S&P 500 set for best qtr since Dec '23
The dollar eyed its longest monthly slide since 2017.
The S&P's 24% surge from the brink of a bear market put the benchmark on pace for its best quarter since Dec 2023. While gains were mild on Monday, optimism the US is close to reaching deals with top trading partners sent the gauge near 6,200. Calm prevailed at the end of a first half that saw wild swings lashing Wall Street amid Trump's fast-evolving trade war, world conflicts, recession jitters as well as concerns about a ballooning deficit that could threaten America's status as a safe haven.
bloomberg
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
25 minutes ago
- India.com
Why doesn't India have US fighter jets? IAF uses fighter planes from Russia, France, and…
Home News Why doesn't India have US fighter jets? IAF uses fighter planes from Russia, France, and… Why doesn't India have US fighter jets? IAF uses fighter planes from Russia, France, and… Even after having good bilateral relations with the United States, India has never purchased any fighter jet from the country. Here is the reason. Why doesn't India have US fighter jets? IAF uses fighter planes from Russia, France, and… In recent years, India has seen tremendous growth in the defence sector and has emerged as one of the leading weapon exporters. Simultaneously, the country has strengthened its armed forces with new and high-tech weapons. For instance, New Delhi purchased the mighty Rafale fighter jet from France and bought the S-400 air defence system from Russia. India also has good bilateral relations with the United States, but you will be surprised to know that the country does not have any 'Made in US' fighter jet. Notably, America tried to sell its fighter jets, even recently President Trump tried to sell the F-35 to India, yet New Delhi doesn't show interest in the American jets. Fighter jets from the US, such as the F-35, the F-16, are famous in the world, with several countries even using them, but India has never gone to America for fighter jets — not just today but since its independence. Let us tell you why. Which Countries' Fighter Jets Does India Have? India purchased fighter jets from many countries, and this diversity in aircraft meets the country's defence needs and strategies. Russia tops the list when it comes to purchasing fighter jets. The 'Made in Russia' fighter jets have been in service in India for a long time and have participated in many wars. Apart from Russia, India has fighter jets from France and Britain. It is to be noted that, India also has its own indigenous Tejas fighter jet. Why Does India Not Buy Fighter Jets From America? There are many reasons why India doesn't buy fighter jets from the US. Reasons vary from strategic, technical, to political. Notably, America has been a long-time defence partner of Pakistan and supplied several military weapons, including fighter jets like – F-16. In such a situation, India maintains a distance from American fighter jets so that it remains strong strategically. Russia Is Also A Factor India has been closer to Russia since its independence. While America has always stood with Pakistan in difficult times, Russia has stood with India. Russia has not only given India fighter jets but also technology. Some of them are also being produced here. Russia has supplied a large number of fighter jets, tanks, and missile systems to India. Buying defence weapons from Moscow has always been easy and economical for New Delhi, and technical support is also good. Transport Aircraft Have Been Purchased From America While India has not acquired US-made fighter jets, it has purchased military transport aircraft, including Lockheed C-130J-30 Super Hercules. But Why Made In America Helicopters? India's armed forces have acquired a significant number of US-made helicopters. These include 22 AH-64E Apache Guardian attack helicopters for the Indian Air Force (procured in 2015), followed by a further six for the Indian Army (2020). Additionally, 15 CH-47F(I) Chinook heavy-lift helicopters were purchased for the Indian Air Force. For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest World News on
Mint
39 minutes ago
- Mint
Trump Tax Bill Hits Republican Resistance in House Ahead of Vote
Donald Trump's multitrillion-dollar tax bill is running into Republican resistance in the House as moderate and ultra-conservative GOP lawmakers threaten to defy the president and sink his domestic agenda. House lawmakers are returning to Washington from a holiday week to vote Wednesday on the Senate version of the bill, which squeaked through that chamber on Vice President JD Vance's tie-breaking vote. The House passed its own version of the measure in May by a one-vote margin. But several Republicans who were strong-armed into voting for that bill are now vowing to oppose the Senate-passed measure, putting Trump's self-imposed July 4 deadline at risk. House Speaker Mike Johnson can afford to lose only three Republican votes in the face of unified Democratic opposition, if all members are present and voting. Republicans Warren Davidson and Thomas Massie, who voted against the bill in May, remain firm no votes. Johnson's No. 2, Steve Scalise, projected optimism on Tuesday. 'We're going to get it done tomorrow,' he told reporters. But Representative Chip Roy, a hardline conservative who balked at the cost of the House's earlier bill but ultimately supported it, said 'a significant number' of lawmakers are concerned about the Senate version of the bill. 'I have very strong concerns and am not very inclined to support,' the Texas Republican said. The GOP holdouts are pushing for major — and sometimes competing — changes to the Senate bill, including some troubled by the scale of Medicaid cuts and others demanding deeper spending reductions. Still, House Ways and Means chairman Jason Smith said Tuesday that he's confident the bill will pass. Trump, the GOP's most forceful whip, quickly turned his attention from the Senate to the House, putting public pressure on Republicans to back the bill. 'We can have all of this right now, but only if the House GOP UNITES, ignores its occasional 'GRANDSTANDERS' ' Trump posted on Tuesday. Several ultraconservatives in the House Freedom Caucus are among the loudest naysayers, vowing to oppose the bill over the deficit increases projected by the Joint Committee on Taxation. Freedom Caucus member Andy Ogles called the current version a 'dud' that 'guts key Trump provisions' to comply with strict Senate rules. Certain parts of the House bill were scrapped in the Senate because of a fast-track procedural tactic that allowed for a simple majority vote. Ogles introduced an amendment to replace the entire bill with the House version passed in May. But any changes to the legislation would need to be reconciled with the Senate, a process that could take weeks given the tight margins. Representative Ralph Norman said he would vote no, adding that it's 'tough sledding' if the Senate-passed bill goes to the floor. Representative Victoria Spartz, who frequently waffles on her positions, went so far as to say the chamber will have a 'decision to make' if Johnson brings the Senate bill to the floor, signaling his speakership could be in jeopardy. The Senate has already negotiated a deal with the House on one of the most contentious provisions for swing-district Republicans: the state and local tax deduction cap. The Senate bill increases the SALT cap to $40,000 annually for a five-year period, when it would then snap back to the current $10,000 limit. The House bill was more generous amid pushback from Republicans from New York, California and New Jersey. Most of the so-called SALT caucus ultimately supported the Senate deal as the best they could get. But New York's Nick LaLota has said the deal isn't enough and that he would vote no on the bill. Moderates are also blasting the deeper Medicaid cuts in the Senate bill. 'I will not support a final bill that eliminates vital funding streams our hospitals rely on, including provider taxes and state directed payments, or any provisions that punish expansion states,' Representative David Valadao wrote in a post on X Friday. Valadao led a group of 16 House Republicans who pledged not to support the bill if the Senate chose to slash the Medicaid provider tax rate beyond a permanent freeze at 6%. States often use the provider taxes, within some already existing rules, to help defray their Medicaid matching fund requirements, allowing them to bring in more federal money to make Medicaid payments to providers and expand coverage. Republican Senators included a gradual reduction in the tax to medical providers to a final 3.5%, unleashing an internal debate about how rural hospitals would cope with the changes. The bill added a $50 billion fund for rural hospitals after objections from Senators Lisa Murkowski, Susan Collins and Josh Hawley. It's unclear if it will satisfy House skeptics, some of whom represent districts in metropolitan areas. Murkowski, a holdout in the Senate who pivoted to a yes vote in the final hours, told reporters after the final vote that she hopes the House continues to make changes. 'The House is going look at this and recognize that we're not done yet,' Murkowski said after hours of negotiation for her vote with Senate Majority Leader John Thune and Majority Whip John Barrasso. 'I would like to see a better outcome for people in this country.' With assistance from Emily Birnbaum and Yash Roy. This article was generated from an automated news agency feed without modifications to text.
Mint
39 minutes ago
- Mint
Mounting Bets on Extended US Bond Rally Face Jobs-Data Reckoning
Bond traders who rapidly built up long Treasuries positions in recent weeks are counting on Thursday's jobs report to give the market rally more room to run. June's payrolls report, the next major risk event for the bond bulls, is set for release just one day before the Fourth of July holiday. Bullish bond investors have already faced a mini-gut check after Tuesday's JOLTS job openings report showed an unexpected, steep increase for May — a sign of labor market strength that ignited a bond market selloff. 'The persistent long build continues in USTs,' Citi strategist David Bieber said in a note, adding that tactical positioning is now 'highly extended one-sided' after the build-up of bullish positions over the past week. That can be seen in Treasury futures, where CME open interest data shows traders adding to positions into the recent bond market rally, with newly established long positions fueling the recent move lower in yields. In US 10-year note contracts, open interest has climbed extensively over a period when 10-year yields have dropped from above 4.4% to Tuesday's 4.185% lows. In two-year note futures, open interest has risen over the past 10 consecutive sessions. The bullish momentum in the Treasury futures market is also playing out in options. On Monday, a whopping $32 million of premium was spent on an option targeting a further rally in 10-year notes. At the same time, the one-sided long position in the Treasuries market leaves price action open to potential profit squeezes, as traders may look to unwind should US labor market conditions fail to justify a Federal Reserve interest-rate cut as soon as next month. The market 'is a bit long front-end, with July cut about 20% priced-in after recent language from Bowman and Waller,' said Ed Al-Hussainy, global rates strategist at Columbia Threadneedle Investment. 'The risk is this will fall to zero if employment surprises to the upside — say NFP close to 200,000,' he added, referring to the employment report's nonfarm payrolls component. As such, there's still demand for hedging activity around potentially higher yields. Tuesday's action in the Treasury market includes one position looking to hedge a 10-year yield rebound to around 4.3% by the end of Thursday's session. Meanwhile in the cash market, there are also footprints of growing long positions, as seen in Tuesday's JPMorgan Treasury client survey which shows outright long positions climbed to the most in two weeks. Here's a rundown of the latest positioning indicators across the rates market: JPMorgan Treasury Client Survey In the cash market, JPMorgan Chase & Co.'s Treasury client survey for the week to June 30 showed long positions rise two percentage points, switching out of neutral with shorts unchanged. The outright long position is now most elevated in two weeks. In SOFR options across the Sep25, Dec25 and Mar26 tenors, there was a large amount of new risk seen in the 96.1875 strike with flows around the level including buyer of SFRZ5 96.0625/96.1875/96.3125 call flies. There was also heavy activity seen over the past week in the 95.625 strike mainly due to large buying in the SFRU5 95.75/95.625 1x2 put spread trade. The 95.625 strike remains most popular across Sep25, Dec25 and Mar26 options, with a large amount of risk seen in the level via Sep25 puts and Dec25 puts. Other populated strikes include 95.75 and 95.875, where Sep25 puts are prominent. Recent flows in SOFR options have included hedges against multiple rate cuts this year via December upside structures. Over the past couple of weeks, Treasury options skew has moved toward favoring calls across the strip, signaling traders are now paying a premium to hedge against a bigger bond rally versus a selloff, from the front-end out to the long-end of the curve. In Treasury options, stand out flows on Monday included a $32 million premium call buyer in September tenor. Hedge funds saw a heavy amount of short covering in US 10-year note futures in the week up to June 24, latest CFTC data shows. Elsewhere, asset managers liquidated net longs in 10-year note futures, while adding to duration long in ultra 10-year note futures. Largest positioning shift over the week saw hedge funds cover around $6.9m/DV01 to net short position in 10-year note futures. With assistance from Anya Andrianova. This article was generated from an automated news agency feed without modifications to text.
