Latest news with #Trumps
Business Standard
a day ago
- Business
- Business Standard
Wall Street Mixed as Nasdaq Hits Record Close, Profit-Taking and Sector Swings Follow
Despite upbeat economic data and record intraday highs, markets closed mixed with Netflix and biotech stocks weighing on gains while utilities and brokerages saw strong advances. The Nasdaq inched up 10.01 points (0.1%) to a new record closing high of 20,895.66, the S&P 500 edged down 0.57 points or less than a tenth of a percent to 6,296.79 and the Dow fell 142.30 points (0.3%) to 44,342.19. Stocks initially climbed on Wall Street, buoyed by Thursday's positive U.S. economic data that calmed fears over Trumps trade wars. However, gains faded as investors took profits after the Nasdaq and S&P 500 hit new intraday records. Netflix slumped by 5.1% which came after the company reported better than expected second quarter results but warned its operating margin in the second half will be lower than the first half. American Express (AXP) and 3M (MMM) too notably moved downwards even though the companies reported second quarter results that exceeded estimates. University of Michigan said its consumer sentiment index climbed to 61.8 in July after surging to 60.7 in June. Utilities stocks moved strongly upwards, with the Dow Jones Utilities Average climbing by 1.6% to its best closing level in over seven months. Brokerage stocks were considerably strong, as reflected by the 1.3% gain posted by the NYSE Arca Securities Broker/Dealer Index. Interactive Brokers (IBKR) helped lead the sector higher, surging by 7.8% after reporting better than expected second quarter results. Biotechnology stocks came under pressure over the course of the session, dragging the NYSE Arca Biotechnology Index down by 2.2%. Airline and oil service stocks too notably moved downside, offsetting the strength in the aforementioned sectors. Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index dipped by 0.2%, while China's Shanghai Composite Index increased by 0.5%. The major European markets also ended the day mixed while the German DAX Index fell by 0.3%, the French CAC 40 Index closed just above the unchanged line and the U.K.'s FTSE 100 Index rose by 0.2%. In the bond market, treasuries moved to the upside after ending the previous session roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell 3.1 bps to 4.43%.
Business Standard
6 days ago
- Business
- Business Standard
INR pressured by firm dollar amid tariff uncertainty
The Indian rupee declined 18 paise against the US dollar to close at 85.94 (provisional) on Wednesday, tracking a strengthening American currency against major crosses overseas amid uncertainties over the India-US trade pact. Dollar index firmed up near a three-week high as investors awaited the latest producer price index report after hot inflation data pared back expectations of Fed interest rate cuts this year. Meanwhile, Dallas Fed President Lorie Logan supported this view earlier on Wednesday, defending the need to keep interest rates at the current level for some time, to keep inflation at low levels amid the upside risks stemming from Trumps tariffs. However, renewed foreign capital inflows and sliding global crude prices supported the domestic unit. Indian shares recovered from an early slide to end marginally higher on Wednesday as the dollar pulled back slightly and U.S. Treasury yields retreated after rising in the previous session. The benchmark S&P/BSE Sensex ended a choppy session up 63.57 points, or 0.08 percent, at 82,634.48, while the broader NSE Nifty index closed at 25,212.05, up 16.25 points, or 0.06 percent, from its previous close. At the interbank foreign exchange, the rupee opened weak at 86.02 against the dollar. It traded in the range of 85.74-86.05 during the day before closing at 85.94.
Business Standard
09-07-2025
- Business
- Business Standard
Markets Mixed as Tariff Uncertainty Weighs, Energy and Chip Stocks Lead Sector Gains
Wall Street stays cautious amid trade tensions and ahead of Fed minutes; energy and semiconductor sectors shine while gold stocks slump. The tech-heavy Nasdaq inched up 5.95 points or less than a tenth of a% to 20,418.46, the S&P 500 edged down 4.46 points or 0.1% to 6,225.52 and the Dow fell 165.60 points or 0.4% to 44,240.76. Wall Street traded cautiously amid uncertainty over Trumps trade policies. He extended tariff suspensions to August 1 but gave mixed signals on further extensions. Threats of higher tariffs on 14 countries added to market unease. A data lull and upcoming Fed minutes also kept traders sidelined. Most expect no rate change in the July 29-30 Fed meeting. The Fed minutes may shed additional light on the outlook for interest rates ahead of the central bank's next meeting on July 29-30. CME Group's FedWatch Tool is currently indicating a 95.3% chance the Fed will leave rates unchanged later this month. Broader markets showed a lacklustre performance, energy stocks showed a substantial move to the upside on the day. The Philadelphia Oil Service Index spiked by 5.3% and the NYSE Arca Oil Index surged by 3.4%, reflecting strength in the sector. Semiconductor stocks were significant strength, as reflected by the 1.8% gain posted by the Philadelphia Semiconductor Index. Biotechnology and steel stocks too saw notable strength while gold stocks moved sharply lower along with the price of the precious metal. Asia-Pacific stocks moved mostly higher. Japan's Nikkei 225 Index rose by 0.3%, while China's Shanghai Composite Index advanced by 0.7%. The major European markets also moved upside while the U.K.'s FTSE 100 Index climbed 0.5%, the German DAX Index and the French CAC 40 Index both increased by 0.6%. In the bond market, treasuries extended the downward trend seen over the past several sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2 bps to 4.41%.
Malaysia Sun
08-07-2025
- Business
- Malaysia Sun
Trump Says New Tariff Deadline Not 100 Percent Firm
Trump sent letters to trading partners including key US allies Japan and South Korea, announcing that duties he had suspended in April would snap back even more steeply in three weeks, AFP reported. Tokyo and Seoul would be hit with 25 percent tariffs on their goods, he wrote. Countries including Indonesia, Bangladesh, Thailand, South Africa and Malaysia were slapped with duties ranging from 25 percent to 40 percent. But in a move that will cause fresh uncertainty in a global economy already unsettled by his tariffs, the 79-year-old once again left the countries room to negotiate a deal. I would say firm, but not 100 percent firm, Trump told reporters at a dinner with visiting Israeli regime prime minister Benjamin Netanyahu when asked if August 1 deadline was firm. Pressed on whether the letters were his final offer, Trump replied: I would say final but if they call with a different offer, and I like it, then well do it. The US president had unveiled sweeping tariffs on imports on what he called Liberation Day on April 2, including a baseline 10 percent tariff on all countries. But he quickly suspended all tariffs above 10 percent for 90 days following turmoil in the markets. They were due to kick back in on Wednesday and Trump sent the letters in advance of that deadline. Trumps near-identically worded letters to Japanese and South Korean leaders said he would impose 25 percent tariffs as their trading relationships with Washington were unfortunately, far from Reciprocal. He warned of further escalation if there was retaliation against the levies. But Trump on Monday also signed an order formally extending the Wednesday deadline, postponing it to August 1. The new August date effectively marks a further delay and Trumps latest comments threaten to compound the uncertainty over when the deadline really is. According to letters posted to Trumps Truth Social platform, products from Indonesia will face a 32 percent tariff, while the level for Bangladesh is 35 percent and Thailand, 36 percent. Most countries receiving letters so far had duties similar or unchanged from rates threatened in April, although some like Laos and Cambodia saw notably lower levels. The Trump administration is under pressure to show results after promising 90 deals in 90 days. So far only two firm deals have emerged, with Britain and Vietnam, plus an agreement to dial back super-high tit-for-tat tariffs with China. Japans Prime Minister Shigeru Ishiba said at a cabinet meeting Monday that the announcement of the 25 percent tariffs is genuinely regrettable, local media reported. South Koreas National Security Adviser Wi Sung-lac meanwhile met with his US counterpart Marco Rubio in Washington, expressing hope that a bilateral summit could soon be held to achieve mutually beneficial outcomes across key pending issues. Asked why Trump opted to start with Japan and South Korea, White House Press Secretary Karoline Leavitt said: Its the presidents prerogative, and those are the countries he chose. Thailands acting Prime Minister Phumtham Wechayachai said Tuesday he wanted a better deal than the 36 percent tariff Trump threatened to impose, adding: The most important thing is that we maintain good relations with the US. Malaysia said it was committed to continuing engagement with the US toward a balanced, mutually beneficial, and comprehensive trade agreement, its trade ministry said in a statement, after Washington imposed a 25 percent tariff on the Southeast Asian nation. US Treasury Secretary Scott Bessent said Monday that there would be more deals coming up: We are going to have several announcements in the next 48 hours. Trump has also threatened an extra 10 percent tariff on countries aligning themselves with the emerging BRICS nations, accusing them of Anti-American policies after they slammed his duties at a summit. But partners are still rushing to avert Trumps tariffs altogether. The European Commission said EU chief Ursula von der Leyen had a good exchange with Trump on trade when the pair spoke Sunday.
Mint
05-07-2025
- Politics
- Mint
Stranded UK fighter jet in Kerala takes social media by storm, ‘F-35B Nair got its PAN card' — check memes, jokes here
The British F-35B fighter jet that has been grounded in Kerala since June 14 awaits arrival of experts from UK. As aviation engineers' team from the UK prepares to arrive in Thiruvananthapuram on July 5 to repair the Lightning jet of Britain's Royal Navy stranded for over 20 days, social media flooded with memes and jokes. The aircraft made an emergency landing last month at the Thiruvananthapuram International Airport and is currently at a bay under close monitoring of a six-member team from the HMS Prince of Wales. Let's have a look at flurry of memes and jokes viral on social media over the aircraft's prolonged stay. Hilarious reactions to this situation emerged on social media that have gone viral. A user stated, 'F-35B Nair got its PAN card. Now it's time to link it with Aadhaar as per Govt. rules.' Before being airlifted back to the United Kingdom, the fighter jet has become a full-blown meme icon holding its own 'Aadhaar card'. Even Kerala Tourism joined the sport and stated, "Kerala, the destination you'll never want to leave. Thank you, The Fauxy." Attached to the post is a picture of the fighter jet with the caption, 'Kerala is such an amazing place, I don't want to leave. Definitely recommend.' Another user wrote, 'F35 pilots connecting with the ATC.' A third user joked, 'Day 17 of UK F-35 in India' and attached a funny video clip. Bollywood punchlines and dubbed dialogue edits, have become the latest social media trend to tease the overstay of F-35. A fourth comment read,'If that F-35 plane was parked in Gurgaon for this long, someone would have opened a restaurant inside it.' A fifth user quipped, 'Trumps ego is hurt, F35 fiasco has emptied his order book.' As per PTI report, a 40-member aviation team will arrive in Kerala on a special flight to address the issue. Worth over USD 110 million, the fighter jet is a part of the HMS Prince of Wales Carrier Strike Group of the UK's Royal Navy. Initially, the team was scheduled to arrive on July 2 but one of the most advanced fighter aircraft globally couldn't be repaired on-site and is now likely to be dismantled, CNN-News18 reported.
