest names driving Wall Street. From tech giants like Apple and Tesla to AI powerhouse Nvidia, the spotlight is firmly on high-performing stocks with strong earnings potential and market dominance. These top stocks are not only shaping the S&P 500's direction but also setting the pace for the broader global economy. US Stock Market Soars on Trump's US–Japan Trade Deal, Tesla and Alphabet Earnings in Focus- US stock market today is on a bullish run, thanks to a major breakthrough in trade negotiations between the United States and Japan. President Donald Trump's announcement of a sweeping U.S.–Japan trade agreement sparked optimism across global financial markets. Investors are also gearing up for big earnings reports from Tesla and Alphabet (Google's parent company), adding more fuel to Wednesday's momentum. Dow Jones Industrial Average: ▲ +250 points (+0.6%) The Dow climbed steadily, driven by strong earnings and optimism from the U.S.–Japan trade deal. ▲ +250 points (+0.6%) The Dow climbed steadily, driven by strong earnings and optimism from the U.S.–Japan trade deal. S&P 500: ▲ +0.4% Broad market gains continued as tech and industrials led the way, pushing the index near record highs. ▲ +0.4% Broad market gains continued as tech and industrials led the way, pushing the index near record highs. Nasdaq Composite: ▲ +0.3% Modest gains were fueled by anticipation of key earnings from Tesla and Alphabet, keeping tech investors engaged. ▲ +0.3% Modest gains were fueled by anticipation of key earnings from Tesla and Alphabet, keeping tech investors engaged. Russell 2000 (Small Caps): ▲ +0.9% Smaller U.S. companies rallied sharply on hopes of improved trade conditions and domestic economic momentum. ▲ +0.9% Smaller U.S. companies rallied sharply on hopes of improved trade conditions and domestic economic momentum. CBOE Volatility Index (VIX): ▼ -4% Market volatility eased, reflecting investor confidence and steady bullish sentiment. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all posted early gains in Wednesday's trading session. Market sentiment turned positive following news that President Trump had finalized a significant trade deal with Japan, easing months of tariff tensions. Dow Jones surged by over 250 points , or 0.6% , climbing closer to its all-time high. surged by over , or , climbing closer to its all-time high. S&P 500 gained approximately 0.4% , continuing its upward trajectory. gained approximately , continuing its upward trajectory. Nasdaq Composite rose 0.3%, supported by investor anticipation around tech earnings. Futures had already pointed to a higher open before the bell, and the bullish sentiment carried through the session. According to RTTNews, the biggest movers in pre-market trading on July 23, 2025, were: Pineapple Financial (PAPL) : +153% at ~$8.87 : +153% at ~$8.87 GoPro (GPRO) : +50% at ~$2.06 : +50% at ~$2.06 Vicor Corp (VICR) : +46% at ~$66.44 : +46% at ~$66.44 OFA Group (OFAL) : +41% at ~$2.44 : +41% at ~$2.44 Krispy Kreme (DNUT): +40% at ~$5.80 In after-hours trading, confirms continued momentum: ABVAX surged ~470% (!) surged ~470% (!) OFA Group +70%, GoPro +60%, Vicor +33%, Krispy Kreme +35% The centerpiece of the market rally is President Trump's new trade deal with Japan. The agreement, finalized in Tokyo, includes several significant economic changes: Auto tariffs reduced to 15%, giving American and Japanese carmakers room to breathe. $550 billion Japanese investment commitment into American manufacturing and infrastructure. A renewed five-year economic cooperation framework, focusing on tech innovation, supply chain resilience, and AI research. This comprehensive deal is being hailed as a win for U.S. manufacturing, auto exports, and the broader global economy. The announcement has already sparked a 3.5% jump in Japan's Nikkei index and buoyed markets across Europe, including the Euro Stoxx 600, which rose nearly 1%. Wall Street is also laser-focused on Q2 earnings reports from two tech giants — Tesla (TSLA) and Alphabet (GOOGL) — scheduled for after-market hours. Tesla's revenue is expected to drop more than 10% year-over-year. Analysts are watching closely for updates on EV demand, Cybertruck production, and robotaxi deployment. Any commentary from Elon Musk on China market strategy and AI software development could move the stock. Tesla shares are volatile going into earnings, with many traders bracing for either a sharp rally or steep correction. Alphabet is projected to deliver solid growth in advertising and cloud services. YouTube ad revenue and Google Cloud profits are likely to be major focus areas. Investors are also watching closely for updates on Gemini AI, Google's answer to ChatGPT, and its rollout impact on enterprise adoption. Alphabet shares have been relatively stable, but a strong report could lift the broader tech sector. Several retail-favorite stocks made unexpected surges as meme-stock momentum returned to markets: GoPro (GPRO) spiked by nearly 50% after retail traders drove heavy volume. spiked by nearly after retail traders drove heavy volume. Krispy Kreme (DNUT) surged over 30% , following viral buzz on Reddit and TikTok. surged over , following viral buzz on Reddit and TikTok. Kohl's (KSS) and Opendoor (OPEN) also saw double-digit gains, driven by short squeezes and social media hype. This sudden revival of meme stock rallies mirrors the 2021 retail trading craze and could introduce more volatility in the days ahead. On the downside, Texas Instruments saw a steep drop of 11% after releasing guidance that pointed to sluggish analog chip demand. The chipmaker's cautious outlook contrasts with broader optimism in the semiconductor space. GE Vernova , an energy subsidiary of General Electric, saw modest gains after reporting strong results. , an energy subsidiary of General Electric, saw modest gains after reporting strong results. Oil prices climbed over 1% amid expectations that improved trade relations would boost global demand. amid expectations that improved trade relations would boost global demand. The Russell 2000 small-cap index also advanced by 0.8%–1%, a sign of increased investor confidence in the domestic economy. The U.S.–Japan agreement sent ripple effects across global markets: Tokyo's Nikkei 225 jumped 3.6%, its best single-day gain in months. jumped 3.6%, its best single-day gain in months. FTSE 100 in London rose 0.9% as commodity stocks rallied. in London rose 0.9% as commodity stocks rallied. Shanghai Composite climbed 0.5%, though trade with China remains a concern amid ongoing tech tensions. European officials are reportedly seeking counter-deals with Washington, and negotiations may begin in Brussels later this week. Major trade breakthrough between two top economies Anticipation of strong tech earnings Renewed retail investor momentum in meme stocks Volatility likely after Tesla and Alphabet earnings Chip sector weakness could weigh on broader tech Trade tensions with Europe and China still unresolved Tesla and Alphabet earnings due after the market close (July 23). due after the market close (July 23). GDP and inflation data set for release on Friday (July 25). set for release on Friday (July 25). Federal Reserve's next interest rate decision expected on July 31. Investors should also watch for continued developments around the U.S.–Japan deal implementation, including possible reactions from EU trade officials and domestic industries impacted by tariff revisions. The stock market today, July 23, 2025, shows strong positive momentum, driven by renewed trade optimism and key tech earnings on the horizon. With President Trump securing a major economic agreement with Japan, investors are hopeful that geopolitical stability and policy clarity will continue to support the market's upward march. However, much depends on how tech giants like Tesla and Alphabet perform in their earnings and how central banks respond to macroeconomic data. Stay tuned — the second half of the trading week could set the tone for the rest of the quarter. Q1: What are the top stocks to watch today like Apple, Tesla, and Nvidia? A1: Apple, Tesla, and Nvidia are leading today's market with strong performance and investor buzz. Q2: Why is Nvidia a top stock in 2025 for AI growth? A2: Nvidia is dominating the AI chip space, making it one of 2025's top-performing stocks.
