
Philippine annual inflation at 0.9% in July
The headline rate was the lowest reading since October 2019.
Economists in a Reuters poll had expected an annual inflation rate of 1.1%, within the central bank's forecast range of 0.5% to 1.3% for the month.
The annual core inflation rate, which strips out volatile food and energy prices, was 2.3% in July.
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Reuters
21 minutes ago
- Reuters
Indian equity benchmarks to open flat as investors assess Trump's tariff threat
Aug 5 (Reuters) - India's equity benchmarks are set to open little changed on Tuesday after U.S. President Donald Trump reiterated his threat of harsh tariffs on goods from India over its Russian oil purchases. Gift Nifty futures were trading at 24,766 points as of 7:59 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open around its previous close of 24,722.75. Trump on Monday threatened to raise tariffs on goods from India over its Russian oil purchases, while New Delhi called his attack "unjustified" and vowed to protect its economic interests, deepening the trade rift between the two countries. Analysts said the ongoing trade rift has hit the market sentiment, and expect benchmarks to remain in a range-bound trade until there is clarity over U.S. tariffs. The uncertainty has partly driven sustained foreign outflows from India. Foreign investors have sold Indian shares for 11 straight sessions till Monday, per provisional data. The Reserve Bank of India's policy decision on Wednesday will also be in focus. The central bank is expected to hold interest rates steady, but the odds of another cut have risen as the U.S. tariffs are adding to pressure on growth. ** IndusInd Bank ( opens new tab appoints veteran banker Rajiv Anand as chief executive officer for a three-year term starting August 25 ** China's Ant Group ( opens new tab to sell its entire stake in Indian payments firm Paytm ( opens new tab in block deals that could total 38 billion rupees ($433.72 million), according to a term sheet seen by Reuters on Monday ** Drugmaker Aurobindo Pharma ( opens new tab reports a lower first-quarter profit on Monday, as expenses grew faster than revenue - stung by weak prices in the key U.S. market


Reuters
21 minutes ago
- Reuters
Rupee at risk of lifetime low after Trump ups tariff threat on India
MUMBAI, August 5 (Reuters) - The Indian rupee may drop past 88 to the U.S. dollar to an all-time low on Tuesday after U.S. President Donald Trump threatened steeper tariffs on Indian goods, worsening fragile sentiment and stoking concerns of more foreign outflows. The 1-month non-deliverable forward indicated the rupee will open in the 88.00 to 88.04 range versus the U.S. dollar, down from 87.6550 on Monday. The rupee's previous record low was 87.95, touched in February. Trump again threatened to substantially raise tariffs on Indian goods, citing India's continued purchases and resale of Russian oil. India's foreign ministry responded, saying it will take all necessary steps to protect its national interests and economic security. "Whether these barrage of comments are mainly negotiating tactics against India to partly prod for changes in the Russia-Ukraine war remains to be seen," MUFG Bank said in a note. Trump had already imposed higher-than-expected 25% tariffs on Indian imports last week, while U.S. officials continue to highlight multiple hurdles that are delaying a trade deal with India. Sentiment on the rupee has been fragile due to the hefty tariffs on Indian goods. On Monday, the pressure intensified, with the rupee falling despite the dollar weakening broadly. On Monday, the rupee failed to hold on to an intraday recovery to near 87.20. "Today was already shaping up to be a difficult session (for the rupee), and Trump's latest tariff threat only amplified the pressure,' a senior trader at a private bank said. "I'd fully expect the Reserve Bank of India to step in — they won't want to let the rupee depreciate unchecked, especially in the face of U.S. rhetoric." He warned that overseas outflows from Indian equities may gather pace in response to rising trade tensions with the U.S. KEY INDICATORS: ** One-month non-deliverable rupee forward at 88.14; onshore one-month forward premium at 12 paise ** Dollar index up at 98.82 ** Brent crude futures down 0.1% at $68.7 per barrel ** Ten-year U.S. note yield at 4.2% ** As per NSDL data, foreign investors sold a net $165.5mln worth of Indian shares on Aug. 1 ** NSDL data shows foreign investors bought a net $223.7mln worth of Indian bonds on Aug. 1


Reuters
an hour ago
- Reuters
Shares in Asia rally, dollar lower against yen on Fed rate cut bets
TOKYO, Aug 5 (Reuters) - Shares in Asia rose for a second consecutive session and the U.S. dollar held most of its losses on Tuesday as investors increased bets the Federal Reserve will act to prop up the world's largest economy. U.S. shares rallied on Monday on generally positive earnings reports and increasing bets for a September rate cut from the Fed after disappointing jobs data on Friday. Oil remained lower after output increases by OPEC+ and threats by U.S. President Donald Trump to raise tariffs on India over its Russian petroleum purchases. Japan's Nikkei rallied, with data showing a jump in the nation's service sector activity in July. "There are signs of weakness in parts of the U.S. economy, that plays to the view that maybe not in September, but certainly this year that the Fed's still on course to ease potentially twice," said Rodrigo Catril, senior currency strategist at National Australia Bank. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab was up 0.6% in early trade. The Nikkei climbed 0.5% after falling by the most in two months on Monday. The dollar dropped 0.1% to 146.96 yen . The euro was unchanged at $1.1572, while the dollar index , which tracks the greenback against a basket of major peers, edged up 0.1% after a two-day slide. Odds for a September rate cut now stand at about 94%, according to CME Fedwatch, from a 63% chance seen on July 28. Market participants see at least two quarter-point cuts by the end of this year. The disappointing nonfarm payrolls data on Friday added to the case for a cut by the Fed, and took on another layer of drama with Trump's decision to fire the head of labor statistics responsible for the figures. News that Trump would get to fill a governorship position at the Fed early also added to worries about politicisation of interest rate policy. Trump again threatened to raise tariffs on goods from India from the 25% level announced last month, over its Russian oil purchases, while New Delhi called his attack "unjustified" and vowed to protect its economic interests. Second-quarter U.S. earnings season is winding down, but investors are still looking forward to reports this week from companies including Walt Disney (DIS.N), opens new tab and Caterpillar (CAT.N), opens new tab. Tech heavyweights Nvidia (NVDA.O), opens new tab, Alphabet (GOOGL.O), opens new tab and Meta (META.O), opens new tab surged overnight, and Palantir Technologies (PLTR.O), opens new tab raised its revenue forecast for the second time this year on expectations of sustained demand for its artificial intelligence services. "Company earnings announcements continue to spur market moves," Moomoo Australia market strategist Michael McCarthy said in a note. In Japan, the S&P Global final services purchasing managers' index climbed to 53.6 in July from 51.7 in June, marking the strongest expansion since February. Oil prices were little changed after three days of declines on mounting oversupply concerns, with the potential for more Russian supply disruptions providing support. Brent crude futures were flat at $68.76 per barrel, while U.S. crude futures dipped 0.02% to $66.28 a barrel. Spot gold was slightly higher at $3,381.4 per ounce. The pan-region Euro Stoxx 50 futures were up 0.2%, while German DAX futures were up 0.3% and FTSE futures rose 0.4%. U.S. stock futures, the S&P 500 e-minis , were up 0.2%. Bitcoin was little changed at $114,866.06 after a two-day rally.