CNA938 Rewind - Air India crash probe focuses on captain's actions: What went wrong?
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International Business Times
2 hours ago
- International Business Times
Asian Markets Rise on Trade Optimism and Strong US Earnings
Markets across Asia rose on Thursday as optimism from Wall Street and the promise of more U.S. trade deals fueled trading. The MSCI Asia-Pacific index (excluding Japan) climbed 0.4%, to its peak since the year before. Japan's Nikkei 225 continued its surge, moving within a hair's breadth of its all-time high as Singapore's STI and Japan's Topix both breached heights. x Recent trade agreements with Japan, Indonesia, and the Philippines have lifted investor confidence. Now it is talking with the EU, raising the possibility of a bigger deal. European stock futures were swept along with the optimism: Euro Stoxx 50 futures rose 1.17%, DAX futures 1.15%, and FTSE futures 0.39%. "Markets seem to be ready to throw caution aside on the back of significant trade deals," said NAB strategist Gavin Friend. Trump's Fed Visit Sparks New Speculation In a surprise, President Trump is scheduled to visit the Federal Reserve on Thursday, two days before the next policy meeting. Analysts speculated that the visit might be intended to pressure Federal Reserve Chair Jerome Powell to lower interest rates. The Fed is overwhelmingly anticipated to keep rates unchanged next week. The 10-year U.S. Treasury yield was unchanged at 4.3937%, while the 2-year yield traded at 3.8908%. The dollar fell 0.31% against the yen to 146.03 and dipped briefly on the dollar index, down to 97.156. Earnings and Wall Street Drive Momentum U.S. stocks rose strongly on Wednesday. The Dow rose 1.1%, the S&P 500 climbed 0.76%, and the Nasdaq gained 0.6%. To date, 23% of S&P 500 companies have reported results for the second quarter, with 85% of them beating expectations, according to LSEG data. In Asia, shares of the South Korean microchip maker SK Hynix and the Indian technology services company Infosys both provided optimistic earnings forecasts, setting aside concerns about tariffs. The focus of investors now turns to reports from big U.S. companies and the ECB's rate decision later on Thursday. The ECB is expected to pause after seven straight cuts. Traders anticipate one more cut by December. Trump's earlier threat of a 30% tariff on EU goods could potentially be softened down, as officials indicate that a compromise of a 15% flat rate is in the works. Commodities Steady Ahead of Central Bank Moves Oil prices rose on Thursday following a sharp drop in the United States' crude stocks and amid expectations of potential trade deals lifting demand for crude. American crude gained 0.52% to $65.59 a barrel. Spot gold eased marginally to $3,382.79 an ounce as safe-haven demand waned.
CNA
3 hours ago
- CNA
Britain and India sign free trade pact during Modi visit
LONDON: Britain and India signed a free trade agreement on Thursday (Jul 24) during Indian Prime Minister Narendra Modi's visit, marking the UK's biggest post-Brexit trade deal and India's most significant partnership with an advanced economy. The pact cuts tariffs on goods ranging from whisky to cars and textiles, and expands market access for businesses. The agreement aims to boost bilateral trade by £25.5 billion (US$34 billion) by 2040. Negotiations concluded in May after three years of on-and-off talks, accelerated in recent months by global economic uncertainty and tariff pressures triggered by US President Donald Trump. 'BLUEPRINT FOR SHARED PROSPERITY' British Prime Minister Keir Starmer, hosting Modi at his Chequers residence, said the deal would make trade 'cheaper, quicker and easier' between the two nations. 'We've entered a new global era, and that is one that requires us to step up, not to stand aside... by building deeper partnerships and alliances,' Starmer said. Modi described the agreement as 'a blueprint for our shared prosperity,' noting that Indian goods such as textiles, jewellery, and seafood would gain improved access to the UK market. The agreement will take effect following a ratification process expected within the year. Under the terms, 99 per cent of Indian exports to Britain will benefit from zero duties, while the average tariff faced by UK firms will drop to 3 per cent from 15 per cent. WHISKY, CARS AND SERVICES Tariffs on Scotch whisky will fall from 150 per cent to 75 per cent immediately, and will gradually reduce to 40 per cent over the next 10 years. Duties on brandy and rum will drop to 110 per cent and then to 75 per cent. India will also lower tariffs on cars to 10 per cent within five years under a quota system that will be gradually liberalised. In return, Indian electric and hybrid vehicles will gain access to the UK market under a similar quota system. While the deal is significant, its projected impact on the UK economy is modest. Britain's Office for Budget Responsibility (OBR) forecasts the deal will add £4.8 billion a year to GDP by 2040, small compared to Britain's 2024 GDP of £2.6 trillion. The OBR has also predicted UK trade will remain about 15 per cent lower in the long term compared to pre-Brexit levels. BEYOND TARIFFS: BUSINESS, MOBILITY AND PROCUREMENT The agreement includes provisions for smoother access for temporary business visitors, though it does not cover visas. Workers on temporary assignments will no longer need to make social security contributions in both countries. UK businesses will gain access to India's public procurement markets, particularly in sectors like clean energy. The agreement also opens doors for British insurance and other services firms in India. However, India did not secure an exemption from Britain's upcoming Carbon Border Adjustment Mechanism, which may impose higher taxes on high-emission imports from 2027. The Labour government, in office for one year, has sought to ease post-Brexit trade tensions, including resetting ties with the EU and securing tariff relief from the US. 'In an era of rising protectionism, today's announcement sends a powerful signal,' said Rain Newton-Smith, chief executive of the Confederation of British Industry. India's leading business group, the Confederation of Indian Industry, said the deal 'lays a strong foundation for deeper market access' across key sectors. After signing the agreement, Modi met King Charles at his Sandringham estate following nearly three hours of talks with Starmer. The two countries also announced a partnership covering defence, climate and crime cooperation.
CNA
3 hours ago
- CNA
Singapore Tonight - Thu 24 Jul 2025
44:19 Min Singapore Tonight From business to politics, health to technology, we bring you up-to-date with the latest news on Singapore and analyze how these events may affect you tomorrow.
