China's Vice Premier He to hold US trade talks in Sweden
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Reuters
3 minutes ago
- Reuters
Indian shares inch lower as Kotak earnings drag financials, trade deal delay weighs
July 28 (Reuters) - Indian shares inched lower on Monday as weak results from Kotak Mahindra Bank weighed on sentiment, while uncertainty over trade talks with the U.S. added to overall caution. The Nifty 50 (.NSEI), opens new tab fell 0.16% to 24,798.9 points and the BSE Sensex (.BSESN), opens new tab lost 0.2% to 81,325.4 as of 10:03 a.m. IST. The broader small-caps (.NIFSMCP100), opens new tab and mid-caps (.NIFMDCP100), opens new tab lost 0.3% and 0.2%, respectively. Negotiations between India and the United States remained deadlocked over tariff cuts on agriculture and dairy products, dimming hopes of an interim deal ahead of U.S. President Donald Trump's August 1 deadline. This is in contrast to a framework trade agreement struck between the U.S. and European Union over the weekend, easing fears of a bigger trade war between the two allies, which account for almost a third of global trade. High-weightage financials (.NIFTYFIN), opens new tab and private banks (.NIFPVTBNK), opens new tab lost 0.2% and 1%, respectively, dragged by a 7% fall in Kotak Mahindra Bank ( opens new tab after it posted a drop in quarterly profit. The IT index (.NIFTYIT), opens new tab lost 0.5%, with Tata Consultancy Services ( opens new tab shedding 1.6% after it announced plans to reduce its workforce by 2% in fiscal year 2026. The Nifty 50 and 30-stock Sensex (.BSESN), opens new tab have logged four consecutive weekly losses due to weak earnings, foreign outflows and uncertainty over the U.S.-India trade deal. "A dull earnings season and the lingering delay in the India-U.S. trade deal have clearly cast a shadow on market sentiment. With valuations still stretched across the board, investors are understandably treading with heightened caution," said G Chokkalingam, founder and head of research at Equinomics Research. Among individual stocks, Mphasis ( opens new tab gained 2.4% on posting quarterly results in-line with estimates and on strong deal bookings, which has boosted the IT company's revenue growth outlook. SBI Cards and Payment Services ( opens new tab lost 3.7% after missing profit estimates in the June quarter.
The Independent
5 minutes ago
- The Independent
Thailand and Cambodia to talk peace in Malaysia after Trump's tariff threat
Cambodian and Thai leaders will meet on Monday for talks to end the border conflict that has left at least 35 people dead and displaced thousands more. Cambodian premier Hun Manet will meet Thai acting prime minister Phumtham Wechayachai in the Malaysian capital of Kuala Lumpur to seek a resolution to the deadliest conflict in more than a decade between the Southeast Asian countries, Thai government spokesperson Jirayu Houngsub said, adding that they will be joined by American and Chinese delegates. The Cambodian prime minister confirmed his participation late Sunday night. He also said China, a close ally, will attend the meeting. 'I will lead the Cambodian delegation to attend a special meeting in Kuala Lumpur hosted by Malaysia and co-organised by the United States and with participation of China,' he said. The conflict, which began on 24 July, has killed at least 35 people and displaced over 200,000 on both sides of the disputed border. US secretary of state Marco Rubio said American officials were in Malaysia to help secure peace. Donald Trump had earlier said he thought the leaders of both Thailand and Cambodia wanted to settle the conflict. "We want this conflict to end as soon as possible," Mr Rubio said. "State Department officials are on the ground in Malaysia to assist these peace efforts.' The talks will start at 3pm local time. After the conflict broke out last week, Malaysia offered to facilitate talks to end the hostilities in its role as the current chair of the Asean regional bloc. The breakthrough came after Mr Trump said that Thai and Cambodian leaders were willing to 'quickly work out a ceasefire'. The US president said on Sunday he had threatened to pull out of deals to reduce tariffs on both nations unless they agreed to stop fighting. 'I called the prime minister of each and said, 'We're not going to make a trade deal unless you settle a war.' I think they want to settle," he said. Both countries thanked Mr Trump for his efforts even as fighting continued through Sunday. The Cambodian premier said earlier on Sunday his country had agreed to pursue an 'immediate and unconditional ceasefire'. He said Mr Trump had told him Thailand was ready to end fighting following the American president's conversation with the acting prime minister. Mr Phumtham thanked the US president and qualified Thailand's position saying that it had agreed in principle to a ceasefire but stressed the need for 'sincere intention' from Cambodia, according to the Thai foreign ministry. The fighting started on Thursday after a landmine explosion wounded Thai soldiers and gunshots were fired, with each side blaming the other for starting the clashes. The 817km frontier between Thailand and Cambodia has been disputed for decades but previous confrontations have been limited and brief. In the latest conflict, both sides have employed rocket and artillery systems, and a Thai military spokesperson confirmed cluster munitions could be used 'when necessary' after Cambodia claimed the internationally prohibited weapons were being deployed by the neighbouring country.
Reuters
6 minutes ago
- Reuters
Malaysia's economy projected to grow 4% to 4.8% this year, central bank says
KUALA LUMPUR, July 28 (Reuters) - Malaysia's economy is projected to expand by 4% to 4.8% in 2025, down from a previous forecast of 4.5% to 5.5%, its central bank said on Monday, warning that trade and tariff uncertainties could affect global growth. Headline inflation is expected to average between 1.5% and 2.3% this year, Bank Negara Malaysia said in a statement. The central bank said the global economic growth outlook was affected by shifting trade policies and uncertainties surrounding tariffs. It said Malaysia's "updated growth projections account for various tariff scenarios, ranging from a continued elevation of tariffs to more favourable trade negotiation outcomes." Although Malaysia's economy remains on a "strong footing", the central bank said its growth projection remains subject to uncertainties surrounding the global economy. Malaysia is facing a 25% tariff on its exports to the United States unless it can reach a deal with Washington by August 1. Malaysia's trade minister said several sticking points remained in the talks with the United States, particularly on non-trade barriers, but discussions were progressing well and were on track to meet the August deadline.
