Latest news with #PurviAgarwal
Mint
29-07-2025
- Business
- Mint
Currencies drop, stocks mixed with tariff deadline in sight, US data eyed
Hungary's government slashes growth forecast IMF to update its World Economic Outlook MSCI EM FX, stocks indexes off 0.3% each By Purvi Agarwal and Ankita Yadav July 29 - Most emerging market currencies fell against a stronger dollar on Tuesday while stocks were mixed as investors awaited a slate of upcoming economic data, while the U.S. tariff deadline drew closer. MSCI's gauge tracking emerging market currencies fell 0.3% to its lowest level since late June, in a third session of declines. The dollar index rose 0.2%, hovering near its five-week high, after surging 1% in the previous session. Markets rewarded the greenback after the United States clinched a key trade deal with the European Union days ahead of the August 1 deadline, while talks with China continued. Most currencies in Asia weakened against the dollar, and so did South Africa's rand, which fell 0.4% and was on track for its fourth session of losses. Turkey's lira was little changed. Currencies in emerging Europe weakened against the euro, as optimism over trade deals faded, with investors concerned about its implication for Europe. The Hungarian forint was down 0.8% and set for its steepest one-day decline since April 11. The government slashed its 2025 growth forecast to 1%, down from 2.5%, prolonging a recovery from a 2022 inflation surge. Poland's zloty slipped 0.4%. Its prime minister said that U.S. tariffs on European products could cost Poland around 8 billion zlotys , per preliminary estimates. Russia's rouble fell 1.3% against the dollar, over-the-counter market data showed, a day after Trump shortened his deadline for Russia to end its war in Ukraine or face tariffs. Trump on Monday said that trading partners that do not negotiate separate deals would soon face tariffs between 15% to 20%, well above the previously threatened 10%. Emerging markets have found themselves in the crosshairs of Trump's tariffs, with duties threatened on Brazil, Mexico, the BRICS group of which Brazil and South Africa are members, and many Asian countries. "We will settle with just over 15% tariffs... while negative from a macro point of view, the world can live with these levels of tariffs," said Mohit Kumar, chief European economist at Jefferies. "Eventually, it boils down to the data and we could see weakening in August data." The impact of tariffs has started to show in U.S. inflation data, and investors will scrutinize economic data scheduled through the week for more such signs. Regional stocks were broadly higher, with Poland and Romania bouncing back 1% and 0.2% respectively, while South African stocks were up 0.6%. Still, MSCI's index tracking global EM stocks was down 0.3%, with declines in some heavyweight Asian stocks weighing. Also due on the day is the International Monetary Fund's outlook on the global economy. ** Indonesia's FDI drops 6.95% y/y in Q2, biggest fall since 2020 ** Bank of Korea board members saw more interest rate cuts necessary, minutes show ** Turkey's gross reserves rebound amid tight monetary policy For TOP NEWS across emerging markets For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see This article was generated from an automated news agency feed without modifications to text.
Mint
28-07-2025
- Business
- Mint
FX, stocks subdued as investors monitor trade developments, rate decisions
US agrees deal for 15% EU tariff; talks to resume with China Fitch upgrades rating on Turkey Interest rate decisions in US, South Africa this week MSCI EM stocks, FX indexes muted By Ankita Yadav and Purvi Agarwal July 28 (Reuters) - Most emerging market currencies moved lower and stocks were little changed on Monday, as investors shifted their attention to a slew of central bank decisions and U.S. economic data while monitoring trade negotiations ahead of the August 1 deadline. The U.S. struck a framework agreement with the European Union on Sunday, imposing a 15% tariff on most EU goods, less than half of the initial proposed rate. "The deal is better than the 30%-50% tariff rates threatened over the last couple of months, although it is probably as bad as the universal tariff rates being discussed late last year," said Chris Turner, global head of financial market research at ING. "But given that a deal close to this one was heavily rumoured last week, it may be no surprise then that FX markets have not done much overnight." The dollar index, that logged declines last week, was trading up 0.5%, pressuring most EM currencies. Many currencies in Asia weakened against the dollar, while South Africa's rand was down 0.6%. The lira was little changed. Credit ratings agency Moody's upgraded Turkey's rating to "Ba3" from "B1" on Friday, citing improving monetary policy credibility, easing inflation and reduced economic imbalances. Currencies in emerging Europe were largely muted against the euro, with the most significant move being a 0.3% drop in the Polish zloty. Separately, the U.S. and China were looking to extended their tariff truce by another 90 days, ahead of China's August 12 deadline, paving the way for trade talks to resume between the countries. Trade optimism, after the U.S. clinched deals with Japan and other trading partners, had allowed investors to take on more risk last week, with MSCI's measures of currencies and stocks logging weekly gains. Interest-rate decisions in the U.S., Brazil, South Africa, among others, and a barrage of U.S. economic data, including payrolls and the personal consumption expenditure, will set the tone for markets this week. Investors will be watching for any indications of U.S. President Donald Trump's tariffs impacting the world's biggest economy, after an inflation report earlier this month showed some signs of tariff pass-through. MSCI's EM currency gauge was down 0.2%, while the stocks measure was down 0.1%. Stocks in Poland fell 0.8%, while they were down 0.6% in Turkey. These declines were limited by gains in Hungarian stocks , up 0.1%, and many heavyweight Asian equities. South African stocks were flat. Meanwhile, the International Monetary Fund's executive board completed a fifth review of Zambia's loan programme, unlocking another $184 million disbursement for the country. ** China's industrial profits fall further in June ** Malaysia's economy projected to grow 4% to 4.8% this year, central bank says ** Israel announces daily pauses in Gaza fighting as aid airdrops begin For TOP NEWS across emerging markets For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see (Reporting by Ankita Yadav and Purvi Agarwal in Bengaluru; Editing by Shilpi Majumdar)
Yahoo
09-06-2025
- Business
- Yahoo
London's FTSE stalls after four-week sprint as trade tensions dominate
By Purvi Agarwal and Pranav Kashyap (Reuters) -London's benchmark equities index was flat on Monday after a four-week bull run, in caution as top U.S. and Chinese officials met in London to try and defuse a high-stakes trade dispute. The FTSE 100 closed flat at 8,832.28 points, while the mid-cap FTSE 250 was up 0.6%. A meeting with top officials from the U.S. and China unfolded in London that investors hope will produce some progress in de-escalating trade tensions between the world's two biggest economies. The discussions emerged from a phone call between the nations' respective presidents last week, where they pledged to continue dialogue amid a trade war that threatens a global supply chain shock and slower economic growth. British finance minister Rachel Reeves will hold a meeting with Chinese vice premier He Lifeng, although there were no details on when the talks would be held. London stocks rounded off the previous week with gains and logged a fourth straight week of advances, the longest in nearly five months. A U.S. jobs report on Friday allayed concerns of an economic slowdown in the world's biggest economy despite a U.S. tariff roller coaster. The non-life insurers index led losses among sectors, ending down 1.3%. Pharma stocks dipped 0.4%, as investors looked to book some profits. Among individual stocks, WPP slipped 2.8% to the bottom of the FTSE 100 after the ad group said its Chief Executive Officer Mark Read would retire by the end of 2025. Spectris soared 60%, leading FTSE 250 gains, after the scientific instruments maker said it has received a takeover proposal from private equity firm Advent valuing its shares at 37.35 pounds per share. Alphawave jumped 18.9% after U.S. chipmaker Qualcomm agreed to acquire the semiconductor company for about $2.4 billion. Asset manager M&G rose 3% after UBS upgraded its rating to 'buy' from 'neutral'. Sign in to access your portfolio
Yahoo
14-05-2025
- Business
- Yahoo
European shares close higher after Sino-US tariff deal relieves markets
By Sukriti Gupta and Purvi Agarwal (Reuters) -European shares started the week on a positive note on Monday after the United States and China agreed to temporarily slash tariffs, providing some relief to global markets roiled by the trade war. The U.S. will cut extra tariffs on Chinese imports to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125% for the next 90 days, as per the deal. The pan-European STOXX 600 index closed 1.2% higher, while regional bourses including ones in Germany and the UK were up. "The deal is a step towards something that's much better... The worst-case scenarios that investors were pricing in April seem to have been lifted over recent weeks as there's been a softening of rhetoric," said Patrick Armstrong, chief investment officer at Plurimi Wealth. Traders reduced bets on interest rate cuts from the European Central Bank after the deal, with the reduced odds also aided by ECB board member Isabel Schnabel's remarks. The easing in tensions has relieved financial markets about worries over global economic growth, and signs of the de-escalation helped the European equities recover their sharp losses from early April. Sportswear makers Puma and Adidas closed 6.5% and 3.8% higher, while logistics companies Maersk and Hapag-Lloyd advanced 11.2% and 13%, respectively. Basic metal miners were the top gainers, up 5% after the deal buoyed prices of industrial metals. Most healthcare heavyweights such as Roche Holding, Sanofi and AstraZeneca had dipped earlier in the day, after U.S. President Donald Trump planned to sign an executive order to cut prescription drug prices to the level paid by other high-income countries. However, they reversed losses, with the sector index ending 0.5% higher. "The market was pricing in very stringent rules, but these are going to be hard to enforce," said Armstrong, adding that the order was a little vague. Shares in Novo Nordisk fell marginally after U.S. competitor Eli Lilly said its drug Zepbound was found to be superior to Novo's Wegovy across five weight-loss targets in a head-to-head trial. Meanwhile, Ukrainian President Volodymyr Zelenskiy said he was ready to meet Russian President Vladimir Putin in Turkey on Thursday. Defence stocks Hensoldt slumped 11.6% and Rheinmetall fell 5.9%, with an index tracking European arms makers down 1.4%. UniCredit rose 4.2% as Italy's second-biggest bank strengthened its 2025 outlook after posting a surprise increase in first-quarter profit. Sign in to access your portfolio
Mint
02-05-2025
- Business
- Mint
Futures edge up on hopes of easing trade tensions, jobs data awaited
(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window.) Futures up: Dow 0.47%, S&P 500 0.43%, Nasdaq 0.33% April nonfarm payrolls data in focus Chevron falls after quarterly results (Updates with earnings, quote) By Sruthi Shankar and Purvi Agarwal May 2 (Reuters) - U.S. stock index futures rose on Friday as hopes of a de-escalation in a punishing U.S.-China trade war offset disappointing earnings updates from Apple and Amazon, while a monthly jobs report remained on the radar. Global stocks advanced as Beijing said on Friday it was "evaluating" an offer from Washington to hold talks over U.S. President Donald Trump's 145% tariffs on China. Their tit-for-tat tariffs have kept investors on edge, with both sides unwilling to be seen backing down in a trade war that has roiled global markets and upended supply chains. Investors now await the Labor Department's closely watched employment report at 8:30 a.m. ET (1230 GMT) for clues on the health of the U.S. labor market. It is expected to show nonfarm payrolls increased by 130,000 jobs last month after rising by 228,000 in March. Part of the anticipated step-down in payrolls would be due to the fading boost from warmer weather. "Faced with rising policy uncertainty, companies are hesitant to meaningfully hire or reduce their workforce," said Seema Shah, chief global strategist at Principal Asset Management. "This paralysis has led the labor market into an uneasy equilibrium where it will not take much to trigger a rise in unemployment." Apple slid 3.5% in premarket trading after the iPhone maker trimmed its share buyback program by $10 billion and CEO Tim Cook told analysts that tariffs could add about $900 million in costs this quarter. "Apple claimed the sort of earnings beat that was never likely to win much favor... at a time when its products business is fraught with uncertainty, it's not great that growth on the services side has disappointed," said AJ Bell investment director Russ Mould. was down marginally after it forecast second-quarter operating income below estimates as concerns about tariffs and its impact on consumer spending clouded the outlook. At 07:25 a.m. ET, Dow E-minis were up 192 points, or 0.47%, S&P 500 E-minis were up 24.25 points, or 0.43%, and Nasdaq 100 E-minis were up 66 points, or 0.33%. The tech-heavy Nasdaq closed on Thursday at levels last seen before April 2, dubbed "Liberation Day", when Trump unveiled massive global tariffs. His reversal of some tariffs has helped U.S. stock indexes recover from recent losses. Despite signs of reprieve on the trade front, the rapid shifts in U.S. tariff policies have forced some companies to warn of business impacts or pull earnings forecasts amid worries of higher costs and a hit to economic growth. Oil giant Chevron lost 2% after its quarterly results, while Exxon Mobil was up 0.9% after beating first-quarter profit estimates. Block slumped more than 20% after cutting its profit forecast for 2025 and missing estimates for quarterly earnings, as the payments firm grapples with muted consumer spending. Airbnb dipped 5.1% after the vacation rental platform forecast second-quarter revenue largely below Wall Street estimates and signaled softening demand in the U.S. (Reporting by Sruthi Shankar and Purvi Agarwal in Bengaluru; Editing by Devika Syamnath) First Published: 2 May 2025, 05:24 PM IST
