Blasts heard in Indian Kashmir's Srinagar, say official, Reuters witness, residents
SRINAGAR, India (Reuters) - Two loud blasts were heard in Indian's Kashmir's summer capital of Srinagar on Saturday, near the city airport and the local headquarters of the army, according to an official, a Reuters witness, and local residents.
Two blasts were also heard in Kashmir's Baramulla town, an official and residents told Reuters, as fighting continued between nuclear-armed neighbours India and Pakistan.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
12 minutes ago
- Yahoo
Morning Bid: Trump-Musk bust-up smolders
By Mike Dolan LONDON (Reuters) - What matters in U.S. and global markets today Donald Trump's hotly anticipated meetings with the leaders of the world's two other biggest economies ended up being sideshows compared to his online bust-up with billionaire backer Elon Musk. It's Friday, so today I'll provide a quick overview of what's happening in global markets and then offer you some weekend reading suggestions away from the headlines. Today's Market Minute * White House aides scheduled a call between Donald Trump and Elon Musk for Friday, Politico reported, after a huge public spat that saw threats fly over government contracts and ended with the world's richest man suggesting the U.S. president should be impeached. * U.S. President Donald Trump and Chinese leader Xi Jinping confronted weeks of brewing trade tensions and a battle over critical minerals in a rare leader-to-leader call on Thursday that left key issues to further talks. * China has signalled for more than 15 years that it was looking to weaponise areas of the global supply chain, a strategy modelled on longstanding American export controls Beijing views as aimed at stalling its rise. The scramble in recent weeks to secure export licences for rare earths shows China has devised a better, more precisely targeted weapon for the trade war. * By any measure, the recent resilience of U.S. stocks is remarkable, with Wall Street powering through numerous headwinds to erase all its tariff-fueled losses and move into positive territory for the year. Reuters columnist Jamie McGeever explains why the rally may still have some juice left in it. * There are some tentative early signs that weak thermal coal prices are starting to boost import demand among Asia's heavyweight buyers China and India. Read Reuters Columnist Clyde Russell to find out more. Trump-Musk bust-up smolders For markets trying to navigate everything from creeping signs of labor market weakness to the latest European Central Bank easing, the spat between the U.S. president and the world's richest man proved more than a distraction. It remains to be seen if it overshadows the May payrolls report later on Friday. The extraordinary sparring match drew in other major political and business figures and included potentially seismic accusations and threats. In turn, the share price of Musk's Tesla plummeted almost 20% at one point, dragging Wall Street stock indexes and crypto tokens deep into the red. The public feud appeared to cool off somewhat overnight and allowed stock futures to regain some lost ground. But the fact that the spat overshadowed the other major events of the day was another marker of this administration's unpredictability. The substance of the row was over Trump's "one big beautiful" fiscal bill that Musk thinks is a "disgusting abomination" due to the amount of spending. The bill, which has yet to be passed by the Senate, is expected to add $2.4 trillion to the U.S. debt over the next decade, based on CBO estimates. The vast bulk of this will likely be incurred over the next four years. In the background, the call between Trump and China's President Xi Jinping delivered no breakthroughs in the trade row apart from warmer words and an agreement to resume talks. The Oval Office meeting with Germany's Chancellor Friedrich Merz was relatively positive about trade and diplomatic issues. Earlier in the day, the ECB cut rates again as expected and suggested that there may be a pause at its next meeting and that it could be near the end of its easing cycle now that 'real' inflation-adjusted rates are back near zero. The euro hit a six-week high on Thursday regardless, although it gave back those daily gains today. Rising weekly U.S. jobless claims, meantime, cast a shadow over today's release of the May employment report. Consensus forecasts are for a slowdown in payroll growth to 130,000. Treasury yields, which ebbed and flowed all day on the conflicting signals from the trade meetings and stock gyrations, are back hovering at the week's lows ahead of the jobs report. Even though Federal Reserve officials continue to signal caution about the uncertain outlook ahead, markets are now priced for a resumption of Fed cuts by September. Into the already confusing mix, the Treasury released its annual report on potential currency manipulation overseas, adding Switzerland and Ireland to its watchlist, which already includes China, Japan, Germany, South Korea, Taiwan, Singapore and Vietnam. The list likely carries more heft than usual amid multiple tense trade negotiations. Markets assume the U.S. may pressure other countries to let their currencies appreciate versus the dollar as part of deals to avert severe tariffs being re-imposed next month. The Swiss National Bank responded on Friday by saying it would intervene in currency markets where necessary to keep inflation on track. Intervention to cap a super-strong franc has been a critical monetary tool used over the past decade and may need to be tapped again now that Swiss inflation has returned negative just as the SNB's key interest rate is set to return to zero in June. Elsewhere, China's yuan slipped against the dollar while falling to a near two-year low versus its major trading partners on Friday as the Trump-Xi call fell short of many expectations. Stock markets overseas were mixed on Friday as Wall Street remained on edge and the U.S. jobs report loomed. In the euro zone, first-quarter GDP was revised higher to show twice the growth originally estimated: 0.6% quarter-on-quarter, leading to an annual rate of 1.5%. India's central bank cut key rates by a larger-than-expected 50 basis points to 5.5%, its steepest cut in five years. It also slashed its cash reserve ratio - funds that banks are required to hold - by 100 bps to 3% in a surprise move aimed at boosting lending and speeding up policy transmission. In single stocks, Tesla shares recovered around 5% in Frankfurt on Friday, having closed down 14% in New York yesterday amid the Trump-Musk spat. It lost about $150 billion in market value yesterday, which caused the erstwhile member of the 'Magnificent Seven' megacaps to drop to ninth in the list of most-valuable firms behind Broadcom and Berkshire Hathaway. Broadcom's shares, however, fell 4% in extended trading overnight as its forecast-beating earnings seemed to underwhelm the Street. In Bank of America's weekly tally of fund flows, U.S. stocks saw outflows of $7.5 billion, the third week of exits, while European shares saw inflows of $2.6 billion, the eighth week of inflows. Weekend reading suggestions * 'BLUE BONDS': European countries should seize the moment to boost the size and liquidity of jointly-issued euro sovereign debt, and a solution could be to replace a proportion of the stock of national bonds with senior Eurobonds, or 'blue bonds'. So says a 'working document' from Peterson Institute senior fellow and former IMF chief economist Olivier Blanchard in a paper jointly written with Citadel's Angel Ubide. * NUCLEAR BLIND SPOTS: United Nations nuclear watchdogs appear to have lost track of some critical elements of Iran's nuclear activities since U.S. President Donald Trump ditched a 2015 deal that imposed strict restrictions and close supervision by the International Atomic Energy Agency. Reuters Francois Murphy and John Irish report on key blind spots that include not knowing how many centrifuges Iran possesses or where the machines and their parts are produced and stored. * OCEAN ECONOMY: Trade in the global 'ocean economy' hit as much as $2.2 trillion in 2023, about 7% of total world trade, but this trade is increasingly threatened by climate change and environmental problems, the United Nations trade and development arm UNCTAD showed in a report this week. The ocean economy grew faster than the world economy at large in the five years to 2020 and an estimated 100 million jobs depend on it. * 'TRUMP DOCTRINE': The emerging foreign policy under President Donald Trump resembles a 'look the other way' doctrine or a 'none of our business' doctrine, argues former George W. Bush State Department official Richard Haass on Project Syndicate. "The U.S. sought to change the world, annoying some and inspiring others. Those days are gone, in some ways for better, but mostly for worse. The US has changed. It is coming to resemble many of the countries and governments it once criticized." * MAGNETIC FEW: A small team in China's Ministry of Commerce decides the fate of the global auto industry, one rare earth magnet export permit at a time. China holds a near-monopoly on rare earth magnets, a key component in electric vehicle motors, and it added them to an export control list in April as part of its trade war with the United States. Reuters' Laurie Chen and Lewis Jackson show how it falls to the Bureau of Industrial Security and Import and Export Control, part of China's Ministry of Commerce, to review export permits for the rare earth magnets, vital for car motors, wind turbines and even U.S. F-35 fighter jets. * FINANCE AND AI: Artificial intelligence advances in the financial sector offer enhanced data analysis, risk management and capital allocation, but there are problems too, according to a paper on CEPR's VoxEU website. As AI systems become more widespread, they introduce challenges for regulators tasked with balancing the benefits of innovation with the need for financial stability, market integrity, consumer protection and fair competition. * DRONE ATTACK: Ukraine's 'Operation Spider's Web' last weekend used smuggled drones to attack bomber aircraft deep inside Russia, and the 'remarkable event' could affect the future of conflict, argues Council on Foreign Relations fellow Michael Horowitz. The attack "clearly shows that even targets deep in a country's territory could now be at risk". * IMF EUROPE: The case for closer European economic integration has become more compelling as external challenges multiply, according to Alfred Kammer, director of the International Monetary Fund's European Department. Stressing the need for the completion of the single market, Kammer said capital markets integration has been too slow and that cross-border flows have been frustrated by persistent fragmentation. "If history is a guide, Europe can turn adversity to advantage." * ALPINE TRUSTS: Liechtenstein is examining tightening control of scores of Russian-linked trusts abandoned by their managers under pressure from Washington. Reuters' John O'Donnell and Oliver Hirt cite sources in reporting that the country, one of the world's smallest and richest, is home to thousands of low-tax trusts, hundreds with links to Russians. Chart of the day Supply chain stress ticked up in May, data from the Federal Reserve Bank of New York said on Thursday. The bank noted that its Global Supply Chain Pressure Index for May rose to 0.19 from -0.28 in April, only the second time it stood in positive territory this year and the highest reading since the 0.20 seen in August of last year. Although the index remains subdued compared to the post-pandemic surge, growing concerns about the impact of the tariff war - particularly the impact of China's restrictions on rare earth and minerals exports on the global auto industry - will ensure policymakers keep a close eye on these pressures for any signs of re-emerging inflation. Today's events to watch * U.S. May employment report (8:30 AM EDT), April consumer credit (3:00 PM EDT); Canada May employment report (8:30 AM EDT) Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (By Mike Dolan; Editing by Anna Szymanski)
Yahoo
25 minutes ago
- Yahoo
Russia says Ukraine postpones prisoner exchange, accepting bodies
(Reuters) -Ukraine has unexpectedly postponed exchanging prisoners of war and accepting the bodies of killed soldiers for an indefinite period, Kremlin aide Vladimir Medinsky said on Saturday. Russia and Ukraine held the second round of peace talks in Istanbul on Monday where they agreed to exchange more prisoners - focusing on the youngest and most severely wounded - and to return the bodies of 12,000 dead soldiers. "In strict accordance with the Istanbul agreements, on June 6, Russia began a humanitarian operation to hand over to Ukraine more than 6,000 bodies of killed Ukrainian servicemen, as well as to exchange wounded and seriously ill prisoners of war and prisoners of war under the age of 25," Medinsky said on Telegram. He said that 1,212 bodies of killed Ukrainian soldiers were in refrigerated containers at the exchange point. Russia has also handed over to Ukraine the first list of 640 prisoners of war, categorised as "wounded, seriously ill and young people," in order to begin the exchange, Medinsky added. "The Russian Defence Ministry's contact group is on the border with Ukraine," he said, adding that Ukrainian negotiators were not at the exchange location. Ukrainian officials responsible for the exchanges did not respond to a request for comment. Medinsky urged Ukraine to strictly adhere to the schedule and the agreements, and to immediately proceed with the exchange. "We are on site. We are fully prepared to work. International TV channels, news agencies and correspondents are welcome to come and see for themselves that this is indeed the case," he said.
Yahoo
an hour ago
- Yahoo
Trump's China Gambit Belies Rocky Road Ahead on Tariff Deals
(Bloomberg) — President Donald Trump has come up short on striking trade deals with most nations with just one month left before his self-imposed tariff deadline, even as he took his first steps in weeks toward engaging with China. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World ICE Moves to DNA-Test Families Targeted for Deportation with New Contract US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Trump Said He Fired the National Portrait Gallery Director. She's Still There. Trump secured a much-desired call with Chinese President Xi Jinping, paving the way for a new round of talks on Monday in London — yet the diplomacy was overshadowed by a blowout public fight between Trump and his billionaire onetime ally, Elon Musk. Trump's aides insisted Friday that the president was moving on and focused on his economic agenda. Still, question marks remain over the US's most consequential trade relationships, with few tangible signs of progress toward interim agreements. India, which the Trump administration has cited as an early deal target, has taken a tougher line in negotiations and challenged Trump's auto tariffs at the World Trade Organization. Japan held another round of talks with the US, while also signaling it wants a reprieve from duties on cars and light trucks. The legal fight over Trump's tariffs hangs over everything. A court ruling striking down the country-by-country duties imposed using emergency authorities left partners with no certainty over what Trump's powers are. The next test could come as soon as next week, when a court could rule on the administration's appeal. Trump and his team were eager to draw attention to inroads with China as proof his ways are working. Trump on Friday described talks with Beijing as 'very far advanced' and said Xi had agreed to speed shipments of critical rare-earth minerals that were at the center of recent tension. Unlocking those supplies would spell relief for major American automakers. The mixed results demonstrate the highs and lows of the president's mercurial approach to trade, in which he and aides have cast him as the ultimate decision-maker on any deals. Rather than provide a clear-cut victory, Trump's dealings with Xi also show the difficult road ahead with China. The rare-earths dispute revealed how important those supplies, which Beijing dominates, are for the US economy. 'Xi is not letting go of the rare earths. He's got leverage, he's using it,' said Douglas Holtz-Eakin, president of the American Action Forum, a conservative think tank. 'They talked, that's the most important thing. I think they're really far apart.' The clock is ticking for Trump. His 90-day pause on higher tariffs for the European Union and nearly five dozen countries expires July 9 — barring an extension he could do with the flick of a pen — while China's reprieve extends until August. If deals aren't reached, Trump plans to restore tariff rates to the levels he first announced in April, or lower numbers that exceed the current 10% baseline, a White House official said, speaking on condition of anonymity. 'We will have deals. It takes time. Usually it takes months and years; in this administration, it's going to take more like days,' White House trade counselor Peter Navarro said Friday on Fox Business. 'We're on task and on target.' The Office of the US Trade Representative 'looks more like a deli now,' Navarro said, with countries lining up for talks. USTR sent letters this week to trading partners reminding them of the deadline. It's unclear what all the frantic activity has yielded. Xi for months was reluctant to get on the phone with Trump and analysts speculated about what concessions the US president offered to his counterpart in exchange for the call. Trump at least appeared to give some ground on foreign students, saying it would be his 'honor' to welcome Chinese scholars even as his administration cracks down on student visas. German Chancellor Friedrich Merz visited Washington facing demands from his nation's automakers for tariff credits for vehicles they produce in the US. But the subject barely came up during the public portion of his meeting with Trump, who spent a large chunk of time unloading on Musk. 'We'll end up hopefully with a trade deal or we'll do something — you know, we'll do the tariffs,' Trump said Thursday alongside Merz. Merz, in his US visit, emphasized the integrated trade ties between countries that are at risk — including by personally driving a BMW built in South Carolina. The German leader said Friday at an industry event the nations should agree on an 'offset rule' that would provide tariff relief for existing US production. Trump's UK deal — the lone pact so far — was undercut this week when he plowed ahead with levies on steel and aluminum. The UK said the pact included an agreement for zero tariffs on British metals, but Trump's latest order kept a 25% charge on them while negotiations continue and doubled the rate for others. Still, the upcoming Group of Seven summit of leaders from major economies could provide an opportunity for the type of in-person dealmaking Trump craves. Canadian Prime Minister Mark Carney has been discussing terms of a potential interim with Trump deal ahead of the gathering this month near Calgary. One theme is clear: Negotiations over his so-called reciprocal tariffs have grown intertwined with his separate duties on autos and metals, despite previous US signals that the administration considered them separate. 'He's entirely transactional,' Holtz-Eakin said. 'He will always deal.' Talks are ongoing with the EU, which has previously proposed an agreement with the US to mutually drop auto tariffs to zero as part of a broader trade framework, which the Trump administration rejected. The bloc subsequently suggested working toward zero-for-zero tariffs on cars, other industrial goods and some agricultural imports with tariff-rate quotas as a possible interim measure. Commerce Secretary Howard Lutnick said this week he'd consider some type of 'export credit' on autos, the kind of carve-out sought by Germany on vehicle tariffs. And he predicted there would be a US-India deal in the 'not too distant future.' Lutnick signaled, though, Trump's push for so-called reciprocity comes with caveats. The US wouldn't agree with Vietnam to drop all tariffs, because it believes the Southeast Asian nation is a hub for so-called transshipment of Chinese goods. Talks with South Korea, where Trump spoke with newly elected president Lee Jae-myung, and Japan, which had top trade negotiator Ryosei Akazawa meet with Lutnick, continued this week. In yet another sign of the Trump team's frenetic approach, Nikkei reported that different — and even competing — positions among Treasury Secretary Scott Bessent, Trade Representative Jamieson Greer and Lutnick had confounded Japanese counterparts. —With assistance from Akayla Gardner, Jennifer A. Dlouhy, Alberto Nardelli, Hadriana Lowenkron and Arne Delfs. Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P.
