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Business Standard
11 minutes ago
- Business Standard
CDS warns against Pak-China-Bangladesh collusivity for security interests
Possible convergence of interest among China, Pakistan, and Bangladesh may result in serious implications for India's stability and security dynamics, Chief of Defence Staff Gen Anil Chauhan said on Tuesday. In an address at a think-tank, Gen Chauhan, delving into the May 7-10 military conflict between India and Pakistan, said it was perhaps for the first time that two nuclear weapon states were directly engaged in hostilities. The Chief of Defence Staff (CDS), referring to Beijing-Islamabad collusivity, said Pakistan has acquired almost 70 to 80 per cent of its weapons and equipment from China in the last five years. He said Chinese military firms have commercial liabilities in Pakistan. The top military officer said economic distress in the countries in the Indian Ocean region has given "outside powers" to leverage their influence which could create vulnerabilities for India. "There is a possible convergence of interest we can talk about between China, Pakistan, and Bangladesh that may have implications for India's stability and security dynamics," Gen Chauhan said at the event hosted by the Observer Research Foundation. His comments came as India's ties with Bangladesh witnessed a sharp downturn after deposed prime minister Sheikh Hasina fled Dhaka and took shelter in India in August last year. While talking about various aspects of Operation Sindoor, the CDS said further "expansion of space" in conventional operations is possible by taking it to newer domains of warfare like cyber and electromagnetic spheres. Gen Chauhan said there were no unusual activities by the Chinese side along the northern border when India and Pakistan were engaged in the four-day conflict. "Maybe this is a short conflict. That's an assumption I can make. But it is a fact that there was no activity along the northern border (by the Chinese militaries)," he said. The top military officer also touched upon the strategic friendship between Pakistan and China. "In the past five years, Pakistan has acquired almost 70 to 80 per cent of its weapons and equipment from China. That's a fact. A reasonable assumption would be that Chinese OEMs (original equipment makers) will have commercial liabilities which they have to fulfil and will have people in Pakistan," he said. The CDS also highlighted how India called out Pakistan's nuclear bluff. "India has also said that it will not be deterred by nuclear blackmail. I think Operation Sindoor is the only example of a conflict between two nuclear weapon states," he said. Gen Chauhan said there have been hundreds of conflicts around the world ever since the nuclear weapons were invented, but it was for the first time that two nuclear weapon states were directly engaged in a conflict. "So Operation Sindoor, in that manner, is slightly unique in itself, and it may hold lessons not only for the subcontinent, but for the entire world," he said. In this context, he observed that there was a lot of space for conventional operations and cited three fundamental reasons to back his argument. "First is India's nuclear doctrine, that there's no first use. I think that gives us strength and that contributes to creating this particular space between us and Pakistan," he said. "Second is the way they responded actually. When India went to respond, we destroyed terrorist camps in response to the terror attack as part of a prevention strategy. You may call it revenge, you may call it retribution, but that ought to prevent further attacks." Gen Chauhan said Pakistan escalated the conflict into a fully conventional kind of a domain. "The escalation to a conventional domain was in the hands of Pakistan. Thus, it reduces its option to raise the threshold of this nuclear conflict," he noted. The top military officer said there is still space for expanding conventional operations. "The fourth evolving military challenge is increasing vulnerabilities to long-range vectors and long-range precision flights. There is currently no foolproof defense mechanism against ballistic missiles, hypersonics, cruise missiles, and large-scale attack by drones or loitering ammunition," he said. Talking about the changing dynamics of warfare, Gen Chauhan said India will have to be prepared for both old and new kinds of warfare. "The second evolving challenge from the military perspective is to keep a high degree of operational preparedness, 24/7 and 365 days," he said. Gen Chauhan also said there was total synergy among the Army, Navy and the Air Force during Operation Sindoor.
Economic Times
an hour ago
- Economic Times
Wall Street edges lower as investors look for tariff clarity
U.S. stocks experienced a mixed session on Tuesday as investors reacted to President Trump's latest tariff threats, creating uncertainty in the market. The S&P 500 and Nasdaq fluctuated, while the Dow closed lower. Energy stocks gained, but consumer staples and utilities declined. Investors are awaiting the release of the Fed's meeting minutes for further direction. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The S&P 500 ended Tuesday's choppy session slightly lower as investors waited for clarity on U.S. trade policy after President Donald Trump's latest tariff threats dampened hopes around talks with some trade partners. Wall Street equities had sold off sharply on Monday after Trump warned of sweeping new tariffs on goods from key trading partners such as Japan and South Korea and a range of smaller countries starting in moves in U.S. indexes were less pronounced than in the previous session but the benchmark S&P 500 and the tech-heavy Nasdaq spent the session flitting between red and green as investors sought direction from tariff headlines. Trump appeared to broaden his global trade war with the announcement on Tuesday that he would put a 50% tariff on imported copper while he said that long-threatened levies on semiconductors and pharmaceuticals were coming U.S. president said trade talks have been going well with the European Union and China but added that he was only days away from sending a tariff letter to the EU."It's almost like markets are waiting to exhale," while investors wait for more tariff news , said Carol Schleif, chief market strategist at BMO Private Wealth in Minneapolis, Minnesota."The fact that markets are holding in pretty tight, still just an eyelash away from all-time highs, shows investors are willing to give headlines the benefit of the doubt," she said. And while investors wait for the second-quarter earnings season to begin in mid-July, they are likely relieved by the passage into law last week of the U.S. government's spending plan, including some business-friendly tax policies, according to Dow Jones Industrial Average fell 165.60 points, or 0.37%, to 44,240.76, the S&P 500 lost 4.46 points, or 0.07%, to 6,225.52 and the Nasdaq Composite gained 5.95 points, or 0.03%, to 20, the S&P 500's 11 major industry groups, only five showed any gains. The energy index had the biggest advance, finishing up 2.72%, while the more defensive consumer staples and utilities sectors both fell more than 1% on the investors were wary of making big moves in larger stocks, the Russell 2000 small-cap index outperformed with a 0.66% gain. The market's cautious reaction to trade headlines contrasted with the wild volatility that was unleashed after Trump's April 2 "Liberation Day" tariff announcements, which pushed the Nasdaq down sharply to confirm a bear market and sent the Dow and the S&P 500 into a correction. Since then, Wall Street has rebounded to regain lost ground, with the Nasdaq and the S&P 500 powering to fresh record highs last week, as a solid labor market report helped ease fears of a recession. BofA Global Research and Goldman Sachs raised their year-end targets for the S&P 500 index, broadly driven by reduced policy uncertainty, resilient corporate earnings and potential interest rate of the Fed's June rate-setting meeting are scheduled for release on Wednesday, potentially providing more clarity on when the central bank might resume its policy-easing cycle. In mega-cap shares, Tesla gained 1.3% after its stock recorded its steepest single-day fall in roughly a month on Monday. In other individual stocks, U.S. copper miner Freeport-McMoRan appeared to benefit from the idea of steep import tariffs on the metal, with the stock ending up 2.5%. Moderna was the S&P 500's biggest percentage gainer, jumping 8.8% after leading medical organizations filed a lawsuit against U.S. Health Secretary Robert F. Kennedy Jr. and Department of Health and Human Services, arguing that current COVID-19 vaccine policies pose a threat to public health. Shares of solar stocks fell after Trump on Monday directed federal agencies to strengthen provisions in the One Big Beautiful Bill Act that repeal or modify tax credits for solar and wind energy sank 11.4% while Enphase Energy lost 3.6% and SolarEdge Technologies dropped 1%.Advancing issues outnumbered decliners by a 1.51-to-1 ratio on the NYSE, where there were 156 new highs and 25 new the Nasdaq, 2,797 stocks rose and 1,669 fell as advancing issues outnumbered decliners by a 1.68-to-1 S&P 500 posted 17 new 52-week highs and 4 new lows while the Nasdaq Composite recorded 83 new highs and 51 new U.S. exchanges 17.03 billion shares changed hands compared with the 18.31 billion moving average for the last 20 sessions.
Time of India
an hour ago
- Time of India
Wall Street edges lower as investors look for tariff clarity
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The S&P 500 ended Tuesday's choppy session slightly lower as investors waited for clarity on U.S. trade policy after President Donald Trump's latest tariff threats dampened hopes around talks with some trade partners. Wall Street equities had sold off sharply on Monday after Trump warned of sweeping new tariffs on goods from key trading partners such as Japan and South Korea and a range of smaller countries starting in moves in U.S. indexes were less pronounced than in the previous session but the benchmark S&P 500 and the tech-heavy Nasdaq spent the session flitting between red and green as investors sought direction from tariff headlines. Trump appeared to broaden his global trade war with the announcement on Tuesday that he would put a 50% tariff on imported copper while he said that long-threatened levies on semiconductors and pharmaceuticals were coming U.S. president said trade talks have been going well with the European Union and China but added that he was only days away from sending a tariff letter to the EU."It's almost like markets are waiting to exhale," while investors wait for more tariff news , said Carol Schleif, chief market strategist at BMO Private Wealth in Minneapolis, Minnesota."The fact that markets are holding in pretty tight, still just an eyelash away from all-time highs, shows investors are willing to give headlines the benefit of the doubt," she said. And while investors wait for the second-quarter earnings season to begin in mid-July, they are likely relieved by the passage into law last week of the U.S. government's spending plan, including some business-friendly tax policies, according to Dow Jones Industrial Average fell 165.60 points, or 0.37%, to 44,240.76, the S&P 500 lost 4.46 points, or 0.07%, to 6,225.52 and the Nasdaq Composite gained 5.95 points, or 0.03%, to 20, the S&P 500's 11 major industry groups, only five showed any gains. The energy index had the biggest advance, finishing up 2.72%, while the more defensive consumer staples and utilities sectors both fell more than 1% on the investors were wary of making big moves in larger stocks, the Russell 2000 small-cap index outperformed with a 0.66% gain. The market's cautious reaction to trade headlines contrasted with the wild volatility that was unleashed after Trump's April 2 "Liberation Day" tariff announcements, which pushed the Nasdaq down sharply to confirm a bear market and sent the Dow and the S&P 500 into a correction. Since then, Wall Street has rebounded to regain lost ground, with the Nasdaq and the S&P 500 powering to fresh record highs last week, as a solid labor market report helped ease fears of a recession. BofA Global Research and Goldman Sachs raised their year-end targets for the S&P 500 index, broadly driven by reduced policy uncertainty, resilient corporate earnings and potential interest rate of the Fed's June rate-setting meeting are scheduled for release on Wednesday, potentially providing more clarity on when the central bank might resume its policy-easing cycle. In mega-cap shares, Tesla gained 1.3% after its stock recorded its steepest single-day fall in roughly a month on Monday. In other individual stocks, U.S. copper miner Freeport-McMoRan appeared to benefit from the idea of steep import tariffs on the metal, with the stock ending up 2.5%. Moderna was the S&P 500's biggest percentage gainer, jumping 8.8% after leading medical organizations filed a lawsuit against U.S. Health Secretary Robert F. Kennedy Jr. and Department of Health and Human Services, arguing that current COVID-19 vaccine policies pose a threat to public health. Shares of solar stocks fell after Trump on Monday directed federal agencies to strengthen provisions in the One Big Beautiful Bill Act that repeal or modify tax credits for solar and wind energy sank 11.4% while Enphase Energy lost 3.6% and SolarEdge Technologies dropped 1%.Advancing issues outnumbered decliners by a 1.51-to-1 ratio on the NYSE, where there were 156 new highs and 25 new the Nasdaq, 2,797 stocks rose and 1,669 fell as advancing issues outnumbered decliners by a 1.68-to-1 S&P 500 posted 17 new 52-week highs and 4 new lows while the Nasdaq Composite recorded 83 new highs and 51 new U.S. exchanges 17.03 billion shares changed hands compared with the 18.31 billion moving average for the last 20 sessions.
