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Business Standard
6 hours ago
- Business Standard
U.S. Markets Slip on Mixed Economic Data; Asia-Pacific Gains, Europe Mixed
Wall Street ended mixed as retail sales rose but consumer sentiment weakened, inflation expectations jumped and sectoral stocks showed sharp divergences. The Dow inched up 34.86 points (0.1%) to 44,946.12, the S&P 500 fell 18.74 points (0.3%) to 6,449.80 and the Nasdaq slid 87.69 points (0.4%) to 21,622.98. The broader markets weakened after a mixed batch of U.S. economic data created uncertainty around the economic outlook and interest rates. The Commerce Department reported that retail sales rose 0.5% in July, matching expectations, following an upwardly revised 0.9% gain in June. However, sentiment took a hit as the University of Michigan reported an unexpected deterioration in consumer confidence for August. This contrast between steady retail activity and weakening sentiment has added to market caution. Excluding sales by motor vehicle and parts dealers, retail sales rose by 0.3% in July after growing by 0.8% in June. The increase in ex-auto sales also matched expectations. Meanwhile, the University of Michigan said its consumer sentiment index fell to 58.6 in August from 61.7 in July. The year-ahead inflation expectations jumped to 4.9% in August from 4.5 in July, reflecting increases across multiple demographic groups and all three political affiliations. Long-run inflation expectations also surged to 3.9% in August from 3.4% in July, rebounding following three straight months of decreases. Labor Department released a separate report showing import prices in the U.S. increased by more than expected in the month of July, while the Federal Reserve released a report showing a slight pullback by industrial production in July. Semiconductor stocks turned in some of the market's worst performances on the day, with the Philadelphia Semiconductor Index tumbling by 2.3%. Banking stocks were considerably weak, as reflected by the 2% slump by the KBW Bank Index. Oil service and steel stocks too became notably weak while healthcare, pharmaceutical and biotechnology stocks strong moved to the upwards. Asia-Pacific stocks moved mostly higher. Japan's Nikkei 225 Index surged by 1.7% to a record closing high while China's Shanghai Composite Index advanced by 0.8%. The major European markets turned in a mixed performance on the day while the French CAC 40 Index climbed by 0.7%, the German DAX Index edged down by 0.1% and the U.K.'s FTSE 100 Index fell by 0.4%. In the bond market, treasuries are extending the downward move seen in the previous session. As a result, the yield on the benchmark ten-year note which moves opposite of its price, rose 3.5 bps to 4.32%.
Hans India
2 days ago
- Hans India
KDCC Bank pays tributes to freedom fighters
Vijayawada: TheKrishna District Cooperative Central Bank (KDCC Bank) celebrated the 79th Independence Day with an event at its Vijayawada Regional Office. The ceremony began with former Minister and KDCC Bank chairman, Nettem Raghuram, paying tribute to national leaders by garlanding their portraits. In his address, Raghuram emphasised the significance of Independence Day, stating, 'This day is the sacred fruit of the great souls who gave their youth, their blood, and their lives for freedom. Freedom lives in every farmer's field, in every worker's sweat, and in every student's dream,' he said. He added that the current generation's goal should be to build a nation free of corruption and backwardness, and to become a technologically strong role model for the world. The Chairman also highlighted the bank's services and progress, particularly its focus on the farming community. The bank, with its 57 branches and 425 Primary Agricultural Cooperative Societies, is expanding its services under the new government. Chairman Raghuram concluded by stating that the government, led by Chief Minister N Chandrababu Naidu, is working tirelessly for the welfare of farmers and that the bank will continue to support them. The event was attended by NABARD DGM Milin Sou Laskar, General Manager Ranga Babu, and other dignitaries.
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Business Standard
3 days ago
- Business Standard
Trump signals semiconductor tariffs within weeks, may reach 300%
President Donald Trump said he would set levies on semiconductors in the coming two weeks, the latest indication he's readying a substantial expansion of his tariff regime. 'I'll be setting tariffs next week and the week after, on steel and on, I would, say chips — chips and semiconductors, we'll be setting sometime next week, week after,' Trump told reporters Friday aboard Air Force One en route to Alaska for a summit with Russian President Vladimir Putin. It wasn't clear if Trump misspoke about steel tariffs. He already hiked duties on steel and aluminum imports to 50 per cent in June. The president has repeatedly promised that levies on chips and pharmaceuticals are coming within weeks, but no formal announcements have yet been made. Both sectors have been under Commerce Department investigation since April, a prerequisite for Trump to impose tariffs on national security grounds. That process can prove complicated and probes can take months or longer to resolve. Manufacturers and artificial intelligence firms have been eager for more clarity about his plans for semiconductor rates, since chips are included in a wide range of modern consumer products. Last week, Trump said during an event with Apple Inc. Chief Executive Officer Tim Cook that he planned a 100 per cent tariff on semiconductors, while exempting products from companies that are moving manufacturing to the US. The White House hasn't offered a subsequent explanation for how that exemption would work, but Trump implied that Apple — which has pledged a $600 billion domestic manufacturing initiative — could be exempt. On Friday, Trump suggested the charge on imported semiconductors could be even higher. 'I'm going to have a rate that is going to be 200 per cent, 300 per cent?' Trump said. The US president indicated that he could speak about tariffs with Putin, and said he believed the Russian leader planned to bring business leaders to the summit. 'I noticed he's bringing a lot of business people from Russia, and that's good I like that because they want to do business,' Trump said. 'But they're not doing business until we get the war settled.' Trump in recent weeks has threatened to impose higher tariff rates on purchasers of Russian energy, including a pledge to impose a 50 per cent levy on goods from India. He has also suggested he could ratchet up economic costs on Moscow if the meeting does not go well.
