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Reuters
4 minutes ago
- Reuters
Indian Oil, BPCL resume buying Russian oil for September, sources say
NEW DELHI, Aug 20 (Reuters) - India's state-run refiners Indian Oil ( opens new tab and Bharat Petroleum ( opens new tab have bought Russian oil for September and October delivery, resuming purchases after discounts widened, two company officials aware of the matter said on Wednesday. The resumption in Russian oil imports by Indian state refiners could reduce supplies for top buyer China which had stepped up purchases during their absence. The refiners halted purchases in July due to narrower discounts and after India was criticised by Washington for its purchases of Russian oil. President Donald Trump also threatened an additional 25% levy on Indian goods, effective August 27, to penalize New Delhi for its continued buying of the oil. Discounts for Russian flagship Urals crude have widened to about $3 per barrel, making the oil attractive for Indian refiners, while China has stepped up purchases, the officials said. In addition to Urals, IOC has also bought other Russian crude oil grades including Varandey and Siberian Light, they said. Indian companies do not comment on their crude imports. On Monday, IOC, the country's top refiner, told analysts that it would continue to buy Russian oil depending on economics. In recent weeks, Chinese refineries bought 15 cargoes of Russian oil for October and November delivery, according to two analysts and one trader.
Reuters
4 minutes ago
- Reuters
European equities retreat from 5-month high as tech, defence shares drag
Aug 20 (Reuters) - European equities slipped on Wednesday, retreating from a five-month closing high in the previous session, after tech stocks tracked dour performances of their Wall Street peers and as the defence sector faced pressure for a second day. The pan-European STOXX 600 index (.STOXX), opens new tab was down 0.4%, as of 0707 GMT, with most major bourses trading in the red. Britain's blue-chip FTSE 100 (.FTSE), opens new tab dipped 0.2% after data showed UK inflation rose to 3.8% in July, its highest since early 2024 and in line with the Bank of England's expectations. U.S. President Donald Trump said Washington might provide air support to Ukraine as part of a peace deal, but ruled out putting troops on the ground. Shares of defence-linked companies (.SXPARO), opens new tab dropped 1.5% in early trade. In the previous session, these stocks suffered their worst day in more than a month, pressured by news of a potential Ukraine-Russia summit, as hopes for de-escalation reduced demand for military-related assets. Tech stocks (.SX8P), opens new tab dropped nearly 1% a day after U.S. technology stocks tumbled on concerns over an AI stock bubble and uncertainty around the interest rate outlook. Among other stocks, Alcon (ALCC.S), opens new tab slumped 9.8% after the Swiss-American eye-care group cut its 2025 net sales outlook on expected impact of U.S. tariffs.
Daily Mail
23 minutes ago
- Daily Mail
Trump's final tariffs are here as Americans brace for price hikes
'RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT!' the president wrote on his Truth Social platform with just 15 minutes to spare before the deadline. 'BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA,' he vowed. 'THE ONLY THING THAT CAN STOP AMERICA'S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!' he added. Trump then reiterated his message at midnight, writing that 'BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!' Among the countries set to be effected by the new fees is Brazil, as many of its products are now subject to a 50 percent tariff. Trump levied the tariffs on the South American country because the Brazilian president continues to defy his demands to end a 'witch hunt' prosecution of former President Jair Bolsonaro. Trump's executive order levying the tariffs, however, exempted some Brazil exports from the tariffs such as aircraft, pig iron, precious metals, wood pulp, energy, orange juice, and fertilizer. Major Brazilian exports such as beef and coffee were not exempted. Another major country facing steep tariffs is India, after the president on Wednesday implemented an additional 25 percent tariff that will go into effect on August 27, after the United States already set a 25 percent tariff on the country on August 1. The president said the decision to level additional tariffs was due to India purchasing Russian oil, which he told CNBC on Tuesday was 'fueling the war machine' as Russian President Vladimir Putin continues his war in Ukraine. Mexico was granted a 90-day extension as officials continue to negotiate. But the president imposed a 35 percent tariff on Canada. Imported goods from Canada that fall under the USMCA trade deal, however, are not affected by the additional tariffs. Other countries that have yet to make a trade deal with the United States include Switzerland, South Africa, Brunei, Cambodia, Bolivia, Ecuador, Iceland, Nigeria, Sri Lanka, New Zealand, Turkey, Norway, Iran, North Korea, and Russia. The United States and China agreed to extend trade talks to August 12, following successful negotiations in July with American and Chinese officials in Stockholm. Ahead of sharp deadlines in August, Trump made major strides with his negotiations in late July after announcing trade deals with the United Kingdom and the European Union. Trump boasted of agreements with European officials that secured billions of dollars of investments into the United States. A $550 billion trade deal with Japan was also set earlier in July. The additional tariff hikes on some countries threaten to raise the cost of everyday goods such as food and produce, clothing, automobiles and parts, steel, copper, aluminum, and electronics. Many American importers are eating the costs of tariffs rather than pass them on to the consumer, but warn that they will not be able to continue long term. The United States has collected $152 billion in gross revenue for the calendar year so far as Treasury Secretary Scott Bessent (pictured right) has predicted that tariff revenue could generate as much as $300 billion by the year's end.
