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LIVE news updates: India has to now contend with China, America, Pakistan, says Congress
The opposition party said that on the one hand President Trump criticises India strongly and imposes penalties on it for trading with Russia, while on the other hand, just before the Iranian President's visit to Pakistan, he announces a big partnership with Pakistan for hydrocarbon exploration and development, alongside a trade deal.
Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal, is set to move the Merchant Shipping Bill, 2024 in the Lok Sabha for its passage. The proposed legislation seeks to modernise and unify existing shipping laws to bring them in line with international maritime treaties to which India is a signatory.
As per the list of business in the Lower House, the bill aims to consolidate and revise merchant shipping laws to ensure India meets its international maritime obligations. It also seeks to support the growth of Indian shipping and ensure the effective management of the country's mercantile marine in alignment with national interests.
11:13 AM
India has to now contend with China, America, Pakistan, says Congress
After US President Donald Trump announced a 25 per cent tariff on India, the Congress on Thursday took a swipe at Prime Minister Narendra Modi, saying that he once spoke of the TOP -- Tomato, Onion, Potato -- challenges in prices, but the country now has to contend with the political challenges arising out of CAP -China, America, Pakistan.
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The Hindu
12 minutes ago
- The Hindu
2008 Malegaon case: Congress attempted to fabricate 'saffron terror' narrative to humiliate Hindus and for vote-bank politics, says BJP
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Mint
12 minutes ago
- Mint
Second US appeals court open to blocking Trumps birthright citizenship order
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Mint
12 minutes ago
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Now thats a reality check
ORLANDO, Florida, Aug 1 (Reuters) - Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist I'd love to hear from you, so please reach out to me with comments at . You can also follow me at @ReutersJamie and @ Well, well, well. In a week jam-packed with global tariff, earnings, data and policy fireworks, the most explosive was kept for last: July's U.S. employment report, which shattered the optimism - or complacency - building around the U.S. economy and stock market. Weak job growth, together with the latest wave of steep tariffs imposed by U.S. President Donald Trump, triggered a huge selloff in global stocks and the dollar on Friday, floored bond yields, and revived expectations of a Fed rate cut next month. * Dollar index snaps six-day winning streak and slumps more than 1%, its biggest fall since April. Dollar/yen plunges 2.2%, biggest fall since January 2023. * S&P 500 slides 1.6%, biggest decline since May, as profit-taking sets in after new highs this week. Nasdaq slumps 2.2% - is tech topping out? * U.S. 2-year bond yield tumbles 26 bps, the biggest fall in a year and akin to an instant quarter-point rate cut. * Crude oil futures fall nearly 3%. * Comex copper steadies on Friday but plunges 24% this week, its worst ever week since futures contracts launched in 1988. Now that's a reality check Global markets were floored on Friday by a powerful one-two punch from the latest U.S. employment data and U.S. tariffs slapped on dozens of countries. It was a sobering reminder that the economic foundations supporting Wall Street's record highs this week may not be that strong. The weak jobs growth seemed to fly in the face of Fed Chair Jerome Powell's assessment on Wednesday that the labor market is strong, and vindicate the two dissenters, Governors Christopher Waller and Michelle Bowman. Although to be fair to Powell, he did stress that downside risks were growing. Yet average earnings and hours worked rose in July, and the unemployment rate only inched up to 4.2%. That's effectively still full employment. If the bar to cutting rates is tied to the unemployment rate, it is still a high one. Rates futures traders don't see it that way though. They now see a rate cut next month as a near-certainty, and are pricing in 60 basis points of easing by year-end. Investors were also sideswiped on Friday by U.S. President Donald Trump's latest wave of tariffs on 69 trading partners, ranging from 10% to 41%, that will start in a week's time. This will raise the U.S. effective tariff rate closer to 20%, nearly 10 times higher than the end of last year. Of course, bilateral trade deals could be struck and these levies may be lowered, but it is a reminder that the growth and inflation outlook is challenging at best. With equity prices and optimism around Big Tech at such lofty levels, the correction when it came was always likely to be big. If that wasn't enough for investors to digest, Trump announced late on Friday he is firing the commissioner of the Labor Department's Bureau of Labor Statistics following the latest jobs data, and Fed Governor Adriana Kugler said she is resigning effective August 8 and returning to academia. This paves the way for Trump to appoint someone more aligned with his low interest rate view as her replacement. So the new trading month kicks off with world markets on a shaky footing, and the economy too. Asia's factory activity is deteriorating as tariff uncertainty weighs, and U.S. manufacturing is still in a funk. European factory activity is moving closer to stabilization, but is still contracting. Services, tech and AI-related activity and indicators are shining brighter of course, but even there caution will be creeping into investors' minds. Earnings reports from Apple, Microsoft and Meta were well-received by the market, to put it mildly, but the Nasdaq still shed nearly 2% on the week. August is the main summer holiday month in Europe and North America, so liquidity will thin out. With the VIX index back above 20.0 for the first time since April, trading next week could be choppy. If you want evidence that Trump's tariffs on the rest of the world are starting to push up U.S. goods inflation, look no further. According to Ernie Tedeschi at the Budget Lab at Yale, PCE durable goods prices in the first six months of the year rose 1.7%. Excluding the pandemic, that's the biggest six-month rise since 1987. Here are some of the best things I read this week: 1. Brics currencies are no realistic alternative to the dollar - Herbert Poenisch 2. Europe's Economic Surrender - Alberto Alemanno 3. U.S.-EU Trade Deal Avoids a Tariff War, but Deepens European Dependence - Matthias Matthijs 4. China is also Fighting a Trade War with Europe (and Winning) - Brad Setser 5. Trump's executive orders politicize AI - Tom Wheeler What could move markets on Monday? * U.S. durable goods (June) Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Trading Day is also sent by email every weekday morning. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. (Writing by Jamie McGeever; Editing by Nia Williams)
