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Economic Times
26 minutes ago
- Economic Times
S&P, Nasdaq again close at record highs, trade choppy
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The S&P 500 edged higher to eke out a record high close for a sixth straight session on Monday, while the Nasdaq also advanced to a closing record in choppy trade as investors gauged the U.S.-EU trade pact and prepared for a week of major market catalysts.U.S. President Donald Trump and European Commission President Ursula von der Leyen unveiled atrade frameworkon Sunday, slashing EU import tariffs to 15% - half the previously threatened rate that was scheduled to take effect on August 1. Still, France denounced the deal as a "submission."The deal is the latest announcement in recent days on U.S. trade agreements with countries such as Japan and Indonesia. Top U.S. and Chinese economic officialsresumed talksin Stockholm to resolve a trade war between the world's two largest economies."It's feel-good in the sense that it doesn't represent Armageddon, if the draconian tariffs went into place," said Scott Welch, chief investment officer at Certuity in Potomac, Maryland."But it's much too soon to pass judgment on the long-term effects on how that will play out. It's better than the alternative for sure, and so I hope they continue."The Dow Jones Industrial Average fell 64.36 points, or 0.14%, to 44,837.56, the S&P 500 gained 1.13 points, or 0.02%, to 6,389.77 and the Nasdaq Composite gained 70.27 points, or 0.33%, to 21, benchmark S&P 500 index has now notched six straight daily closing records, en route to its 15th closing record of the year. Stocks have rebounded strongly from a selloff that began in early April when Trump announced a slew of enthusiasm over the potential for AI technology has helped lift stocks, along with the realization of some trade pacts and early indications corporate earnings season may be better than now await a policy announcement from the Federal Reserve on Wednesday. The central bank iswidely expectedto keep U.S. rates unchanged even as Trump has ramped up pressure on Fed Chair Jerome Powell to lower borrowing on deck this week were a slew of corporate earnings, including results from heavyweights Meta, Microsoft, Amazon and Apple, which could sway broader investor sentiment in either with the Fed meeting and earnings, a number of economic indicators are scheduled to be released this week, including the Personal Consumption Expenditure report (PCE) - the Fed's preferred inflation measure - and the government payrolls report to gauge how tariffs may have affected consumer prices and the labor climbed 3.89% after J.P. Morgan upgraded the stock to "overweight" from "neutral" and said investors should "just buy it".Energy, up 1.15% was the best performing S&P sector on the session, buoyed by a jump of more than 2% in oil prices while real estate, down 1.75%, and materials , off 1.44%, were the worst issues outnumbered advancers by a 1.81-to-1 ratio on the NYSE, and by a 1.48-to-1 ratio on the S&P 500 posted 26 new 52-week highs and five new lows, while the Nasdaq Composite recorded 68 new highs and 54 new on U.S. exchanges was 17.58 billion shares, compared with the 17.84 billion average for the full session over the last 20 trading days.
Indian Express
26 minutes ago
- Indian Express
How do Chinese analysts view speculations of Trump visiting Beijing in September?
Long-time China watchers and foreign affairs experts know that reports of Chinese leaders travelling abroad or a foreign leader visiting Beijing are only confirmed when they come from China's state-run Xinhua news agency. Since rumours of US President Donald Trump being invited to attend a September 3 military parade in Beijing first appeared in the media nearly a month ago, Xinhua has neither denied nor confirmed them. According to reports published in China, Japan's Kyodo News Agency first reported on a possible visit. The Chinese foreign ministry spokesperson denied having 'any information on the matter' on June 30. However, the speculations resurfaced after Moscow confirmed that Russian President Vladimir Putin will attend the event on July 21. A Reuters story ('Trump may travel to China to meet Xi in 'not-too-distant' future') on July 22 said Trump was likely to attend the ceremony commemorating the 80th anniversary of the end of World War 2. Kremlin spokesperson Dmitry Peskov had said that Russia was also open to discussing the possibility of holding talks between Putin and Trump, should the latter visit Beijing. Amid speculations of a potential high-level meeting involving Putin, Trump, and Chinese President Xi Jinping, London's The Times newspaper also reported that Beijing may be positioning itself to host a trilateral summit. What has also fuelled the rumours are comments from Trump in January, when he was sworn in as President for the second time, and after he spoke with Xi in June amid the tariff war, about his interest in visiting China shortly. China's media landscape differs from most countries, as the Chinese Communist government exerts significant control over news outlets. While the internet also has restrictions, discussions on online forums and websites still help get an idea of Chinese perspectives. Recently, some scholars and strategic affairs analysts in China weighed in on Trump's potential visit in September: *First, it is seen as necessary for the leaders of China and the United States to sit down and exchange their views on the bilateral relationship and their ideas on the evolving world order. This comes amid turmoil in the Middle East, the Russia-Ukraine war, as well as important recent issues in the bilateral ties, such as tariffs. *Second, the military parade is also a means for China to display and project its military strength to the outside world. It may make Trump re-evaluate the relative capabilities gap between the countries and could be more conducive to the future development of the two countries, some Chinese scholars have said. *Third, China has formally called the event the 80th anniversary of the 'War of Resistance Against Japanese Aggression' in recent years. It could help enhance the status and role of China's wartime endeavours in World War 2 (called the 'World Anti-fascist War'). An article penned under a popular Chinese social media blog account, Fox Condolence, and re-circulated by the digital news platform recently wrote: 'If Trump can also come, there will be a historic scene of China, the United States and Russia celebrating the victory of the War of Resistance against Japanese Aggression together. This is the first time in 80 years since the war, and it will be held in Beijing. This will undoubtedly greatly enhance China's influence in the world.' *Fourth is the view that calling Trump may be necessary, since he has not held in-person meetings with Putin and Xi since July 2018 and November 2019, respectively. Two weeks ago, in an interview with a Chinese news daily, Professor Gao Zhikai, Deputy Director at the Centre for China and Globalization (CCG) in Beijing, claimed to be the first in China to propose that Trump be invited in September. His main reason was, 'Trump is a short-term phenomenon in US politics, China must try and keep him [Trump] in good humour.' As soon as the Japanese media broke the news of Trump's possible visit, the political elite and media in the United States began to warn the President against it. Chinese scholars have also made a note of these views: *First, there is a view in the US that China's invitation to Trump is a calculated effort to present the country as America's equal on the global stage. Vincent C. Chen, a senior executive in Taiwan's information and communications technology industry, wrote in The Hill that the visit may attempt to convey a vision of 'co-governance of the world.' *Second, he argued that the parade was not a symbol of peace, nor was it aimed at merely commemorating a historic victory. 'It is a deliberate display of military strength, to project the narrative of the CCP (Chinese Communist Party) superiority and signaling strategic rivalry with the U.S.', Chen wrote. *Third is the view that the visit would actually help enhance China's role in the war. Writing in Mandarin for the German news agency, Deutsche Welle, a well-known Chinese political affairs commentator, Deng Yuwen, wrote: 'In the Western narrative, China's eight-year war of resistance and huge sacrifices were not crucial to defeating fascism… China has always wanted to reverse the Western-dominated narrative framework of World War II history, but the effect is not obvious.' *Fourth, while analysing reactions in both China and in the US to Beijing's possible invitation to Trump, Singapore-based digital political weekly, ThinkChina, observed: 'Trump sharing the stage with the leaders of two authoritarian states – in the eyes of the West – would trigger strong domestic backlash. Criticism would not come just from the Democrats, but also from the China hawks within the Republican Party. Going against the bipartisan consensus on containing China could come at a political cost for Trump.' Chinese analysts also struck a note of caution, noting that the Communist Party must consider the leaders of the Global South countries, who would likely be invited to the parade as well. As Deng Yuwen has pointed out, if Beijing treats Trump with higher courtesy, will they question China's narrative as an advocate of such countries? This may weaken its influence and appeal in the Global South, where it has made vast investments over the years. Hemant Adlakha teaches Chinese at the Jawaharlal Nehru University in New Delhi. He is also Vice Chairperson and an Honorary Fellow, Institute of Chinese Studies (ICS), Delhi.
The Print
an hour ago
- The Print
Microsoft suspends services to Nayara, co sues firm in Delhi High Court
The European Union earlier this month imposed sanctions on Nayara as part of a new raft of measures against Russia over its war with Ukraine. 'Nayara Energy has initiated legal proceedings against Microsoft following the abrupt and unilateral suspension of critical services. Microsoft is currently restricting Nayara Energy's access to its own data, proprietary tools, and products – despite these being acquired under fully paid-up licences,' the company said in a statement. New Delhi, Jul 28 (PTI) Microsoft Corp has stopped providing services to Russian oil giant Rosneft-backed Nayara Energy following European Union sanctions, prompting the Indian refinery to sue the tech giant in the Delhi High Court. Rosneft owns a 49.13 per cent stake in Nayara Energy Ltd, formerly Essar Oil Ltd. Nayara owns and operates a 20 million tonnes a year oil refinery at Vadinar in Gujarat, as well as over 6,750 petrol pumps. An investment consortium SPV, Kesani Enterprises Company, holds another 49.13 per cent stake in Nayara. Kesani is owned by Russia's United Capital Partners (UCP) and Hara Capital Sarl, a wholly-owned subsidiary of Mareterra Group Holding (formerly Genera Group Holding S.p.A.). 'This decision, based solely on Microsoft's unilateral interpretation of recent European Union (EU) sanctions, sets a dangerous precedent for corporate overreach and raises serious concerns regarding its implications on India's energy ecosystem,' Nayara said. The firm said it has filed a petition before the High Court of Delhi seeking an interim injunction and resumption of services to safeguard its rights and ensure continued access to essential digital infrastructure. 'These steps are aimed at preventing any potential disruption to Nayara's ability to meet its obligations to Indian consumers and stakeholders,' it said. The firm went on to state that while the sanctions originate exclusively from the EU, Microsoft – a US-headquartered corporation – has chosen to withdraw services from Nayara Energy without any legal requirement to do so under US or Indian law. 'This action has been taken unilaterally, without prior notice, consultation or recourse, and under the guise of compliance. Such moves signal a worrying trend of global corporations extending foreign legal frameworks into jurisdictions where they have no applicability,' it said. Nayara Energy said it is a vital contributor to India's energy security, accounting for approximately 8 per cent of the country's total refining capacity, 7 per cent of its retail petrol pump network. 'Despite these external challenges that Nayara Energy is currently facing, we remain fully committed to ensuring uninterrupted service and supply to India's energy demands,' the statement said. 'All of Nayara Energy's operations are fully compliant with Indian laws and regulations, and the company remains in regular engagement with Indian authorities to ensure transparency and accountability. Nayara said it primarily caters to the domestic market through India's largest private fuel retail network, institutional sales, and partnerships with other Oil Marketing Companies (OMCs). The company is also investing in petrochemicals and clean energy, creating thousands of direct and indirect employment opportunities across India. PTI ANZ ANZ MR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
