Latest news with #G-7
Mint
14 hours ago
- Business
- Mint
Trump Says Gaza Ceasefire May Be ‘Close,' Possibly Within Week
President Donald Trump said he thought a ceasefire in Gaza could be 'close,' perhaps in the next week. 'I just spoke with some of the people involved. It's a terrible situation that's going,' the president told reporters at the White House on Friday afternoon. 'And we think within the next week, we're going to get a ceasefire, and we're supplying, as you know, a lot of money and a lot of food to that area.' He did not provide further details on how an agreement might unfold or say to whom he spoke about a possible halt in the war that began with the Hamas assault on Israel on Oct. 7, 2023. 'We're involved because people are dying,' Trump added. The Israeli Embassy in Washington didn't immediately respond to a request for comment on Friday evening. Earlier: Meloni Pushes for Gaza Ceasefire at G-7 Amid Israel-Iran Crisis Earlier this week, French President Emmanuel Macron said Trump was assiduously pursuing a truce. 'On Gaza, I felt that President Trump was very determined, very resolute, aware of the importance of a ceasefire, and I think his commitment is essential on this issue,' Macron told reporters in Brussels. 'I know that his team is engaged in ongoing discussions.' Separately, Israel has estimated that the cost of damages incurred during its 12-day war with Iran at 10 billion shekels , with funds needed both to repair buildings struck by missiles and pay compensation to local businesses. The calculations shared by the Israeli finance ministry and tax body this week indicate the extent to which Iran broke through Israel's defenses during nearly two weeks of rocket fire. This article was generated from an automated news agency feed without modifications to text.
Yahoo
a day ago
- Business
- Yahoo
Dollar Supported and Gold Prices Sink on Trade Deal Optimism
The dollar index (DXY00) today is up slightly by +0.07%. Positive trade news is bullish for the dollar as the US moves closer to trade deals with China and other trading partners. The dollar also found support after the US May core PCE price index, the Fed's preferred gauge of underlying inflation, rose more than expected, a hawkish factor for Fed policy. In addition, an upward revision to the University of Michigan's US June consumer sentiment index is supportive of the dollar. Gains in the dollar are limited from today's weaker-than-expected US May personal spending and income reports. Also, dovish comments from Minneapolis Fed President Kashkari weighed on the dollar when he said he sees two 25 bp Fed rate cuts this year. Dollar Falls to 3-1/4 Year Low as President Trump Looks to Fast-Track His Pick for New Fed Chair What's Driving Platinum? Dollar Supported and Gold Prices Sink on Trade Deal Optimism Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. US May personal spending unexpectedly fell -0.1% m/m, weaker than expectations of a +0.1% m/m increase. May personal income unexpectedly fell -0.5% m/m, weaker than expectations of +0.3% m/m and the biggest decline in more than 3-1/2 years. The US May core PCE price index, the Fed's preferred gauge of underlying inflation, rose +0.2% m/m and +2.7% y/y, stronger than expectations of +0.1% m/m and +2.6% y/y. The University of Michigan US Jun consumer sentiment index was revised upward by +0.2 to 60.7, stronger than expectations of no change at 60.5. The University of Michigan US Jun 1-year inflation expectations were unexpectedly revised lower to 5.0%, weaker than expectations of an upward revision to 5.2%. The 5-10 year inflation expectations were revised downward to 4.0%, weaker than expectations of no change at 4.1%. Minneapolis Fed President Kashkari said he sees two 25-bp Fed rate cuts this year, with the first potentially in September, but warned that tariffs could have a delayed impact on inflation and that policymakers should remain flexible. US Commerce Secretary Lutnick said that the US and China had finalized a trade understanding reached last month in Geneva, including a commitment from China to deliver rare earth materials. China's Commerce Ministry also confirmed the agreement and stated that it will review and approve eligible applications for the export of controlled items, and the US will cancel the restrictive measures taken against China. In addition, Commerce Secretary Lutnick said the White House has imminent plans to reach agreements with a set of 10 major trading partners ahead of a July 9 deadline for reciprocal tariffs. Meanwhile, the Treasury Department announced a deal with G-7 countries that will exclude US companies from some taxes imposed by other countries in exchange for removing the "revenge tax" proposal from President Trump's tax bill. The markets are discounting a 21% chance of a -25 bp rate cut at the July 29-30 FOMC meeting. EUR/USD (^EURUSD) today is up +0.17% at a new 3-3/4 year high. The euro has support today from the stronger-than-expected French Jun CPI report, which is hawkish for ECB policy. Also, higher German bund yields have strengthened the euro's interest rate differentials after the 10-year German bund yield rose to a 1-week high today at 2.606%. The Eurozone Jun economic confidence survey unexpectedly fell -0.8 to 94.0, weaker than expectations of unchanged at 94.8. France Jun CPI (EU harmonized) rose +0.8% y/y, stronger than expectations of +0.7% y/y. Spain Jun CPI (EU harmonized) rose +2.2% y/y, right on expectations. Swaps are pricing in a 7% chance of a -25 bp rate cut by the ECB at the July 24 policy meeting. USD/JPY (^USDJPY) today is up by +0.17%. Weaker-than-expected Japanese economic news is weighing on the yen today, following the unexpected decline in May retail sales and the less-than-expected rise in the Jun Tokyo CPI, which are dovish factors for BOJ policy. Also, today's rally in the Nikkei stock index to a 5-month high has reduced safe-haven demand for the yen. In addition, higher T-note yields today are bearish for the yen. Japan May retail sales unexpectedly fell -0.2% m/m, weaker than expectations of a +0.3% m/m increase. Japan Jun Tokyo CPI rose +3.1% y/y, weaker than expectations of +3.3% y/y. Jun Tokyo CPI ex-fresh food and energy rose +3.1% y/y, weaker than expectations of +3.3% y/y. August gold (GCQ25) today is down -69.50 (-2.08%), and July silver (SIN25) is down by -0.676 (-1.85%). Precious metals today are sharply lower, with gold sliding to a 4-week low. Today's stronger dollar is undercutting metals prices. Also, positive trade news today sparked a rally in stocks that curbed safe-haven demand for precious metals as the US moves closer to trade deals with China and other trading partners. Precious metals remained lower after today's news showed that the US May core PCE price index, the Fed's preferred gauge of underlying inflation, rose more than expected, a hawkish factor for Fed policy. Today's economic news, which showed an unexpected decline in US May personal spending and personal income, is dovish for Fed policy and supportive for precious metals. In addition, dovish comments today from Minneapolis Fed President Kashkari were positive for gold demand as a store of value, as he stated that he sees two 25-bp Fed rate cuts this year. Fund buying of gold continues to support prices after gold holdings in ETFs rose to a 1-3/4 year high Thursday. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
The Diplomat
a day ago
- Politics
- The Diplomat
How Do Cyprus and Croatia Fit Into India's Europe Strategy?
Indian Prime Minister Narendra Modi's visit to Cyprus, Canada, and Croatia earlier this month was significant in many ways. Notably, it was the first foreign trip by the Indian prime minister after India's Operation Sindoor. The visit to Canada as part of India's G-7 partnership monopolized most analysts' attention. It signaled a thaw in relationship between the two countries, which had soured in the last year. Nevertheless, the G-7 could not produce tangible results in its 50th anniversary, and a rupture in the Western world was visible with U.S. President Donald Trump leaving the summit early. The other two countries on Modi's itinerary – Cyprus, which Modi visited en route to Canada and Croatia, where he stopped on his way back to India– deserve a closer look. India quickly established diplomatic relations from the moment Cyprus acquired freedom in 1960, molded by the shared experience of anti-colonial struggle – the British had colonized both countries – and a mutual commitment to non-alignment. Following U.N. resolutions and opposing any legitimization of the self-declared Turkish Republic of Northern Cyprus, India firmly established its support of Cyprus's sovereignty, and deepened the relationship after the 1974 Turkish invasion. This was not only solidarity amid the Cold War. Supporting Cyprus, for India, has long represented its belief in the dignity of international law, its resistance to foreign intervention, and its voice for the post-colonial Global South. In turn, Cyprus has been a consistent friend, supporting India's U.N. Security Council ambitions, standing with New Delhi in several multilateral venues, and backing India's stance on Kashmir. But the relationship has lagged amid shifting geopolitical conditions. The Eastern Mediterranean is now a theater for energy politics, maritime rivalry, and EU border security, not a passive space. Although Cyprus is not a significant EU power, its location and its foreign policy approach make it a perfect partner for India in influencing debates on the rule of law, maritime order, and the course of multilateralism. Cyprus will also hold the Council of Europe rotating chair for the first six months of 2026, helping India reap dividends from this relationship. The unwavering support that Pakistan got from Turkiye after the Pahalgam terror incident also arguably had something to do with Modi's visit to Cyprus. India may be signaling to Turkiye that it will also support its adversaries, just as Ankara supported Islamabad. Modi's visit to Croatia was the first such visit by an Indian prime minister since the Balkan country gained independence from the disintegrated Yugoslavia in 1991. Yugoslavia has been a torchbearer alongside India in the Non-Aligned Movement. With a considerable soft power presence in Croatia, which has a strong tradition of Indology and a fondness for Sanskrit literature, India wants to extend these cultural linkages to economic and political spheres. In 2019, then-Indian President Ram Nath Kovind headed a delegation-level talks with Croatia; however, much of its focus was mainly on cultural, educational and tourism ties. There has been a steady growth in trade between India and Croatia, from $204.15 million in 2019-20 to $291.36 million in 2023-24. Croatia, located around the Adriatic Sea, provides an ample opportunity for the India-Middle East Europe Economic Corridor (IMEC). Other than that, it also provides India with much-needed access to Central and Eastern Europe and the Baltic Sea region, providing a link to an effective network of European road transport. India currently uses the Hamburg and Rotterdam ports, which are already very busy. The Croatian ports of Rijeka, Ploce, and Zadar can be good choices to divert some trade volumes. Modi's talks with his Croatian counterpart focused mainly on discussion involving 'trade and investment, science and technology, defense and security, space, cultural cooperation, and people-to-people ties.' According to India's Ministry of External Affairs, 'The two leaders agreed that there were significant opportunities for increased cooperation in sectors such as infrastructure, ports and shipping, digitization, AI, renewable energy, Pharma and tourism and hospitality.' Other than that, the two leaders have also focused on enhanced business-to-business ties between the two countries. The liberal free market idea suggests that the growth of unregulated markets produces a bigger pie, which can be divided among all concerned parties. In a time when free markets are disturbed by tariffs, regional conflicts, and states' weaponization of supply chains, it makes perfect sense for India to increasingly engage with big players in Europe and smaller ones with considerable heft in European political affairs. In a fractured Western world, where apparent differences are visible between the United States and continental Europe, the latter is also searching for like-minded partners that can be relied on in turbulent times. For Cyprus and Croatia, there is also a balance to be found between India and China, embracing greater relations with the former to avoid overdependence on the latter. Nevertheless, India needs to extend this momentum to other states lying between the Adriatic and Baltic Sea regions. Only then can some tangible outcome can be expected for India's European strategy.
Bloomberg
a day ago
- Business
- Bloomberg
Stocks Advance Amid Trade Talks; Nike Jumps on Positive Outlook
Stocks climb as the US and China confirm a trade framework has been signed. The Treasury Department announces a deal with G-7 allies to remove the Section 899 "revenge tax" proposal from President Trump's tax bill. Nike extends gains after its quarterly revenue beat estimates. The sportswear company predicts its yearlong sales decline to ease. Viktor Hjort of BNP Paribas and Keith Lerner of Truist discuss the strength in the equity market. 'Bloomberg Brief' delivers the market news, data and analysis you need to set your agenda. (Source: Bloomberg)
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Business Standard
a day ago
- Business
- Business Standard
US Treasury deal with G7 kills 'revenge tax' that spooked Wall Street
By Daniel Flatley and Lauren Vella (BTAX) The Treasury Department announced a deal with G-7 allies that will exclude US companies from some taxes imposed by other countries in exchange for removing the Section 899 'revenge tax' proposal from President Donald Trump 's tax bill. 'OECD Pillar 2 taxes will not apply to US companies, and we will work cooperatively to implement this agreement across the OECD-G20 Inclusive Framework in coming weeks and months,' Treasury Secretary Scott Bessent said on social media Thursday. 'Based on this progress and understanding, I have asked the Senate and House to remove the Section 899 protective measure from consideration in the One, Big, Beautiful Bill,' he added. The tax has sparked fears on Wall Street that the proposal would make it much harder for foreign individuals and companies to invest in the US. The levy targets allies that have digital services taxes on US tech companies, as well as countries imposing a global minimum tax on corporations. The market reaction was largely muted. The Bloomberg Dollar Index declined for a fourth day, Treasuries rallied and the S&P 500 approached an all-time high, all largely before the deal was announced late Thursday afternoon. 'Removing Section 899 from the budget negotiations would potentially allow investors to breathe a sigh of relief,' said Gennadiy Goldberg, head of US rates strategy at TD Securities. 'That said, it's difficult to know if the market seriously expected this statute to make it into the final law.' The measure included in Trump's bill came to be known as the revenge tax because it would increase tax rates only for countries whose tax policies the US deems 'discriminatory.' The Organization for Economic Co-operation and Development has been hosting global talks over corporate taxes, with some of the proposals drawing opposition from the US. The revenge tax targeted a part of the OECD's 15 per cent global minimum tax that former Treasury Secretary Janet Yellen helped negotiate while former President Joe Biden was in office. Republicans and Trump administration officials have criticized the deal for ceding US taxing authority to other countries. The global minimum tax is part of a larger deal agreed to by more 140 countries at the OECD that seeks to impose a 15 per cent minimum tax rate on multinational companies in every country where they operate. Trump's Treasury in recent weeks has pushed for the US tax system to be considered completely separate from the OECD's global tax framework, arguing that the US already robustly taxes income that American companies earn overseas. 'It's definitely a positive development for non-US investors who invest frequently in the US,' said Scott Semer, partner with Torys LLP in New York. 'It'll definitely be helpful to provide certainty to investments.'
