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US manufacturing production stalled in July, underscoring the strain tariffs and higher costs are placing on American factories. Data released by the Federal Reserve on August 15 showed factory output was unchanged from June, when it had risen by an upwardly revised 0.3 per cent. Economists had expected a slight decline of 0.1 per cent. Overall industrial production—which includes manufacturing, mining and utilities—slipped 0.1 per cent in July after a 0.4 per cent gain in June. On a year-over-year (y-o-y) basis, industrial output rose 1.4 per cent.<h2>Manufacturing holds flat, vehicles lag</h2>Manufacturing, which makes up about 10 per cent of the US economy, saw a mixed performance across sectors. Motor vehicle and parts production fell 0.3 per cent in July following a 2.5 per cent decline in June, reflecting both seasonal shutdowns for retooling and the added pressure of tariffs. Excluding autos, factory output edged down 0.1 per cent.While durable goods manufacturing rose 0.3 per cent on gains in aerospace, electrical equipment, appliances and furniture, nondurable output decreased 0.4 per cent, with declines across textiles, apparel and petroleum products. Primary metals and machinery production also contracted. Mining output dropped 0.4 per cent, while utilities slipped 0.2 per cent after a sharp 1.8 per cent surge the previous month.<h2>Tariffs add to headwinds</h2>Economists point to tariffs on imported inputs, including steel, aluminium and motor vehicle parts, as a key drag on production. US President Donald Trump has imposed duties of up to 50 per cent on industrial metals and 25 per cent on autos, moves he argues will restore American industrial strength. But analysts warn the measures are squeezing businesses instead.&nbsp;Goldman Sachs estimates that so far companies have absorbed most of the tariff-related costs, passing on only about 22 per cent to consumers. However, the bank expects firms to shift more of the burden to households in the coming months.<h2>Capacity use declines</h2>The Fed’s report also showed capacity utilisation, a measure of how fully firms are using available resources, eased to 77.5 per cent in July from 77.7 per cent the prior month. Manufacturing utilisation edged down to 76.8 per cent, both below long-run averages.Despite weak factory output, US retail sales rose solidly in July, suggesting resilient consumer demand could offer some support in the months ahead. Still, with manufacturing job losses accumulating since April and key industry surveys signalling contraction, economists caution the outlook for the industrial sector remains fragile.&nbsp;(With inputs from agencies)

Economists point to tariffs on imported inputs, including steel, aluminium and motor vehicle parts, as a key drag on production. Trump has imposed duties of up to 50 per cent on industrial metals and 25 per cent on autos, moves he argues will restore American industrial strength. 

US manufacturing production stalled in July, underscoring the strain tariffs and higher costs are placing on American factories. Data released by the Federal Reserve on August 15 showed factory output was unchanged from June, when it had risen by an upwardly revised 0.3 per cent. Economists had expected a slight decline of 0.1 per cent. Overall industrial production—which includes manufacturing, mining and utilities—slipped 0.1 per cent in July after a 0.4 per cent gain in June. On a year-over-year (y-o-y) basis, industrial output rose 1.4 per cent. Manufacturing holds flat, vehicles lag Manufacturing, which makes up about 10 per cent of the US economy, saw a mixed performance across sectors. Motor vehicle and parts production fell 0.3 per cent in July following a 2.5 per cent decline in June, reflecting both seasonal shutdowns for retooling and the added pressure of tariffs. Excluding autos, factory output edged down 0.1 per cent. While durable goods manufacturing rose 0.3 per cent on gains in aerospace, electrical equipment, appliances and furniture, nondurable output decreased 0.4 per cent, with declines across textiles, apparel and petroleum products. Primary metals and machinery production also contracted. Mining output dropped 0.4 per cent, while utilities slipped 0.2 per cent after a sharp 1.8 per cent surge the previous month. Tariffs add to headwinds Economists point to tariffs on imported inputs, including steel, aluminium and motor vehicle parts, as a key drag on production. US President Donald Trump has imposed duties of up to 50 per cent on industrial metals and 25 per cent on autos, moves he argues will restore American industrial strength. But analysts warn the measures are squeezing businesses instead. Goldman Sachs estimates that so far companies have absorbed most of the tariff-related costs, passing on only about 22 per cent to consumers. However, the bank expects firms to shift more of the burden to households in the coming months. Capacity use declines The Fed’s report also showed capacity utilisation, a measure of how fully firms are using available resources, eased to 77.5 per cent in July from 77.7 per cent the prior month. Manufacturing utilisation edged down to 76.8 per cent, both below long-run averages. Despite weak factory output, US retail sales rose solidly in July, suggesting resilient consumer demand could offer some support in the months ahead. Still, with manufacturing job losses accumulating since April and key industry surveys signalling contraction, economists caution the outlook for the industrial sector remains fragile. (With inputs from agencies)

Economists point to tariffs on imported inputs, including steel, aluminium and motor vehicle parts, as a key drag on production. Trump has imposed duties of up to 50 per cent on industrial metals and 25 per cent on autos, moves he argues will restore American industrial strength.&nbsp;

US factory output stalls in July amid tariff pressures

Global equities traded flat but hovered near record highs on Friday as US President Donald Trump and Russian President Vladimir Putin held high-stakes talks in Alaska over the war in Ukraine. According to Reuters, investors largely stayed on the sidelines as the outcome of the meeting could shape the prospects of a ceasefire in Europe’s deadliest conflict since World War Two.&nbsp;On Wall Street, the Dow Jones Industrial Average briefly touched an intraday record, becoming the last of the major US indexes to set a new peak this week. By the close, the Dow was up 0.08 per cent, while the S&amp;P 500 slipped 0.29 per cent and the Nasdaq fell 0.40 per cent, dragged down by technology, financials, industrials and utilities.&nbsp;Talley Leger, chief market strategist at The Wealth Consulting Group in New Jersey, told Reuters that “this market continues to move higher and the story is just earnings and margins,” adding that stronger services inflation was boosting profit margins in the US economy. Fresh data showed US retail sales rose 0.5 per cent in July from the previous month, signalling resilience in consumer demand even as producer price data earlier in the week reignited inflation concerns.<h2>Europe and Asia stay cautious</h2>In Europe, the STOXX 600 index touched a near five-month high before closing flat at 0.06 per cent. Investors drew support from a largely upbeat earnings season but remained cautious ahead of the geopolitical talks.&nbsp;The MSCI All Country World Index also steadied, trading at 951.70, just shy of Wednesday’s record 954.21.&nbsp;Japan posted stronger-than-expected GDP growth, with the economy expanding at an annualised 1.0 per cent in the April–June quarter, as per Reuters.<h2>Bonds and currencies react</h2>US Treasury yields edged higher as traders reassessed the outlook for Federal Reserve policy. The two-year note yield rose to 3.751 per cent, while the benchmark 10-year yield climbed to 4.32 per cent.&nbsp;In currency markets, the dollar weakened 0.38 per cent against the Japanese yen to 146.72, slipped 0.15 per cent against the Swiss franc to 0.806, while the euro gained 0.48 per cent to $1.1702. The dollar index was last down 0.34 per cent at 97.85.<h2>Oil and gold diverge</h2>Energy markets saw a sell-off, with Brent crude down 1.5 per cent at $66.85 a barrel and US crude falling 1.8 per cent to $62.80. Analysts told Reuters that a breakthrough in Trump-Putin talks could affect future commodity prices.&nbsp;Spot gold edged up 0.09 per cent to $3,338.65 an ounce, while US gold futures settled almost flat at $3,382.60.<h2>Bitcoin cools after record run</h2>Meanwhile, cryptocurrency markets stabilised after bitcoin briefly hit a record $124,480.82 on Thursday. By Friday, it had eased 0.78 per cent to $117,033.52, according to Reuters.<h2>Stakes high in Alaska</h2>The Trump-Putin meeting in Alaska was closely watched by investors. Trump has suggested that a second summit involving Ukrainian President Volodymyr Zelenskiy could follow if talks with Putin progress.&nbsp;Ukraine’s government bonds have stalled at a distressed 55 cents on the dollar, reflecting investor caution. Shaniel Ramjee, co-head of multi-asset at Pictet Asset Management, told Reuters that markets have learnt “not to expect too much from these negotiations,” noting that Europeans and Zelenskiy must eventually be part of any final settlement.&nbsp;(With inputs from the agencies)

European indices remained cautious, with the STOXX 600 closing nearly flat. US retail sales increased 0.5% in July, reflecting consumer resilience. Treasury yields rose and the dollar weakened against several currencies.

Global equities traded flat but hovered near record highs on Friday as US President Donald Trump and Russian President Vladimir Putin held high-stakes talks in Alaska over the war in Ukraine. According to Reuters, investors largely stayed on the sidelines as the outcome of the meeting could shape the prospects of a ceasefire in Europe’s deadliest conflict since World War Two. On Wall Street, the Dow Jones Industrial Average briefly touched an intraday record, becoming the last of the major US indexes to set a new peak this week. By the close, the Dow was up 0.08 per cent, while the S&P 500 slipped 0.29 per cent and the Nasdaq fell 0.40 per cent, dragged down by technology, financials, industrials and utilities. Talley Leger, chief market strategist at The Wealth Consulting Group in New Jersey, told Reuters that “this market continues to move higher and the story is just earnings and margins,” adding that stronger services inflation was boosting profit margins in the US economy. Fresh data showed US retail sales rose 0.5 per cent in July from the previous month, signalling resilience in consumer demand even as producer price data earlier in the week reignited inflation concerns. Europe and Asia stay cautious In Europe, the STOXX 600 index touched a near five-month high before closing flat at 0.06 per cent. Investors drew support from a largely upbeat earnings season but remained cautious ahead of the geopolitical talks. The MSCI All Country World Index also steadied, trading at 951.70, just shy of Wednesday’s record 954.21. Japan posted stronger-than-expected GDP growth, with the economy expanding at an annualised 1.0 per cent in the April–June quarter, as per Reuters. Bonds and currencies react US Treasury yields edged higher as traders reassessed the outlook for Federal Reserve policy. The two-year note yield rose to 3.751 per cent, while the benchmark 10-year yield climbed to 4.32 per cent. In currency markets, the dollar weakened 0.38 per cent against the Japanese yen to 146.72, slipped 0.15 per cent against the Swiss franc to 0.806, while the euro gained 0.48 per cent to $1.1702. The dollar index was last down 0.34 per cent at 97.85. Oil and gold diverge Energy markets saw a sell-off, with Brent crude down 1.5 per cent at $66.85 a barrel and US crude falling 1.8 per cent to $62.80. Analysts told Reuters that a breakthrough in Trump-Putin talks could affect future commodity prices. Spot gold edged up 0.09 per cent to $3,338.65 an ounce, while US gold futures settled almost flat at $3,382.60. Bitcoin cools after record run Meanwhile, cryptocurrency markets stabilised after bitcoin briefly hit a record $124,480.82 on Thursday. By Friday, it had eased 0.78 per cent to $117,033.52, according to Reuters. Stakes high in Alaska The Trump-Putin meeting in Alaska was closely watched by investors. Trump has suggested that a second summit involving Ukrainian President Volodymyr Zelenskiy could follow if talks with Putin progress. Ukraine’s government bonds have stalled at a distressed 55 cents on the dollar, reflecting investor caution. Shaniel Ramjee, co-head of multi-asset at Pictet Asset Management, told Reuters that markets have learnt “not to expect too much from these negotiations,” noting that Europeans and Zelenskiy must eventually be part of any final settlement. (With inputs from the agencies)

Global equities remained flat near record highs amid high-stakes talks between US President Trump and Russian President Putin over Ukraine. Wall Street saw the Dow reach an intraday record, gaining 0.08%, while the S&amp;P 500 and Nasdaq fell slightly.

World stocks steady, oil slides as Trump and Putin meet in Alaska

OpenAI, the maker of ChatGPT, is preparing a secondary share sale worth nearly $6 billion that would value the artificial intelligence (AI) company at about $500 billion, according to media reports. The deal, which would involve current and former employees selling stock to outside investors, is still in early discussions and could change in size. The proposed transaction underscores both the rapid rise of OpenAI since launching ChatGPT in late 2022 and the fierce competition among global investors eager to gain exposure to the booming AI sector.<h2>Thrive, SoftBank and Dragoneer in talks</h2>The buyer group is expected to include Thrive Capital, SoftBank Group Corp. and Dragoneer Investment Group, all of which are already OpenAI investors. Thrive could lead the round, though details remain under negotiation. Representatives of the firms declined to comment. The share sale would allow OpenAI employees and alumni to cash in on part of their equity without the company going public.&nbsp;Only employees with at least two years of service are eligible to participate, reports suggest. Such deals have become a crucial tool for startups battling tech giants like Meta and Google for top AI talent, offering staff financial upside while maintaining private ownership. Earlier this year, SoftBank also purchased about $1 billion worth of OpenAI employee shares at a valuation of $300 billion, before talks around the $500 billion deal began.<h2>Valuation surge and revenue growth</h2>The $500 billion figure would make OpenAI the most valuable startup in the world, eclipsing Elon Musk’s rocket company, SpaceX. The valuation leap comes on the back of OpenAI’s blockbuster user growth and rising revenues. The Microsoft-backed company has well over 700 million weekly active users of its ChatGPT products, up from 400 million in February. Revenues have doubled in the first seven months of 2025, with an annualised run rate of $12 billion, and are projected to hit $20 billion by year-end, according to Reuters.OpenAI is also in the midst of a $40 billion primary funding round, led by SoftBank, which initially valued the company at $300 billion. The firm recently announced it secured $8.3 billion from investors tied to that round.<h2>GPT-5 rollout and future plans</h2>The share sale comes just days after OpenAI unveiled GPT-5, its most advanced AI model to date. The model is faster, smarter, and designed to be more useful across industries like healthcare, coding, and creative writing. However, its rollout has faced user pushback, with some complaining about lost access to earlier models.CEO Sam Altman has also outlined a bold vision for the company, saying OpenAI plans to spend trillions of dollars on AI infrastructure in the coming years. “You should expect a bunch of economists to wring their hands and say, ‘This is so crazy; it’s so reckless,’” Altman told reporters this week. “And we’ll just be like, ‘You know what? Let us do our thing.’”&nbsp;(With inputs from agencies)

The buyer group is expected to include Thrive Capital, SoftBank Group Corp. and Dragoneer Investment Group, all of which are already OpenAI investors. Thrive could lead the round, though details remain under negotiation. 

OpenAI, the maker of ChatGPT, is preparing a secondary share sale worth nearly $6 billion that would value the artificial intelligence (AI) company at about $500 billion, according to media reports. The deal, which would involve current and former employees selling stock to outside investors, is still in early discussions and could change in size. The proposed transaction underscores both the rapid rise of OpenAI since launching ChatGPT in late 2022 and the fierce competition among global investors eager to gain exposure to the booming AI sector. Thrive, SoftBank and Dragoneer in talks The buyer group is expected to include Thrive Capital, SoftBank Group Corp. and Dragoneer Investment Group, all of which are already OpenAI investors. Thrive could lead the round, though details remain under negotiation. Representatives of the firms declined to comment. The share sale would allow OpenAI employees and alumni to cash in on part of their equity without the company going public. Only employees with at least two years of service are eligible to participate, reports suggest. Such deals have become a crucial tool for startups battling tech giants like Meta and Google for top AI talent, offering staff financial upside while maintaining private ownership. Earlier this year, SoftBank also purchased about $1 billion worth of OpenAI employee shares at a valuation of $300 billion, before talks around the $500 billion deal began. Valuation surge and revenue growth The $500 billion figure would make OpenAI the most valuable startup in the world, eclipsing Elon Musk’s rocket company, SpaceX. The valuation leap comes on the back of OpenAI’s blockbuster user growth and rising revenues. The Microsoft-backed company has well over 700 million weekly active users of its ChatGPT products, up from 400 million in February. Revenues have doubled in the first seven months of 2025, with an annualised run rate of $12 billion, and are projected to hit $20 billion by year-end, according to Reuters. OpenAI is also in the midst of a $40 billion primary funding round, led by SoftBank, which initially valued the company at $300 billion. The firm recently announced it secured $8.3 billion from investors tied to that round. GPT-5 rollout and future plans The share sale comes just days after OpenAI unveiled GPT-5, its most advanced AI model to date. The model is faster, smarter, and designed to be more useful across industries like healthcare, coding, and creative writing. However, its rollout has faced user pushback, with some complaining about lost access to earlier models. CEO Sam Altman has also outlined a bold vision for the company, saying OpenAI plans to spend trillions of dollars on AI infrastructure in the coming years. “You should expect a bunch of economists to wring their hands and say, ‘This is so crazy; it’s so reckless,’” Altman told reporters this week. “And we’ll just be like, ‘You know what? Let us do our thing.’” (With inputs from agencies)

The buyer group is expected to include Thrive Capital, SoftBank Group Corp. and Dragoneer Investment Group, all of which are already OpenAI investors. Thrive could lead the round, though details remain under negotiation.&nbsp;

OpenAI employees plan $6 billion share sale at $500 billion valuation

Singapore’s new private home sales soared in July to their highest level since February, defying the government’s latest round of cooling measures aimed at curbing speculation. Developers sold 940 private residential units, excluding executive condominiums (ECs), more than triple the 272 units transacted in June, according to Urban Redevelopment Authority (URA) data released on August 15. Including ECs, sales jumped to 1,311 units from 305 a month earlier. The surge followed a sharp increase of 1,675 units in new launches across four projects in July compared with just 187 units in June, which helped absorb pent-up demand.&nbsp;July’s total sales were 63.2 per cent higher than in the same month last year. Market momentum was led by the launch of Lyndenwoods in the Science Park district, which sold 96.5 per cent of its 343 units at a median price of S$2,463 ($1919.17) per square foot. In the prime Core Central Region, Upperhouse on Orchard Boulevard sold 53 per cent of its 301 units, while The Robertson Opus in Unity Street moved 41 per cent of its 348 units during its launch weekend. The EC segment was buoyed by the debut of Otto Place in Tengah, which sold 358 of its 600 units at a median price of S$1,746 ($1360.46) per square foot.<h2>Cooling measures target speculative flips</h2>The buying spree came despite the government’s July 4 revision of the Seller’s Stamp Duty (SSD), which extended the minimum holding period for private residential properties from three to four years and raised SSD rates by four percentage points across all tiers. Properties sold within the first year now face a 16 per cent tax, up from 12 per cent, while those sold between three and four years are subject to 4 per cent.The move is designed to dampen the sharp rise in sub-sale transactions, the resale of uncompleted units, which jumped 150 per cent between 2020 and 2024. HDB flats remain unaffected, as they already carry a five-year minimum occupation period. Industry players believe that the impact on long-term buyers is limited.&nbsp;<h2>Long-term outlook remains resilient</h2>Analysts note that Singapore’s housing market remains underpinned by strong fundamentals, a tight supply-demand balance, robust economic growth, and firm rental demand. GDP grew 2.3 per cent in 2024, unemployment stands at just 1.9 per cent, and core district rents are up 6.5 per cent year-on-year.CBRE and PropNex forecast 7,000-9,000 new private home sales in 2025, with prices rising 3-4 per cent. More launches are expected to sustain momentum, with five condominium projects totalling 2,472 units slated for August. As macroeconomic uncertainties, including US trade tensions, weigh on global sentiment, analysts say Singapore’s disciplined approach to housing policy will keep the market attractive to both homebuyers and long-term investors.&nbsp;(With onputs from agencies)

The Singapore home buying spree came despite the government’s July 4 revision of the Seller’s Stamp Duty (SSD), which extended the minimum holding period for private residential properties from three to four years and raised SSD rates by four percentage points across all tiers.

Singapore’s new private home sales soared in July to their highest level since February, defying the government’s latest round of cooling measures aimed at curbing speculation. Developers sold 940 private residential units, excluding executive condominiums (ECs), more than triple the 272 units transacted in June, according to Urban Redevelopment Authority (URA) data released on August 15. Including ECs, sales jumped to 1,311 units from 305 a month earlier. The surge followed a sharp increase of 1,675 units in new launches across four projects in July compared with just 187 units in June, which helped absorb pent-up demand. July’s total sales were 63.2 per cent higher than in the same month last year. Market momentum was led by the launch of Lyndenwoods in the Science Park district, which sold 96.5 per cent of its 343 units at a median price of S$2,463 ($1919.17) per square foot. In the prime Core Central Region, Upperhouse on Orchard Boulevard sold 53 per cent of its 301 units, while The Robertson Opus in Unity Street moved 41 per cent of its 348 units during its launch weekend. The EC segment was buoyed by the debut of Otto Place in Tengah, which sold 358 of its 600 units at a median price of S$1,746 ($1360.46) per square foot. Cooling measures target speculative flips The buying spree came despite the government’s July 4 revision of the Seller’s Stamp Duty (SSD), which extended the minimum holding period for private residential properties from three to four years and raised SSD rates by four percentage points across all tiers. Properties sold within the first year now face a 16 per cent tax, up from 12 per cent, while those sold between three and four years are subject to 4 per cent. The move is designed to dampen the sharp rise in sub-sale transactions, the resale of uncompleted units, which jumped 150 per cent between 2020 and 2024. HDB flats remain unaffected, as they already carry a five-year minimum occupation period. Industry players believe that the impact on long-term buyers is limited. Long-term outlook remains resilient Analysts note that Singapore’s housing market remains underpinned by strong fundamentals, a tight supply-demand balance, robust economic growth, and firm rental demand. GDP grew 2.3 per cent in 2024, unemployment stands at just 1.9 per cent, and core district rents are up 6.5 per cent year-on-year. CBRE and PropNex forecast 7,000-9,000 new private home sales in 2025, with prices rising 3-4 per cent. More launches are expected to sustain momentum, with five condominium projects totalling 2,472 units slated for August. As macroeconomic uncertainties, including US trade tensions, weigh on global sentiment, analysts say Singapore’s disciplined approach to housing policy will keep the market attractive to both homebuyers and long-term investors. (With onputs from agencies)

The Singapore home buying spree came despite the government’s July 4 revision of the Seller’s Stamp Duty (SSD), which extended the minimum holding period for private residential properties from three to four years and raised SSD rates by four percentage points across all tiers.

Singapore home sales surge to five-month high despite new cooling measures

Switzerland’s economy eked out growth in the second quarter of 2025, surprising economists who had forecast a contraction, but momentum slowed sharply ahead of steep new US trade tariffs. Gross domestic product rose 0.1 per cent in the April-June period, down from 0.8 per cent in the first quarter, according to a flash estimate from the State Secretariat for Economic Affairs (SECO) on August 15. The figure, adjusted for sporting events, beat the Bloomberg consensus for a 0.1 per cent decline but fell short of forecasts from Capital Economics, which expected 0.2 per cent growth.SECO said gains in the services sector offset declines in industrial output, which was hit hard by a reversal of first-quarter stockpiling by US buyers, especially in pharmaceuticals, Switzerland’s top export. In Q1, American firms rushed to import Swiss goods before US President Donald Trump imposed tariffs.<h2>Tariff impact looms large</h2>Earlier this month, Washington announced a 39 per cent tariff on most Swiss imports—the highest rate applied to any developed economy—excluding gold and most pharmaceuticals. Analysts say the levy will affect 35-40 per cent of Swiss exports to the US, potentially cutting GDP by 0.5 per cent to 0.6 per cent over the next year. If the pharmaceutical exemption were removed, losses could reach 1-2 per cent, possibly tipping the economy into a brief recession.BNP Paribas estimates the trade tensions and related uncertainty could shave a full percentage point off GDP by the end of 2026. Trade negotiations with Washington have made little headway. Reports suggest Bern has considered unconventional bargaining tactics, such as relocating FIFA headquarters to the US or imposing a special tax on gold exports to America, though the economic impact of these measures would be minimal.<h2>Pressure mounts on the Central Bank</h2>With inflation near zero and growth faltering, analysts expect the Swiss National Bank (SNB) to cut its policy rate by 25 basis points to -0.25 per cent at its September meeting. The SNB already reduced rates to zero in June, seeking to ease pressure from a strong Swiss franc, which has surged this year amid global trade tensions. Goldman Sachs economists cited “weak growth, low inflation and ongoing tariff risks” as reasons for a rate cut. Annual inflation is projected at just 0.2 per cent in 2025, the lower end of the SNB’s target range.Corporate investment is also likely to remain subdued as trade uncertainty lingers. Experts also noted that continued US pressure on exports could weigh on business confidence and hiring in the months ahead. More detailed Q2 GDP data will be released on August 28.&nbsp;(With inputs from agencies)

Switzerland’s gross domestic product rose 0.1 per cent in the April-June period, down from 0.8 per cent in the first quarter, according to a flash estimate from the State Secretariat for Economic Affairs (SECO) on August 15.

Switzerland’s economy eked out growth in the second quarter of 2025, surprising economists who had forecast a contraction, but momentum slowed sharply ahead of steep new US trade tariffs. Gross domestic product rose 0.1 per cent in the April-June period, down from 0.8 per cent in the first quarter, according to a flash estimate from the State Secretariat for Economic Affairs (SECO) on August 15. The figure, adjusted for sporting events, beat the Bloomberg consensus for a 0.1 per cent decline but fell short of forecasts from Capital Economics, which expected 0.2 per cent growth. SECO said gains in the services sector offset declines in industrial output, which was hit hard by a reversal of first-quarter stockpiling by US buyers, especially in pharmaceuticals, Switzerland’s top export. In Q1, American firms rushed to import Swiss goods before US President Donald Trump imposed tariffs. Tariff impact looms large Earlier this month, Washington announced a 39 per cent tariff on most Swiss imports—the highest rate applied to any developed economy—excluding gold and most pharmaceuticals. Analysts say the levy will affect 35-40 per cent of Swiss exports to the US, potentially cutting GDP by 0.5 per cent to 0.6 per cent over the next year. If the pharmaceutical exemption were removed, losses could reach 1-2 per cent, possibly tipping the economy into a brief recession. BNP Paribas estimates the trade tensions and related uncertainty could shave a full percentage point off GDP by the end of 2026. Trade negotiations with Washington have made little headway. Reports suggest Bern has considered unconventional bargaining tactics, such as relocating FIFA headquarters to the US or imposing a special tax on gold exports to America, though the economic impact of these measures would be minimal. Pressure mounts on the Central Bank With inflation near zero and growth faltering, analysts expect the Swiss National Bank (SNB) to cut its policy rate by 25 basis points to -0.25 per cent at its September meeting. The SNB already reduced rates to zero in June, seeking to ease pressure from a strong Swiss franc, which has surged this year amid global trade tensions. Goldman Sachs economists cited “weak growth, low inflation and ongoing tariff risks” as reasons for a rate cut. Annual inflation is projected at just 0.2 per cent in 2025, the lower end of the SNB’s target range. Corporate investment is also likely to remain subdued as trade uncertainty lingers. Experts also noted that continued US pressure on exports could weigh on business confidence and hiring in the months ahead. More detailed Q2 GDP data will be released on August 28. (With inputs from agencies)

Switzerland’s gross domestic product rose 0.1 per cent in the April-June period, down from 0.8 per cent in the first quarter, according to a flash estimate from the State Secretariat for Economic Affairs (SECO) on August 15.

Swiss economy posts Q2 growth ahead of US tariff shock

China’s property sector remained mired in a prolonged downturn in July, with fresh data showing sharp declines in investment, sales, and prices despite a steady rollout of easing measures by local authorities. Figures from the National Bureau of Statistics (NBS) on August 15 showed property investment fell 12 per cent in the first seven months of 2025 compared with the same period a year earlier, a steeper drop than the 11.2 per cent decline recorded in the first half. Property sales by floor area were down 4 per cent year-on-year, following a 3.5 per cent fall in January-June. New construction starts plunged 19.4 per cent, while funds raised by developers dropped 7.5 per cent.New-home prices in 70 major cities fell 0.3 per cent month-on-month in July, matching June’s decline. On an annual basis, prices were down 2.8 per cent, slightly less than the 3.2 per cent fall in June, with modest narrowing of declines across tier-one to tier-three cities. Resale home prices also weakened, with tier-two and tier-three cities showing smaller drops but tier-one cities seeing wider falls.<h2>Policy push meets market skepticism</h2>The persistent weakness has added urgency to government efforts to stabilise the sector, which once accounted for roughly a quarter of China’s economic output. In recent months, more local governments have eased restrictions, including allowing greater use of housing provident funds and offering subsidies to buyers. In a notable step, Beijing last week scrapped purchase limits for qualified buyers in suburban areas outside the capital’s fifth ring road, though curbs remain in place closer to the city center.&nbsp;Analysts expect Shanghai and Shenzhen may follow. However, HSBC Holdings analysts cautioned the change is “not meaningful,” noting that buyers seeking multiple properties are more likely to target prime locations. Despite the policy push, analysts remain wary about the near-term outlook. “A clear turnaround and stabilisation are not yet in sight,” said Li Kai, founding partner at Beijing Shengao Fund Management. ING analysts stressed that price stabilization is critical for restoring household confidence and reviving consumption.<h2>Developers under pressure</h2>The deepening slump has accelerated the financial strain on developers. Mid-sized builder China South City Holdings was ordered to liquidate by Hong Kong’s High Court this week after defaulting more than a year ago. Since the crisis began in 2021, at least six Chinese developers have received wind-up orders from Hong Kong courts. China Evergrande Group, once the country’s largest developer, confirmed its Hong Kong stock will be delisted, marking a symbolic end to an era of rapid expansion.Global banks remain split on the outlook. HSBC sees a “highly divergent” recovery favoring state-backed developers with strong pipelines, while UBS has pushed back its recovery forecast after a renewed sales slowdown in the second quarter. Fitch Ratings expects the market to weaken further in the second half, with recovery hinging on broader economic conditions, labor market stability, and household income growth.&nbsp;(With inputs from agencies)

The deepening property slump of China has accelerated the financial strain on developers. Mid-sized builder China South City Holdings was ordered to liquidate by Hong Kong’s High Court this week. Since 2021, at least six Chinese developers have received wind-up orders from Hong Kong courts.

China’s property sector remained mired in a prolonged downturn in July, with fresh data showing sharp declines in investment, sales, and prices despite a steady rollout of easing measures by local authorities. Figures from the National Bureau of Statistics (NBS) on August 15 showed property investment fell 12 per cent in the first seven months of 2025 compared with the same period a year earlier, a steeper drop than the 11.2 per cent decline recorded in the first half. Property sales by floor area were down 4 per cent year-on-year, following a 3.5 per cent fall in January-June. New construction starts plunged 19.4 per cent, while funds raised by developers dropped 7.5 per cent. New-home prices in 70 major cities fell 0.3 per cent month-on-month in July, matching June’s decline. On an annual basis, prices were down 2.8 per cent, slightly less than the 3.2 per cent fall in June, with modest narrowing of declines across tier-one to tier-three cities. Resale home prices also weakened, with tier-two and tier-three cities showing smaller drops but tier-one cities seeing wider falls. Policy push meets market skepticism The persistent weakness has added urgency to government efforts to stabilise the sector, which once accounted for roughly a quarter of China’s economic output. In recent months, more local governments have eased restrictions, including allowing greater use of housing provident funds and offering subsidies to buyers. In a notable step, Beijing last week scrapped purchase limits for qualified buyers in suburban areas outside the capital’s fifth ring road, though curbs remain in place closer to the city center. Analysts expect Shanghai and Shenzhen may follow. However, HSBC Holdings analysts cautioned the change is “not meaningful,” noting that buyers seeking multiple properties are more likely to target prime locations. Despite the policy push, analysts remain wary about the near-term outlook. “A clear turnaround and stabilisation are not yet in sight,” said Li Kai, founding partner at Beijing Shengao Fund Management. ING analysts stressed that price stabilization is critical for restoring household confidence and reviving consumption. Developers under pressure The deepening slump has accelerated the financial strain on developers. Mid-sized builder China South City Holdings was ordered to liquidate by Hong Kong’s High Court this week after defaulting more than a year ago. Since the crisis began in 2021, at least six Chinese developers have received wind-up orders from Hong Kong courts. China Evergrande Group, once the country’s largest developer, confirmed its Hong Kong stock will be delisted, marking a symbolic end to an era of rapid expansion. Global banks remain split on the outlook. HSBC sees a “highly divergent” recovery favoring state-backed developers with strong pipelines, while UBS has pushed back its recovery forecast after a renewed sales slowdown in the second quarter. Fitch Ratings expects the market to weaken further in the second half, with recovery hinging on broader economic conditions, labor market stability, and household income growth. (With inputs from agencies)

The deepening property slump of China has accelerated the financial strain on developers. Mid-sized builder China South City Holdings was ordered to liquidate by Hong Kong’s High Court this week. Since 2021, at least six Chinese developers have received wind-up orders from Hong Kong courts.

China’s property slump deepens despite fresh easing measures

In a move that could reshape the US semiconductor landscape, the Trump administration is in discussions to acquire a stake in Intel Corp., Bloomberg reported on Thursday, citing people familiar with the matter. The potential deal is aimed at bolstering Intel’s long-delayed chipmaking hub in Ohio, a project once promised as the world’s largest semiconductor facility but now pushed back until the 2030s. The size of the possible government investment has not yet been determined, and talks remain fluid, according to the report.<h2>Political and corporate stakes</h2>The discussions follow a meeting this week between President Donald Trump and Intel CEO Lip-Bu Tan, whom Trump had criticised just days earlier over past ties to China. Bloomberg said that if the deal proceeds, it could secure Tan’s position at the helm of the struggling chipmaker while injecting much-needed capital into the firm.&nbsp;Shares of Intel surged as much as 8.9 per cent on Thursday, closing 7.4 per cent higher at $23.86 and adding a further 4 per cent in after-hours trading. The company declined to comment directly on the talks but reaffirmed its commitment to “supporting President Trump’s efforts to strengthen US technology and manufacturing leadership.”<h2>Government intervention in industry</h2>The proposal would mark the latest example of direct government involvement in a strategic industry under Trump. Similar interventions include a 15 per cent cut of certain semiconductor sales to China, a “golden share” in United States Steel Corp., and a $400 million Pentagon equity stake in rare-earth producer MP Materials Corp.&nbsp;Bloomberg noted that such moves are part of a broader strategy to back “domestic champions” in sectors deemed vital for national security, particularly in competition with China.<h2>Intel’s uphill battle</h2>Once a pioneer in chipmaking, Intel has seen its market share and technological lead erode in recent years. The Ohio expansion, originally pitched as part of a turnaround plan under former CEO Pat Gelsinger, has been repeatedly delayed due to financial strains.&nbsp;Intel had been expected to benefit heavily from the 2022 Chips and Science Act, but with the programme’s future uncertain, the administration has floated alternative strategies — including a potential joint venture with Taiwan Semiconductor Manufacturing Co., which TSMC has declined.&nbsp;Ohio’s political significance could also play into the talks. Trump has carried the state in his past three elections, and with a Senate race looming in 2026, the region remains a focal point for Republicans.&nbsp;(With inputs from the agencies)

Shares of Intel surged following the news. The government involvement signals a broader effort to bolster US technology and manufacturing industries against global competitors.

In a move that could reshape the US semiconductor landscape, the Trump administration is in discussions to acquire a stake in Intel Corp., Bloomberg reported on Thursday, citing people familiar with the matter. The potential deal is aimed at bolstering Intel’s long-delayed chipmaking hub in Ohio, a project once promised as the world’s largest semiconductor facility but now pushed back until the 2030s. The size of the possible government investment has not yet been determined, and talks remain fluid, according to the report. Political and corporate stakes The discussions follow a meeting this week between President Donald Trump and Intel CEO Lip-Bu Tan, whom Trump had criticised just days earlier over past ties to China. Bloomberg said that if the deal proceeds, it could secure Tan’s position at the helm of the struggling chipmaker while injecting much-needed capital into the firm. Shares of Intel surged as much as 8.9 per cent on Thursday, closing 7.4 per cent higher at $23.86 and adding a further 4 per cent in after-hours trading. The company declined to comment directly on the talks but reaffirmed its commitment to “supporting President Trump’s efforts to strengthen US technology and manufacturing leadership.” Government intervention in industry The proposal would mark the latest example of direct government involvement in a strategic industry under Trump. Similar interventions include a 15 per cent cut of certain semiconductor sales to China, a “golden share” in United States Steel Corp., and a $400 million Pentagon equity stake in rare-earth producer MP Materials Corp. Bloomberg noted that such moves are part of a broader strategy to back “domestic champions” in sectors deemed vital for national security, particularly in competition with China. Intel’s uphill battle Once a pioneer in chipmaking, Intel has seen its market share and technological lead erode in recent years. The Ohio expansion, originally pitched as part of a turnaround plan under former CEO Pat Gelsinger, has been repeatedly delayed due to financial strains. Intel had been expected to benefit heavily from the 2022 Chips and Science Act, but with the programme’s future uncertain, the administration has floated alternative strategies — including a potential joint venture with Taiwan Semiconductor Manufacturing Co., which TSMC has declined. Ohio’s political significance could also play into the talks. Trump has carried the state in his past three elections, and with a Senate race looming in 2026, the region remains a focal point for Republicans. (With inputs from the agencies)

The Trump administration is considering acquiring a stake in Intel to support its delayed Ohio semiconductor hub, once touted as the largest worldwide. Meetings between Trump and Intel CEO Lip-Bu Tan suggest a strategic move to stabilize the company while benefiting from incoming capital.

Trump administration in talks to take stake in Intel amid Ohio factory delays

China’s steel and coal production fell in July, weighed down by extreme weather disruptions and Beijing’s renewed push to rein in excess capacity, according to Bloomberg. The slowdown comes as deflationary pressures intensify across the world’s second-largest economy. Official data cited by Bloomberg shows steel production dropped 4 per cent year-on-year to under 80 million tonne, the lowest monthly output in 2024 so far and the third straight monthly decline. Although the fall was less steep than in May and June, reduced supply helped improve profit margins for producers.&nbsp;Over the first seven months of the year, steel output was down 3.1 per cent compared with 2023, marking the weakest level since 2020. Analysts say the industry is grappling with weaker domestic demand, particularly from the struggling property sector, even as exports have risen to absorb some of the surplus. Bloomberg Intelligence estimates China’s excess steel capacity in 2023 at 142 million tonnes — nearly four times the level recorded in 2020.<h2>Coal sector sees rare drop in production</h2>Coal output fell 3.8 per cent year-on-year to just over 380 million tonnes in July — the first such decline in more than a year. Despite this, January-to-July production remained at record levels.&nbsp;Northern China’s coal hubs were hit hard by torrential rains, which forced mines to shut and disrupted transport links. At the same time, government inspections targeted mines exceeding permitted production limits, adding further pressure on supply.&nbsp;Thermal coal producers have been shielded from deeper cuts due to surging electricity demand amid summer heatwaves, but coking coal miners, critical suppliers to steelmakers face fewer protections as steel demand remains under strain.<h2>Policy and environmental pressures ahead</h2>As per Bloomberg, Beijing’s pollution controls ahead of next month’s military parade in the capital are expected to further limit steel output, with much of China’s steel capacity located near Beijing.&nbsp;While steel exports have helped offset weak domestic consumption, rising global protectionism could limit overseas sales in the coming months. With the property market slump stripping away one of the sector’s key demand pillars, the industry faces a challenging road ahead.&nbsp;(With inputs from the agencies)

Coal output fell 3.8% due to heavy rains and inspections. Analysts warn of weak domestic demand and rising protectionism affecting future exports as the property market struggles.

China’s steel and coal production fell in July, weighed down by extreme weather disruptions and Beijing’s renewed push to rein in excess capacity, according to Bloomberg. The slowdown comes as deflationary pressures intensify across the world’s second-largest economy. Official data cited by Bloomberg shows steel production dropped 4 per cent year-on-year to under 80 million tonne, the lowest monthly output in 2024 so far and the third straight monthly decline. Although the fall was less steep than in May and June, reduced supply helped improve profit margins for producers. Over the first seven months of the year, steel output was down 3.1 per cent compared with 2023, marking the weakest level since 2020. Analysts say the industry is grappling with weaker domestic demand, particularly from the struggling property sector, even as exports have risen to absorb some of the surplus. Bloomberg Intelligence estimates China’s excess steel capacity in 2023 at 142 million tonnes — nearly four times the level recorded in 2020. Coal sector sees rare drop in production Coal output fell 3.8 per cent year-on-year to just over 380 million tonnes in July — the first such decline in more than a year. Despite this, January-to-July production remained at record levels. Northern China’s coal hubs were hit hard by torrential rains, which forced mines to shut and disrupted transport links. At the same time, government inspections targeted mines exceeding permitted production limits, adding further pressure on supply. Thermal coal producers have been shielded from deeper cuts due to surging electricity demand amid summer heatwaves, but coking coal miners, critical suppliers to steelmakers face fewer protections as steel demand remains under strain. Policy and environmental pressures ahead As per Bloomberg, Beijing’s pollution controls ahead of next month’s military parade in the capital are expected to further limit steel output, with much of China’s steel capacity located near Beijing. While steel exports have helped offset weak domestic consumption, rising global protectionism could limit overseas sales in the coming months. With the property market slump stripping away one of the sector’s key demand pillars, the industry faces a challenging road ahead. (With inputs from the agencies)

In July, China’s steel production declined 4% year-on-year to below 80 million tonnes, the lowest in 2024, amid extreme weather and government capacity control efforts.

China’s steel and coal output falls as supply pressures and bad weather bite

Japan’s economy grew faster than expected in the second quarter of 2025, with gross domestic product (GDP) expanding 1 per cent on an annualised basis, government data showed on August 15. The reading, well above the median market forecast of 0.4 per cent, marked the country’s fifth consecutive quarter of growth and came despite fresh US trade barriers. On a quarterly basis, GDP rose 0.3 per cent from the previous three months, exceeding expectations for a 0.1 per cent increase. The first quarter’s performance was also revised up, showing 0.6 per cent growth instead of a previously reported 0.2 per cent contraction.&nbsp;The stronger-than-expected figures were driven by resilient exports and robust capital expenditure, which climbed 1.3 per cent in April-June versus a 0.5 per cent rise anticipated in a Reuters poll. Private consumption, which accounts for more than half of Japan’s economic output, rose 0.2 per cent, matching the previous quarter’s pace and beating forecasts for 0.1 per cent. Net exports contributed 0.3 percentage points to GDP, a sharp turnaround from a 0.8-point drag in the January-March period.<h2>Tariff impact yet to be fully felt</h2>Economists caution that the Q2 numbers may mask the longer-term impact of US tariffs. In April, Washington imposed 25 per cent duties on Japanese automobiles and auto parts, later lowering them to 15 per cent in July as part of a trade deal that also involved a $550 billion Japanese investment package in the US. Japanese automakers, who account for nearly 30 per cent of the country’s exports, have so far absorbed higher tariff costs by cutting prices for US customers, but analysts expect they will begin passing on costs in the months ahead, potentially dampening demand. The government recently cut its growth forecast for the current fiscal year to 0.7 per cent from 1.2 per cent, citing weaker capital spending and persistent inflation.<h2>Bank of Japan rate hike expectations rise</h2>The economic resilience could bolster the case for the Bank of Japan (BOJ) to resume interest rate hikes later this year, particularly as wage growth and consumption trends remain under close watch. The BOJ recently upgraded its fiscal 2025 growth forecast to 0.6 per cent, up from 0.5 per cent, but warned that slowing overseas economies and declining corporate profits could weigh on momentum.Despite the caution, financial markets welcomed the data. The benchmark Nikkei 225 rose 0.59 per cent on August 15, while the yen edged 0.1 per cent higher to 147.6 per dollar.&nbsp;(With inputs from agencies)

The stronger-than-expected figures were driven by resilient exports and robust capital expenditure, which climbed 1.3 per cent in April-June. Private consumption, which accounts for more than half of Japan’s economic output, rose 0.2 per cent, matching the previous quarter’s pace. 

Japan’s economy grew faster than expected in the second quarter of 2025, with gross domestic product (GDP) expanding 1 per cent on an annualised basis, government data showed on August 15. The reading, well above the median market forecast of 0.4 per cent, marked the country’s fifth consecutive quarter of growth and came despite fresh US trade barriers. On a quarterly basis, GDP rose 0.3 per cent from the previous three months, exceeding expectations for a 0.1 per cent increase. The first quarter’s performance was also revised up, showing 0.6 per cent growth instead of a previously reported 0.2 per cent contraction. The stronger-than-expected figures were driven by resilient exports and robust capital expenditure, which climbed 1.3 per cent in April-June versus a 0.5 per cent rise anticipated in a Reuters poll. Private consumption, which accounts for more than half of Japan’s economic output, rose 0.2 per cent, matching the previous quarter’s pace and beating forecasts for 0.1 per cent. Net exports contributed 0.3 percentage points to GDP, a sharp turnaround from a 0.8-point drag in the January-March period. Tariff impact yet to be fully felt Economists caution that the Q2 numbers may mask the longer-term impact of US tariffs. In April, Washington imposed 25 per cent duties on Japanese automobiles and auto parts, later lowering them to 15 per cent in July as part of a trade deal that also involved a $550 billion Japanese investment package in the US. Japanese automakers, who account for nearly 30 per cent of the country’s exports, have so far absorbed higher tariff costs by cutting prices for US customers, but analysts expect they will begin passing on costs in the months ahead, potentially dampening demand. The government recently cut its growth forecast for the current fiscal year to 0.7 per cent from 1.2 per cent, citing weaker capital spending and persistent inflation. Bank of Japan rate hike expectations rise The economic resilience could bolster the case for the Bank of Japan (BOJ) to resume interest rate hikes later this year, particularly as wage growth and consumption trends remain under close watch. The BOJ recently upgraded its fiscal 2025 growth forecast to 0.6 per cent, up from 0.5 per cent, but warned that slowing overseas economies and declining corporate profits could weigh on momentum. Despite the caution, financial markets welcomed the data. The benchmark Nikkei 225 rose 0.59 per cent on August 15, while the yen edged 0.1 per cent higher to 147.6 per dollar. (With inputs from agencies)

The stronger-than-expected figures were driven by resilient exports and robust capital expenditure, which climbed 1.3 per cent in April-June. Private consumption, which accounts for more than half of Japan’s economic output, rose 0.2 per cent, matching the previous quarter’s pace.&nbsp;

Japan’s economy outpaces forecasts in Q2 despite US tariff headwinds

Gold prices are heading for a weekly decline as hotter-than-expected US inflation data reduced market confidence in a September interest rate cut by the Federal Reserve. As per Bloomberg, spot gold held steady at $3,336.45 an ounce in Friday morning trade in Singapore, putting it on track for a 1.8 per cent loss this week. The metal fell 0.6 per cent in the previous session after data showed US wholesale inflation in July accelerated at its fastest pace in three years. The surprise reading lifted US Treasury yields and strengthened the dollar — moves that typically weigh on non-yielding bullion, which is priced in the greenback.Bloomberg data on swap market pricing shows traders now see around a 90 per cent chance of a Fed rate cut in September, compared with full certainty earlier this week. Gold usually benefits from lower interest rates, but the latest inflation surprise has tempered the outlook for rapid monetary easing.<h2>Year-to-date gains still strong</h2>Despite the weekly drop, bullion remains more than 25 per cent higher this year. Bloomberg notes that much of the rally came in the first four months of 2025, driven by heightened geopolitical and trade tensions that boosted safe-haven demand, along with robust central bank purchases.<h2>Tariff confusion adds to volatility</h2>Last week, uncertainty over whether gold bars would face US tariffs pushed the premium for New York futures over London spot prices sharply higher. President Donald Trump later said there would be no levy, helping narrow the gap. However, Bloomberg reports that formal clarification from authorities is still awaited.<h2>Mixed moves in other precious metals</h2>Silver was little changed on Friday, while platinum and palladium edged lower. The Bloomberg Dollar Spot Index was also steady, signalling muted currency market activity.&nbsp;With inflationary pressures persisting and geopolitical risks still elevated, traders will be watching the Fed’s September policy meeting closely for cues on whether gold can resume its upward run or face further profit-taking.&nbsp;(With inputs from the agencies)

Spot gold is down 1.8% this week, despite a 25% year-to-date increase. Ongoing tariff uncertainties and inflationary pressures contribute to market volatility.

Gold prices are heading for a weekly decline as hotter-than-expected US inflation data reduced market confidence in a September interest rate cut by the Federal Reserve. As per Bloomberg, spot gold held steady at $3,336.45 an ounce in Friday morning trade in Singapore, putting it on track for a 1.8 per cent loss this week. The metal fell 0.6 per cent in the previous session after data showed US wholesale inflation in July accelerated at its fastest pace in three years. The surprise reading lifted US Treasury yields and strengthened the dollar — moves that typically weigh on non-yielding bullion, which is priced in the greenback. Bloomberg data on swap market pricing shows traders now see around a 90 per cent chance of a Fed rate cut in September, compared with full certainty earlier this week. Gold usually benefits from lower interest rates, but the latest inflation surprise has tempered the outlook for rapid monetary easing. Year-to-date gains still strong Despite the weekly drop, bullion remains more than 25 per cent higher this year. Bloomberg notes that much of the rally came in the first four months of 2025, driven by heightened geopolitical and trade tensions that boosted safe-haven demand, along with robust central bank purchases. Tariff confusion adds to volatility Last week, uncertainty over whether gold bars would face US tariffs pushed the premium for New York futures over London spot prices sharply higher. President Donald Trump later said there would be no levy, helping narrow the gap. However, Bloomberg reports that formal clarification from authorities is still awaited. Mixed moves in other precious metals Silver was little changed on Friday, while platinum and palladium edged lower. The Bloomberg Dollar Spot Index was also steady, signalling muted currency market activity. With inflationary pressures persisting and geopolitical risks still elevated, traders will be watching the Fed’s September policy meeting closely for cues on whether gold can resume its upward run or face further profit-taking. (With inputs from the agencies)

Gold prices are set for a weekly decline, impacted by stronger US inflation data which diminished hopes for a September Fed interest rate cut.

Gold slips for weekly loss as US inflation dents Fed rate cut bets

Shein’s British arm reported a sharp jump in sales last year, highlighting the online fast-fashion giant’s growing footprint in one of its key markets ahead of a long-awaited public listing. According to a company filing cited by Reuters, Shein Distribution UK Ltd generated sales of £2.05 billion ($2.77 billion) in 2024, up 32.3 per cent from the previous year. Britain is now Shein’s third-largest market after the United States and Germany.&nbsp;Founded in China and now headquartered in Singapore, Shein has been trying to go public for several years. It first pursued a listing in New York, then explored London, but regulatory and political hurdles stalled both attempts. Reuters reports that Beijing’s securities regulator withheld approval for the offshore IPO at a time of heightened tensions between China and the US. The company is now working towards an initial public offering in Hong Kong.<h2>Profit surge and brand push</h2>Shein’s UK pre-tax profit jumped 56.6 per cent in 2024 to £38.25 million ($49 million) from £24.4 million the previous year. The filing noted several milestones, including a pop-up store in Liverpool, a Christmas-themed bus tour across 12 cities, and the opening of new offices in London’s Kings Cross and in Manchester.&nbsp;Known for its ultra-low prices and constant promotions, Shein has been chipping away at the market share of rivals such as ASOS and H&amp;M. Its product range has expanded well beyond clothing, with the UK website now selling items from £7.99 ($10.84) dresses and £15 ($20.36) jeans to toys, craft supplies and home storage units.<h2>Policy shifts threaten cost advantage</h2>Shein’s global model has benefited from customs duty exemptions on low-value e-commerce packages, allowing goods to be shipped directly from Chinese factories to customers’ doors with minimal tariffs. But that advantage is narrowing.&nbsp;As per Reuters, the Trump administration in the US has scrapped its “de minimis” rule that waived duties on imports worth under $800, hitting Shein with higher costs. The European Union is also set to remove its duty exemption on parcels under €150. Britain is reviewing its own policy amid complaints from domestic retailers that firms like Shein and fellow Chinese platform Temu enjoy an unfair tax edge.&nbsp;(With inputs from the agencies)

Despite successful marketing initiatives, Shein faces challenges as international policies threaten its cost advantage due to increased duties on low-value imports. The company is pushing for an IPO in Hong Kong.

Shein’s British arm reported a sharp jump in sales last year, highlighting the online fast-fashion giant’s growing footprint in one of its key markets ahead of a long-awaited public listing. According to a company filing cited by Reuters, Shein Distribution UK Ltd generated sales of £2.05 billion ($2.77 billion) in 2024, up 32.3 per cent from the previous year. Britain is now Shein’s third-largest market after the United States and Germany. Founded in China and now headquartered in Singapore, Shein has been trying to go public for several years. It first pursued a listing in New York, then explored London, but regulatory and political hurdles stalled both attempts. Reuters reports that Beijing’s securities regulator withheld approval for the offshore IPO at a time of heightened tensions between China and the US. The company is now working towards an initial public offering in Hong Kong. Profit surge and brand push Shein’s UK pre-tax profit jumped 56.6 per cent in 2024 to £38.25 million ($49 million) from £24.4 million the previous year. The filing noted several milestones, including a pop-up store in Liverpool, a Christmas-themed bus tour across 12 cities, and the opening of new offices in London’s Kings Cross and in Manchester. Known for its ultra-low prices and constant promotions, Shein has been chipping away at the market share of rivals such as ASOS and H&M. Its product range has expanded well beyond clothing, with the UK website now selling items from £7.99 ($10.84) dresses and £15 ($20.36) jeans to toys, craft supplies and home storage units. Policy shifts threaten cost advantage Shein’s global model has benefited from customs duty exemptions on low-value e-commerce packages, allowing goods to be shipped directly from Chinese factories to customers’ doors with minimal tariffs. But that advantage is narrowing. As per Reuters, the Trump administration in the US has scrapped its “de minimis” rule that waived duties on imports worth under $800, hitting Shein with higher costs. The European Union is also set to remove its duty exemption on parcels under €150. Britain is reviewing its own policy amid complaints from domestic retailers that firms like Shein and fellow Chinese platform Temu enjoy an unfair tax edge. (With inputs from the agencies)

Shein’s UK sales soared 32.3% to £2.05 billion in 2024, making Britain its third-largest market. Pre-tax profit rose 56.6% to £38.25 million.

Shein’s UK sales hit $2.8 billion in 2024 as IPO plans gather pace

The US dollar steadied in Asian trade on Friday, holding on to overnight gains after hotter-than-expected wholesale inflation data forced traders to scale back expectations for aggressive interest rate cuts by the Federal Reserve.&nbsp;As per Reuters, the euro and sterling were little changed against the dollar after sliding 0.5 per cent and 0.3 per cent on Thursday respectively. The Japanese yen, however, strengthened 0.3 per cent to 147.39 per dollar, supported by stronger-than-forecast second-quarter GDP figures.<h2>Inflation surprise rattles markets</h2>The move came after US producer prices recorded their fastest annual increase in three years in July, fuelled by a broad rise in the cost of goods and services. The unexpected spike in producer price inflation followed a softer consumer price reading earlier in the week, which had briefly lifted hopes of policy easing and boosted risk sentiment.&nbsp;According to the CME FedWatch tool, the odds of a 25-basis-point cut at the Fed’s September meeting dipped slightly after Thursday’s data, while earlier speculation of a larger 50-basis-point move vanished entirely. Chris Weston, head of research at Pepperstone, told Reuters the data “warranted a move in front-end rates and firmer dollar … but a 25-basis-point cut remains the default setting.”<h2>Bond yields react</h2>US Treasury yields mirrored the shift in sentiment. The two-year yield held steady in Asia at 3.726 per cent after climbing as much as five basis points on Thursday, while the benchmark 10-year yield hovered at 4.285 per cent.&nbsp;Joseph Carpuso, head of international economics at the Commonwealth Bank of Australia, told Reuters the Fed now faces “a conundrum” of elevated inflation alongside weakening job growth. He expects Fed Chair Jerome Powell to address this balancing act in his speech next week at the Kansas City Fed’s annual Jackson Hole symposium.<h2>Political backdrop and global focus</h2>The rate debate is also unfolding against a geopolitical backdrop. US President Donald Trump is set to meet Russian President Vladimir Putin in Alaska later on Friday. Trump has said he believes Putin is prepared to end the war in Ukraine, though he suggested peace talks would likely require a second round involving Ukrainian President Volodymyr Zelenskiy.<h2>Crypto markets rebound slightly</h2>In digital assets, Bitcoin and Ether inched higher after falling about four per cent each on Thursday. Bitcoin had briefly touched a record high before rate cut bets were pared back, according to Reuters.&nbsp;(With inputs from the agencies)

US Treasury yields reflected the sentiment shift. Geopolitical factors, including Trump-Putin talks, add context to the rate debate. Crypto markets saw a slight recovery after recent declines.

The US dollar steadied in Asian trade on Friday, holding on to overnight gains after hotter-than-expected wholesale inflation data forced traders to scale back expectations for aggressive interest rate cuts by the Federal Reserve. As per Reuters, the euro and sterling were little changed against the dollar after sliding 0.5 per cent and 0.3 per cent on Thursday respectively. The Japanese yen, however, strengthened 0.3 per cent to 147.39 per dollar, supported by stronger-than-forecast second-quarter GDP figures. Inflation surprise rattles markets The move came after US producer prices recorded their fastest annual increase in three years in July, fuelled by a broad rise in the cost of goods and services. The unexpected spike in producer price inflation followed a softer consumer price reading earlier in the week, which had briefly lifted hopes of policy easing and boosted risk sentiment. According to the CME FedWatch tool, the odds of a 25-basis-point cut at the Fed’s September meeting dipped slightly after Thursday’s data, while earlier speculation of a larger 50-basis-point move vanished entirely. Chris Weston, head of research at Pepperstone, told Reuters the data “warranted a move in front-end rates and firmer dollar … but a 25-basis-point cut remains the default setting.” Bond yields react US Treasury yields mirrored the shift in sentiment. The two-year yield held steady in Asia at 3.726 per cent after climbing as much as five basis points on Thursday, while the benchmark 10-year yield hovered at 4.285 per cent. Joseph Carpuso, head of international economics at the Commonwealth Bank of Australia, told Reuters the Fed now faces “a conundrum” of elevated inflation alongside weakening job growth. He expects Fed Chair Jerome Powell to address this balancing act in his speech next week at the Kansas City Fed’s annual Jackson Hole symposium. Political backdrop and global focus The rate debate is also unfolding against a geopolitical backdrop. US President Donald Trump is set to meet Russian President Vladimir Putin in Alaska later on Friday. Trump has said he believes Putin is prepared to end the war in Ukraine, though he suggested peace talks would likely require a second round involving Ukrainian President Volodymyr Zelenskiy. Crypto markets rebound slightly In digital assets, Bitcoin and Ether inched higher after falling about four per cent each on Thursday. Bitcoin had briefly touched a record high before rate cut bets were pared back, according to Reuters. (With inputs from the agencies)

The US dollar stabilized in Asian trading following unexpectedly high wholesale inflation, reducing speculation about aggressive Fed rate cuts. The euro and sterling remained stable, while the yen strengthened due to robust GDP growth.

Dollar holds ground after hot US inflation data trims Fed rate cut hopes

The Trump administration expects to shed roughly 300,000 federal civilian jobs this year, a move that would shrink the workforce by 12.5 per cent since January, according to newly appointed Office of Personnel Management (OPM) Director Scott Kupor. Speaking in Washington on August 14, Kupor said the majority of the cuts, about 80 per cent, would come from voluntary departures, while the remaining 20 per cent would be terminations. If realised, the reduction would nearly double the 154,000 employees who accepted buyouts last month, as first reported by Reuters. Kupor’s projection also represents more than a twofold increase over the 5.9 per cent attrition rate recorded in fiscal year 2023, the latest figure compiled by the non-profit Partnership for Public Service.<h2>Push for ‘government efficiency’</h2>US President Donald Trump, who began his second term in January, has made reducing the size of the federal workforce a central priority, arguing that the 2.4 million-member civilian staff is “bloated and inefficient”. Kupor stressed that he cannot compel agency heads to lay off workers but will seek to persuade cabinet secretaries to adopt his vision of streamlining government operations. “I cannot force people to lay people off,” Kupor said, emphasising the need for buy-in from agency leadership to achieve the administration’s efficiency goals. His remarks stand in contrast to the early months of Trump’s second term, when OPM leadership reportedly instructed agencies to dismiss employees who were new to their roles, according to a recent court filing.<h2>More cuts under consideration</h2>While Kupor declined to release agency-by-agency headcount targets, he confirmed that OPM will publish the figures later. In the meantime, federal agencies are preparing proposals for further workforce reductions, which will be submitted to White House Budget Director Russ Vought. These plans will be factored into the president’s upcoming budget request to Congress. Kupor met with budget officials on Wednesday to discuss the process.The scale of the anticipated cuts could have wide-reaching effects on public services and operations, though the administration maintains they are necessary for long-term fiscal sustainability. Trump’s downsizing push has drawn criticism from some employee unions and policy advocates, who warn that the reductions could weaken federal capacity in areas ranging from regulatory oversight to public health. Still, Kupor framed the changes as a strategic reset rather than an indiscriminate slashing of jobs. “We want to build a government that works smarter, not bigger,” he said.&nbsp;(With inputs from agencies)

OPM Director Scott Kupor declined to release agency-by-agency headcount targets, but he confirmed that OPM will publish the figures later. In the meantime, federal agencies are preparing proposals for further workforce reductions, which will be submitted to White House Budget Director.

The Trump administration expects to shed roughly 300,000 federal civilian jobs this year, a move that would shrink the workforce by 12.5 per cent since January, according to newly appointed Office of Personnel Management (OPM) Director Scott Kupor. Speaking in Washington on August 14, Kupor said the majority of the cuts, about 80 per cent, would come from voluntary departures, while the remaining 20 per cent would be terminations. If realised, the reduction would nearly double the 154,000 employees who accepted buyouts last month, as first reported by Reuters. Kupor’s projection also represents more than a twofold increase over the 5.9 per cent attrition rate recorded in fiscal year 2023, the latest figure compiled by the non-profit Partnership for Public Service. Push for ‘government efficiency’ US President Donald Trump, who began his second term in January, has made reducing the size of the federal workforce a central priority, arguing that the 2.4 million-member civilian staff is “bloated and inefficient”. Kupor stressed that he cannot compel agency heads to lay off workers but will seek to persuade cabinet secretaries to adopt his vision of streamlining government operations. “I cannot force people to lay people off,” Kupor said, emphasising the need for buy-in from agency leadership to achieve the administration’s efficiency goals. His remarks stand in contrast to the early months of Trump’s second term, when OPM leadership reportedly instructed agencies to dismiss employees who were new to their roles, according to a recent court filing. More cuts under consideration While Kupor declined to release agency-by-agency headcount targets, he confirmed that OPM will publish the figures later. In the meantime, federal agencies are preparing proposals for further workforce reductions, which will be submitted to White House Budget Director Russ Vought. These plans will be factored into the president’s upcoming budget request to Congress. Kupor met with budget officials on Wednesday to discuss the process. The scale of the anticipated cuts could have wide-reaching effects on public services and operations, though the administration maintains they are necessary for long-term fiscal sustainability. Trump’s downsizing push has drawn criticism from some employee unions and policy advocates, who warn that the reductions could weaken federal capacity in areas ranging from regulatory oversight to public health. Still, Kupor framed the changes as a strategic reset rather than an indiscriminate slashing of jobs. “We want to build a government that works smarter, not bigger,” he said. (With inputs from agencies)

OPM Director Scott Kupor declined to release agency-by-agency headcount targets, but he confirmed that OPM will publish the figures later. In the meantime, federal agencies are preparing proposals for further workforce reductions, which will be submitted to White House Budget Director.

Trump administration plans 300,000 federal job cuts in 2025

Oil prices were largely unchanged on Friday after a choppy trading week, with the market’s attention firmly fixed on the high-stakes meeting between US President Donald Trump and Russian President Vladimir Putin in Alaska. According to Bloomberg, West Texas Intermediate (WTI) crude hovered near $64 a barrel after a 2.1 per cent surge in the previous session erased early-week losses. Brent crude ended Thursday’s session 1.8 per cent higher at $66.84 in light trading. The week’s moves leave oil almost flat overall.&nbsp;Traders are eyeing the summit for any sign of an easing of US sanctions on Russian energy. Such a shift could unleash more Russian barrels into the market, adding pressure to a sector already grappling with slowing demand from Trump’s trade policies and a faster-than-expected return of OPEC+ supply. Oil prices have already fallen around 10 per cent this year, with forecasts pointing to a potential record surplus in 2026.<h2>Geopolitical tensions add volatility</h2>The diplomatic backdrop is complex. Putin has mounted a charm offensive ahead of the Alaska talks, while Trump has publicly downplayed expectations for a breakthrough. Meanwhile, Ukrainian forces have intensified strikes on Russian energy assets. In the early hours of Thursday, Ukrainian drones targeted Lukoil PJSC’s major refinery in Volgograd, a facility critical to Russia’s oil processing capacity, Bloomberg reported.<h2>Prices at a glance</h2>At 7:32 a.m. in Singapore, WTI for September delivery slipped 0.1 per cent to $63.90 a barrel. Brent for October settlement closed at $66.84 on Thursday, maintaining gains from the previous session.&nbsp;As markets await signals from the Trump-Putin summit, oil traders remain caught between potential diplomatic shifts and persistent geopolitical risks, a balance that could define crude’s next major move.<h2>Why the Trump–Putin talks matter for oil?</h2>An easing of US sanctions on OPEC+ member Russia could reportedly release more supply into the market, a development that traders are watching closely. Any such move could add to an already bearish supply picture, as global output is ramping up despite concerns about slowing demand due to US tariff pressures on the world economy.&nbsp;The US Department of Energy (DOE), as reported by Bloomberg, has revised up its 2025 global oversupply forecast to 1.7 million barrels per day. The International Energy Agency (IEA) will release its own estimates later on Wednesday. OPEC, meanwhile, has kept its more bullish view, predicting a tighter oil market next year than previously projected.<h2>Possible price paths after the Trump–Putin meeting</h2>If Trump and Putin agree on steps to lift or soften sanctions on Russian crude, more supply could flow into the global market. According to Bloomberg, this could push Brent prices back toward the low $60s.&nbsp;If there is no major breakthrough, prices may stay range-bound. As per Reuters analysts, Brent could hold between $63 and $66 as traders continue to price in the current sanctions regime.&nbsp;If fresh sanctions are imposed, further restricting Russian crude exports, the resulting supply squeeze could push Brent above $70 per barrel, especially if OPEC+ output remains steady, according to&nbsp;Reuters.&nbsp;(With inputs from the agencies)

Traders anticipate potential easing of US sanctions on Russian energy, which could boost supply amid concerns over slowing demand and rising OPEC+ output. Geopolitical tensions persist, with Ukrainian strikes on Russian assets adding volatility.

Oil prices were largely unchanged on Friday after a choppy trading week, with the market’s attention firmly fixed on the high-stakes meeting between US President Donald Trump and Russian President Vladimir Putin in Alaska. According to Bloomberg, West Texas Intermediate (WTI) crude hovered near $64 a barrel after a 2.1 per cent surge in the previous session erased early-week losses. Brent crude ended Thursday’s session 1.8 per cent higher at $66.84 in light trading. The week’s moves leave oil almost flat overall. Traders are eyeing the summit for any sign of an easing of US sanctions on Russian energy. Such a shift could unleash more Russian barrels into the market, adding pressure to a sector already grappling with slowing demand from Trump’s trade policies and a faster-than-expected return of OPEC+ supply. Oil prices have already fallen around 10 per cent this year, with forecasts pointing to a potential record surplus in 2026. Geopolitical tensions add volatility The diplomatic backdrop is complex. Putin has mounted a charm offensive ahead of the Alaska talks, while Trump has publicly downplayed expectations for a breakthrough. Meanwhile, Ukrainian forces have intensified strikes on Russian energy assets. In the early hours of Thursday, Ukrainian drones targeted Lukoil PJSC’s major refinery in Volgograd, a facility critical to Russia’s oil processing capacity, Bloomberg reported. Prices at a glance At 7:32 a.m. in Singapore, WTI for September delivery slipped 0.1 per cent to $63.90 a barrel. Brent for October settlement closed at $66.84 on Thursday, maintaining gains from the previous session. As markets await signals from the Trump-Putin summit, oil traders remain caught between potential diplomatic shifts and persistent geopolitical risks, a balance that could define crude’s next major move. Why the Trump–Putin talks matter for oil? An easing of US sanctions on OPEC+ member Russia could reportedly release more supply into the market, a development that traders are watching closely. Any such move could add to an already bearish supply picture, as global output is ramping up despite concerns about slowing demand due to US tariff pressures on the world economy. The US Department of Energy (DOE), as reported by Bloomberg, has revised up its 2025 global oversupply forecast to 1.7 million barrels per day. The International Energy Agency (IEA) will release its own estimates later on Wednesday. OPEC, meanwhile, has kept its more bullish view, predicting a tighter oil market next year than previously projected. Possible price paths after the Trump–Putin meeting If Trump and Putin agree on steps to lift or soften sanctions on Russian crude, more supply could flow into the global market. According to Bloomberg, this could push Brent prices back toward the low $60s. If there is no major breakthrough, prices may stay range-bound. As per Reuters analysts, Brent could hold between $63 and $66 as traders continue to price in the current sanctions regime. If fresh sanctions are imposed, further restricting Russian crude exports, the resulting supply squeeze could push Brent above $70 per barrel, especially if OPEC+ output remains steady, according to Reuters. (With inputs from the agencies)

Oil prices remained stable on Friday, focusing on the Trump-Putin meeting in Alaska. WTI crude was around $64 a barrel after a previous 2.1% increase, while Brent closed at $66.84.

Oil holds steady as Trump-Putin Alaska summit takes centre stage

China’s economy showed clear signs of strain in July, with key indicators slowing amid weak domestic consumption, persistent property sector woes, and global trade headwinds. Data from the National Bureau of Statistics (NBS) on August 15 showed industrial output rose 5.7 per cent year-on-year, down from 6.8 per cent in June and marking the slowest pace since November 2024. The reading missed analysts’ forecasts for a 5.9 per cent gain. Retail sales, a key measure of household spending, expanded just 3.7 per cent in July from a year earlier, cooling from June’s 4.8 per cent rise and falling short of a Reuters poll forecast of 4.6 per cent.&nbsp;The figure was the weakest since December 2024, underlining consumer caution despite Beijing’s efforts to boost spending through subsidies and trade-in programmes. Fixed-asset investment for January-July grew only 1.6 per cent year-on-year, missing expectations for 2.7 per cent and slowing from 2.8 per cent in the first half of 2025. Property investment slumped 12 per cent in the same period, extending a multi-year downturn in a sector that remains a major driver of household wealth.<h2>Policy support fading, risks mounting</h2>Economists said the July slowdown was partly expected, as factors that buoyed growth in the first half of 2025—such as front-loaded government stimulus and pre-emptive export shipments during the US-China tariff truce—are now fading. The Politburo has made boosting domestic consumption a priority this year, funnelling hundreds of billions of yuan into appliance trade-in programmes and new service industries. Yet some provinces have already suspended certain subsidies due to depleted funds.&nbsp;While total exports surged 7.2 per cent in July, helped by rising shipments to Africa and Europe and a surge in chip sales, weak household spending remains a drag on growth. The urban unemployment rate edged up to 5.2 per cent in July from 5 per cent in June, while the jobless rate for 16-24-year-olds (excluding students) has stayed above 14 per cent for a year, underscoring labour market strains.<h2>Trade truce buys time, but core disputes persist</h2>On the global front, Beijing and Washington this week extended their tariff pause for another 90 days until mid-November, averting a spike in duties. However, analysts caution that deep disagreements over technology access, critical minerals, and industrial policy remain unresolved. Some analysts said that the big political trade-offs are likely being reserved for a potential summit between US President Donald Trump and Chinese President Xi Jinping later this year.A Reuters poll projects China’s GDP growth to slow to 4.5 per cent in the third quarter and 4.0 per cent in the fourth, putting the official 2025 growth target of “around 5 per cent” at risk. Economists warn that without fresh stimulus, the combination of property market weakness, consumer caution, and external shocks could see full-year growth undershoot forecasts, with momentum slipping further into 2026.&nbsp;(With inputs from agencies)

Data from the National Bureau of Statistics (NBS) on August 15 showed industrial output rose 5.7 per cent year-on-year, down from 6.8 per cent in June and marking the slowest pace since November 2024.

China’s economy showed clear signs of strain in July, with key indicators slowing amid weak domestic consumption, persistent property sector woes, and global trade headwinds. Data from the National Bureau of Statistics (NBS) on August 15 showed industrial output rose 5.7 per cent year-on-year, down from 6.8 per cent in June and marking the slowest pace since November 2024. The reading missed analysts’ forecasts for a 5.9 per cent gain. Retail sales, a key measure of household spending, expanded just 3.7 per cent in July from a year earlier, cooling from June’s 4.8 per cent rise and falling short of a Reuters poll forecast of 4.6 per cent. The figure was the weakest since December 2024, underlining consumer caution despite Beijing’s efforts to boost spending through subsidies and trade-in programmes. Fixed-asset investment for January-July grew only 1.6 per cent year-on-year, missing expectations for 2.7 per cent and slowing from 2.8 per cent in the first half of 2025. Property investment slumped 12 per cent in the same period, extending a multi-year downturn in a sector that remains a major driver of household wealth. Policy support fading, risks mounting Economists said the July slowdown was partly expected, as factors that buoyed growth in the first half of 2025—such as front-loaded government stimulus and pre-emptive export shipments during the US-China tariff truce—are now fading. The Politburo has made boosting domestic consumption a priority this year, funnelling hundreds of billions of yuan into appliance trade-in programmes and new service industries. Yet some provinces have already suspended certain subsidies due to depleted funds. While total exports surged 7.2 per cent in July, helped by rising shipments to Africa and Europe and a surge in chip sales, weak household spending remains a drag on growth. The urban unemployment rate edged up to 5.2 per cent in July from 5 per cent in June, while the jobless rate for 16-24-year-olds (excluding students) has stayed above 14 per cent for a year, underscoring labour market strains. Trade truce buys time, but core disputes persist On the global front, Beijing and Washington this week extended their tariff pause for another 90 days until mid-November, averting a spike in duties. However, analysts caution that deep disagreements over technology access, critical minerals, and industrial policy remain unresolved. Some analysts said that the big political trade-offs are likely being reserved for a potential summit between US President Donald Trump and Chinese President Xi Jinping later this year. A Reuters poll projects China’s GDP growth to slow to 4.5 per cent in the third quarter and 4.0 per cent in the fourth, putting the official 2025 growth target of “around 5 per cent” at risk. Economists warn that without fresh stimulus, the combination of property market weakness, consumer caution, and external shocks could see full-year growth undershoot forecasts, with momentum slipping further into 2026. (With inputs from agencies)

Data from the National Bureau of Statistics (NBS) on August 15 showed industrial output rose 5.7 per cent year-on-year, down from 6.8 per cent in June and marking the slowest pace since November 2024.

China’s economic growth loses steam in July as domestic demand weakens

S&amp;P Global Ratings agency upgraded India's sovereign rating to BBB from BBB- on Thursday, while keeping the economic outlook as “stable.” The agency said the factors had “coalesced to benefit credit metrics” as the government showed a commitment to improving the state of its finances and the quality of its expenditure. This comes amid United States President Donald Trump's 50 per cent tariffs on Indian goods.&nbsp;In addition, S&amp;P Global has also updated the short-term rating of India to A-2 from A-3 and also improved the transfer and convertibility assessment from BBB+ to A-. “India remains among the best performing economies in the world. It staged a remarkable comeback from the pandemic with real GDP growth over fiscal 2022 to fiscal 2024 averaging 8.8 per cent, the highest in Asia-Pacific. We expect these growth dynamics to continue in the medium term, with GDP increasing 6.8 per cent annually over the next three years. This has a moderating effect on the ratio of government debt to GDP despite still-wide fiscal deficits,” S&amp;P analysts said in a statement.<h3>Union Finance Ministry hailed PM Modi's leadership&nbsp;</h3>Meanwhile, reacting to the upgrade by the S&amp;P Global Ratings agency, the Union Finance Ministry hailed the leadership of Prime Minister Narendra Modi on the social media platform X (formerly known as Twitter), promising continued growth momentum to achieve ‘Viksit Bharat’ by 2047. It also noted that this upgrade from S&amp;P Global since January 2007 is the first upgrade after a gap of 18 years.&nbsp;“India has prioritised fiscal consolidation while maintaining its strong infrastructure creation drive and inclusive growth approach, which has led to the upgrade. India will continue its buoyant growth momentum and undertake steps for further reforms to attain the goal of Viksit Bharat by 2047,” the ministry further said on X.&nbsp;Although still at the lowest rung of the investment-grade scale, S&amp;P’s BBB rating moves India a step closer to the coveted A-level category, signalling stronger creditworthiness to global investors. An improved credit rating enables the government to secure loans at lower interest rates.&nbsp;

India's sovereign rating was upgraded to BBB from BBB- on Thursday by the S&P Global Ratings agency after a gap of 18 years. This position has now moved India a step closer to the coveted A-level category, signalling stronger creditworthiness to global investors.

S&P Global Ratings agency upgraded India's sovereign rating to BBB from BBB- on Thursday, while keeping the economic outlook as “stable.” The agency said the factors had “coalesced to benefit credit metrics” as the government showed a commitment to improving the state of its finances and the quality of its expenditure. This comes amid United States President Donald Trump's 50 per cent tariffs on Indian goods. In addition, S&P Global has also updated the short-term rating of India to A-2 from A-3 and also improved the transfer and convertibility assessment from BBB+ to A-. “India remains among the best performing economies in the world. It staged a remarkable comeback from the pandemic with real GDP growth over fiscal 2022 to fiscal 2024 averaging 8.8 per cent, the highest in Asia-Pacific. We expect these growth dynamics to continue in the medium term, with GDP increasing 6.8 per cent annually over the next three years. This has a moderating effect on the ratio of government debt to GDP despite still-wide fiscal deficits,” S&P analysts said in a statement. Union Finance Ministry hailed PM Modi's leadership Meanwhile, reacting to the upgrade by the S&P Global Ratings agency, the Union Finance Ministry hailed the leadership of Prime Minister Narendra Modi on the social media platform X (formerly known as Twitter), promising continued growth momentum to achieve ‘Viksit Bharat’ by 2047. It also noted that this upgrade from S&P Global since January 2007 is the first upgrade after a gap of 18 years. “India has prioritised fiscal consolidation while maintaining its strong infrastructure creation drive and inclusive growth approach, which has led to the upgrade. India will continue its buoyant growth momentum and undertake steps for further reforms to attain the goal of Viksit Bharat by 2047,” the ministry further said on X. Although still at the lowest rung of the investment-grade scale, S&P’s BBB rating moves India a step closer to the coveted A-level category, signalling stronger creditworthiness to global investors. An improved credit rating enables the government to secure loans at lower interest rates.

India's sovereign rating was upgraded to BBB from BBB- on Thursday by the S&amp;P Global Ratings agency after a gap of 18 years. This position has now moved India a step closer to the coveted A-level category, signalling stronger creditworthiness to global investors.

S&P Global upgrades India’s credit rating to BBB after 18 years, FinMin responds — Details inside

Chinese investors are increasingly funnelling capital into Indonesia to sidestep high US tariffs on Chinese goods, with inflows from China and Hong Kong rising 6.5 per cent year-on-year to $8.2 billion in the first half of 2025. The shift comes as the US maintains tariff rates exceeding 30 per cent on Chinese imports, while Indonesian exports face a comparatively lower 19 per cent rate, on par with Malaysia, Thailand, and the Philippines, and just below Vietnam’s 20 per cent.Reuters&nbsp;reported that Jakarta-based Gao Xiaoyu, founder of PT Yard Zeal Indonesia, has seen a surge in calls from Chinese enterprises eager to establish operations in the country. “We have meetings from morning till night,” Gao said, noting that demand for industrial real estate has pushed up warehouse and property prices by 15 per cent to 25 per cent year-on-year in Q1 2025, marking the fastest rise in two decades.West Java’s sprawling Subang Smartpolitan industrial park has been inundated with enquiries from Chinese manufacturers, ranging from toy makers and textile firms to electric vehicle producers. The province’s proximity to the Patimban deep-sea port is a key draw for investors seeking quick market access.<h2>Economic growth and market potential draw foreign capital</h2>Indonesia, Southeast Asia’s largest economy and the world’s fourth most populous nation, expanded by 5.12 per cent in the second quarter, the fastest pace in nearly two years, fuelled by robust household spending, which accounts for over half of GDP. For Chinese firms, Indonesia offers not only a production base but also a consumer market of more than 270 million people.“If you can establish a strong business presence in Indonesia, you’ve essentially captured half of the Southeast Asian market,” said Zhang Chao, a Chinese motorcycle headlight manufacturer who has seen profit margins in Indonesia reach 20-30 per cent, compared to as low as 3 per cent in China.Mira Arifin, Indonesia country head at Bank of America, cited the country’s young, skilled workforce and favourable demographics as factors encouraging rapid scale-up by foreign investors.<h2>Opportunities tempered by structural and geopolitical risks</h2>Despite the optimism, significant hurdles remain. Investors point to Indonesia’s bureaucratic red tape, incomplete industrial supply chains, and infrastructure gaps. There are also domestic concerns about the over-reliance on Chinese investment in strategic sectors such as nickel, where China controls around 75 per cent of smelting capacity. President Prabowo Subianto has strengthened ties with Beijing, meeting Chinese President Xi Jinping in November 2024 and hosting Premier Li Qiang in May. However, his recent trip to Washington underscores Jakarta’s balancing act between China and the US.The global trade environment remains volatile. Although Washington and Beijing have extended a 90-day tariff pause, uncertainty persists, with US President Donald Trump threatening to double tariffs on Indian exports. Analysts warn that global supply chains are undergoing significant realignment, with Indonesia emerging as a prime beneficiary, provided it can address regulatory and logistical constraints. As Chinese firms race to secure land and facilities, Indonesia’s challenge will be to convert this wave of interest into sustainable, long-term economic gains without compromising strategic autonomy.&nbsp;(With inputs from agencies)

The shift in Chinese investors comes as the US maintains tariff rates exceeding 30 per cent on Chinese imports, while Indonesian exports face a comparatively lower 19 per cent rate, on par with Malaysia, Thailand, and the Philippines, and just below Vietnam’s 20 per cent.

Chinese investors are increasingly funnelling capital into Indonesia to sidestep high US tariffs on Chinese goods, with inflows from China and Hong Kong rising 6.5 per cent year-on-year to $8.2 billion in the first half of 2025. The shift comes as the US maintains tariff rates exceeding 30 per cent on Chinese imports, while Indonesian exports face a comparatively lower 19 per cent rate, on par with Malaysia, Thailand, and the Philippines, and just below Vietnam’s 20 per cent. Reuters reported that Jakarta-based Gao Xiaoyu, founder of PT Yard Zeal Indonesia, has seen a surge in calls from Chinese enterprises eager to establish operations in the country. “We have meetings from morning till night,” Gao said, noting that demand for industrial real estate has pushed up warehouse and property prices by 15 per cent to 25 per cent year-on-year in Q1 2025, marking the fastest rise in two decades. West Java’s sprawling Subang Smartpolitan industrial park has been inundated with enquiries from Chinese manufacturers, ranging from toy makers and textile firms to electric vehicle producers. The province’s proximity to the Patimban deep-sea port is a key draw for investors seeking quick market access. Economic growth and market potential draw foreign capital Indonesia, Southeast Asia’s largest economy and the world’s fourth most populous nation, expanded by 5.12 per cent in the second quarter, the fastest pace in nearly two years, fuelled by robust household spending, which accounts for over half of GDP. For Chinese firms, Indonesia offers not only a production base but also a consumer market of more than 270 million people. “If you can establish a strong business presence in Indonesia, you’ve essentially captured half of the Southeast Asian market,” said Zhang Chao, a Chinese motorcycle headlight manufacturer who has seen profit margins in Indonesia reach 20-30 per cent, compared to as low as 3 per cent in China. Mira Arifin, Indonesia country head at Bank of America, cited the country’s young, skilled workforce and favourable demographics as factors encouraging rapid scale-up by foreign investors. Opportunities tempered by structural and geopolitical risks Despite the optimism, significant hurdles remain. Investors point to Indonesia’s bureaucratic red tape, incomplete industrial supply chains, and infrastructure gaps. There are also domestic concerns about the over-reliance on Chinese investment in strategic sectors such as nickel, where China controls around 75 per cent of smelting capacity. President Prabowo Subianto has strengthened ties with Beijing, meeting Chinese President Xi Jinping in November 2024 and hosting Premier Li Qiang in May. However, his recent trip to Washington underscores Jakarta’s balancing act between China and the US. The global trade environment remains volatile. Although Washington and Beijing have extended a 90-day tariff pause, uncertainty persists, with US President Donald Trump threatening to double tariffs on Indian exports. Analysts warn that global supply chains are undergoing significant realignment, with Indonesia emerging as a prime beneficiary, provided it can address regulatory and logistical constraints. As Chinese firms race to secure land and facilities, Indonesia’s challenge will be to convert this wave of interest into sustainable, long-term economic gains without compromising strategic autonomy. (With inputs from agencies)

The shift in Chinese investors comes as the US maintains tariff rates exceeding 30 per cent on Chinese imports, while Indonesian exports face a comparatively lower 19 per cent rate, on par with Malaysia, Thailand, and the Philippines, and just below Vietnam’s 20 per cent.

Chinese investors pivot to Indonesia amid escalating US-China trade tensions

Igor Babuschkin, a co-founder of Elon Musk’s artificial intelligence startup xAI, has left the company to start a new initiative focused on AI safety. The former DeepMind and OpenAI researcher announced his departure on Wednesday in a post on X, unveiling Babuschkin Ventures, which will fund AI safety research and invest in startups developing advanced agentic systems.Babuschkin said the venture aims to support projects that “advance humanity and unlock the mysteries of our universe,” citing potential applications from tackling quantum gravity to solving the Riemann hypothesis. He added that his decision was partly inspired by a question from Max Tegmark, founder of the Future of Life Institute, about how to ensure AI is developed in ways that allow children to flourish.<h2>Rapid growth and technical challenges at xAI</h2>Musk launched xAI in 2023 to challenge Big Tech’s approach to AI, accusing industry leaders of both excessive censorship and inadequate safety standards. Babuschkin, who previously worked in particle physics research at CERN, joined as a founding engineer, helping to create many of xAI’s foundational tools for training large models.During his tenure, he oversaw engineering across infrastructure, product, and applied AI teams and led the construction of the Memphis supercluster—a vast data processing facility powering xAI’s Grok chatbot—in just 120 days. He recounted a tense moment before a training deadline when Musk flew to the data centre to help fix a critical system issue, which turned out to be a faulty BIOS setting.Babuschkin credited his time at xAI with teaching him two key lessons from Musk: to engage fearlessly with technical problems and to maintain an intense sense of urgency.<h2>Departures and controversies</h2>His exit follows that of xAI’s legal head, Robert Keele, earlier this month and comes amid a series of executive changes at Musk-led companies, including the recent resignation of X CEO Linda Yaccarino. xAI has also faced reputational challenges. In May, its Grok chatbot generated and spread false claims about “white genocide” in South Africa. In July, a code update led to the platform pushing antisemitic content, including praise for Adolf Hitler. Both incidents prompted company apologies and scrutiny from EU regulators.Babuschkin said his next chapter will focus on ensuring AI technologies are deployed responsibly while harnessing their potential to tackle humanity’s biggest scientific and societal challenges.&nbsp;(With inputs from agencies)

Igor Babuschkin said the new venture aims to support projects that ‘advance humanity and unlock the mysteries of our universe,’ citing potential applications from tackling quantum gravity to solving the Riemann hypothesis.

Igor Babuschkin, a co-founder of Elon Musk’s artificial intelligence startup xAI, has left the company to start a new initiative focused on AI safety. The former DeepMind and OpenAI researcher announced his departure on Wednesday in a post on X, unveiling Babuschkin Ventures, which will fund AI safety research and invest in startups developing advanced agentic systems. Babuschkin said the venture aims to support projects that “advance humanity and unlock the mysteries of our universe,” citing potential applications from tackling quantum gravity to solving the Riemann hypothesis. He added that his decision was partly inspired by a question from Max Tegmark, founder of the Future of Life Institute, about how to ensure AI is developed in ways that allow children to flourish. Rapid growth and technical challenges at xAI Musk launched xAI in 2023 to challenge Big Tech’s approach to AI, accusing industry leaders of both excessive censorship and inadequate safety standards. Babuschkin, who previously worked in particle physics research at CERN, joined as a founding engineer, helping to create many of xAI’s foundational tools for training large models. During his tenure, he oversaw engineering across infrastructure, product, and applied AI teams and led the construction of the Memphis supercluster—a vast data processing facility powering xAI’s Grok chatbot—in just 120 days. He recounted a tense moment before a training deadline when Musk flew to the data centre to help fix a critical system issue, which turned out to be a faulty BIOS setting. Babuschkin credited his time at xAI with teaching him two key lessons from Musk: to engage fearlessly with technical problems and to maintain an intense sense of urgency. Departures and controversies His exit follows that of xAI’s legal head, Robert Keele, earlier this month and comes amid a series of executive changes at Musk-led companies, including the recent resignation of X CEO Linda Yaccarino. xAI has also faced reputational challenges. In May, its Grok chatbot generated and spread false claims about “white genocide” in South Africa. In July, a code update led to the platform pushing antisemitic content, including praise for Adolf Hitler. Both incidents prompted company apologies and scrutiny from EU regulators. Babuschkin said his next chapter will focus on ensuring AI technologies are deployed responsibly while harnessing their potential to tackle humanity’s biggest scientific and societal challenges. (With inputs from agencies)

Igor Babuschkin said the new venture aims to support projects that ‘advance humanity and unlock the mysteries of our universe,’ citing potential applications from tackling quantum gravity to solving the Riemann hypothesis.

xAI co-founder Igor Babuschkin departs to launch AI safety venture

The Trump administration is moving to significantly bolster America’s domestic supply of critical minerals and materials with a proposed funding package worth nearly $1 billion, the US Department of Energy (DOE) announced on August 13. The plan aims to advance and scale mining, processing, and manufacturing technologies vital to industries ranging from electric vehicle batteries to semiconductors, sectors currently dominated by China and other foreign suppliers.“For too long, the United States has relied on foreign actors to supply and process the critical materials that are essential to modern life and our national security,” said Energy Secretary Chris Wright. “Thanks to President Trump’s leadership, the Energy Department will play a leading role in reshoring processing and expanding our domestic supply of these indispensable resources.”<h2>Four major initiatives under funding plan</h2>The DOE’s Office of Manufacturing and Energy Supply Chains (MESC) will oversee the largest portion of the funding, offering up to $500 million to expand US critical minerals processing, battery manufacturing, and recycling capabilities. Another $135 million will be directed toward establishing a Rare Earth Elements Demonstration Facility to prove the commercial viability of domestic refining and recovery methods from mining tailings and waste streams.The Office of Fossil Energy and Carbon Management plans to provide $250 million in assistance to industrial plants, including coal facilities, to pilot technologies for recovering valuable mineral byproducts from existing processes. In addition, the DOE’s Advanced Materials and Manufacturing Technologies Office will offer up to $50 million under its Critical Minerals and Materials Accelerator programme to support technology maturation in areas such as rare-earth magnet supply chains, direct lithium extraction, and refining of gallium, germanium, and silicon carbide for semiconductor use.<h2>Tapping unconventional sources</h2>The Advanced Research Projects Agency-Energy (ARPA-E) will also advance its $40 million Recover programme, which focuses on extracting critical minerals from industrial wastewater. The initiative could unlock domestic supplies that would otherwise be discarded, complementing traditional mining. The DOE said these initiatives align with President Trump’s executive order on maximising US energy development, reinforcing supply chain security and industrial competitiveness. Funding opportunities will require recipients to match at least 50% of project costs, ensuring private-sector participation.By scaling domestic capabilities, officials say the US can reduce strategic vulnerabilities, create jobs, and secure key materials essential for the nation’s energy and technology future.&nbsp;(With inputs from agencies)

The plan aims to advance and scale mining, processing, and manufacturing technologies vital to industries ranging from electric vehicle batteries to semiconductors, sectors currently dominated by China and other foreign suppliers.

The Trump administration is moving to significantly bolster America’s domestic supply of critical minerals and materials with a proposed funding package worth nearly $1 billion, the US Department of Energy (DOE) announced on August 13. The plan aims to advance and scale mining, processing, and manufacturing technologies vital to industries ranging from electric vehicle batteries to semiconductors, sectors currently dominated by China and other foreign suppliers. “For too long, the United States has relied on foreign actors to supply and process the critical materials that are essential to modern life and our national security,” said Energy Secretary Chris Wright. “Thanks to President Trump’s leadership, the Energy Department will play a leading role in reshoring processing and expanding our domestic supply of these indispensable resources.” Four major initiatives under funding plan The DOE’s Office of Manufacturing and Energy Supply Chains (MESC) will oversee the largest portion of the funding, offering up to $500 million to expand US critical minerals processing, battery manufacturing, and recycling capabilities. Another $135 million will be directed toward establishing a Rare Earth Elements Demonstration Facility to prove the commercial viability of domestic refining and recovery methods from mining tailings and waste streams. The Office of Fossil Energy and Carbon Management plans to provide $250 million in assistance to industrial plants, including coal facilities, to pilot technologies for recovering valuable mineral byproducts from existing processes. In addition, the DOE’s Advanced Materials and Manufacturing Technologies Office will offer up to $50 million under its Critical Minerals and Materials Accelerator programme to support technology maturation in areas such as rare-earth magnet supply chains, direct lithium extraction, and refining of gallium, germanium, and silicon carbide for semiconductor use. Tapping unconventional sources The Advanced Research Projects Agency-Energy (ARPA-E) will also advance its $40 million Recover programme, which focuses on extracting critical minerals from industrial wastewater. The initiative could unlock domestic supplies that would otherwise be discarded, complementing traditional mining. The DOE said these initiatives align with President Trump’s executive order on maximising US energy development, reinforcing supply chain security and industrial competitiveness. Funding opportunities will require recipients to match at least 50% of project costs, ensuring private-sector participation. By scaling domestic capabilities, officials say the US can reduce strategic vulnerabilities, create jobs, and secure key materials essential for the nation’s energy and technology future. (With inputs from agencies)

The plan aims to advance and scale mining, processing, and manufacturing technologies vital to industries ranging from electric vehicle batteries to semiconductors, sectors currently dominated by China and other foreign suppliers.

Trump administration unveils nearly $1 billion plan to boost US critical minerals supply

Alphabet’s Google announced on August 13 that it will pour an additional $9 billion into Oklahoma over the next two years to expand its cloud and artificial intelligence (AI) infrastructure, underscoring the intensifying race among Big Tech companies to dominate the rapidly growing AI market. The investment will fund the construction of a new data centre campus in Stillwater and the expansion of its existing facility in Pryor, positioning Oklahoma as a key hub in Google’s US AI and cloud operations. Alphabet Chief Executive Sundar Pichai called the communities “vital engines of the internet and American innovation.”Google said part of the $9 billion is included in its 2025 capital expenditure plan—recently raised from $75 billion to about $85 billion—while the remainder is slated for future projects. The spending aligns with broader industry trends, as rivals including Microsoft, Amazon, and Apple ramp up their own data centre and AI investments in response to booming demand for generative AI and advanced computing services.<h2>Building capacity and talent for AI</h2>Alongside infrastructure expansion, Google is committing $1 billion toward AI education and workforce development in the United States. The initiative will provide free Google Career Certificates and AI training courses, targeting higher education institutions, nonprofits, and workforce programmes. More than 100 universities have already joined the programme, including large public systems such as Texas A&amp;M University and the University of North Carolina.&nbsp;Google is also partnering with the Electrical Training ALLIANCE to increase Oklahoma’s electrical workforce pipeline by 135 per cent, ensuring the state has the skilled labour required to support its growing tech infrastructure. This education push follows similar moves by OpenAI, Anthropic, and Amazon, which are also investing in AI literacy to meet the sector’s talent demands.<h2>Onshoring momentum and national tech ambitions</h2>Google’s expansion comes amid a broader wave of US onshoring initiatives encouraged by US President Donald Trump’s administration. Recent policy shifts have spurred major technology companies, including Micron, Nvidia, and CoreWeave, to boost domestic AI infrastructure. Apple, for instance, announced plans last week to invest $600 billion in the US over four years.By investing in both physical infrastructure and human capital, Google aims to solidify America’s leadership in AI development and cloud services while strengthening supply chain resilience in critical technology sectors.Construction on Google’s new Stillwater campus and Pryor expansion is expected to continue through 2027-2028. Once completed, the facilities will significantly increase the company’s AI and cloud computing capacity, supporting services that power search, productivity tools, and enterprise AI applications. Pichai said the initiative reflects Google’s “long-term commitment to US innovation”, adding that Oklahoma’s role in the company’s network will be “central to delivering the next generation of AI-powered tools to users and businesses worldwide”.&nbsp;(With inputs from agencies)

Google said part of the $9 billion is included in its 2025 capital expenditure plan—recently raised from $75 billion to about $85 billion—while the remainder is slated for future projects. The spending aligns with broader industry trends, as rivals including Microsoft, Amazon, and Apple.

Alphabet’s Google announced on August 13 that it will pour an additional $9 billion into Oklahoma over the next two years to expand its cloud and artificial intelligence (AI) infrastructure, underscoring the intensifying race among Big Tech companies to dominate the rapidly growing AI market. The investment will fund the construction of a new data centre campus in Stillwater and the expansion of its existing facility in Pryor, positioning Oklahoma as a key hub in Google’s US AI and cloud operations. Alphabet Chief Executive Sundar Pichai called the communities “vital engines of the internet and American innovation.” Google said part of the $9 billion is included in its 2025 capital expenditure plan—recently raised from $75 billion to about $85 billion—while the remainder is slated for future projects. The spending aligns with broader industry trends, as rivals including Microsoft, Amazon, and Apple ramp up their own data centre and AI investments in response to booming demand for generative AI and advanced computing services. Building capacity and talent for AI Alongside infrastructure expansion, Google is committing $1 billion toward AI education and workforce development in the United States. The initiative will provide free Google Career Certificates and AI training courses, targeting higher education institutions, nonprofits, and workforce programmes. More than 100 universities have already joined the programme, including large public systems such as Texas A&M University and the University of North Carolina. Google is also partnering with the Electrical Training ALLIANCE to increase Oklahoma’s electrical workforce pipeline by 135 per cent, ensuring the state has the skilled labour required to support its growing tech infrastructure. This education push follows similar moves by OpenAI, Anthropic, and Amazon, which are also investing in AI literacy to meet the sector’s talent demands. Onshoring momentum and national tech ambitions Google’s expansion comes amid a broader wave of US onshoring initiatives encouraged by US President Donald Trump’s administration. Recent policy shifts have spurred major technology companies, including Micron, Nvidia, and CoreWeave, to boost domestic AI infrastructure. Apple, for instance, announced plans last week to invest $600 billion in the US over four years. By investing in both physical infrastructure and human capital, Google aims to solidify America’s leadership in AI development and cloud services while strengthening supply chain resilience in critical technology sectors. Construction on Google’s new Stillwater campus and Pryor expansion is expected to continue through 2027-2028. Once completed, the facilities will significantly increase the company’s AI and cloud computing capacity, supporting services that power search, productivity tools, and enterprise AI applications. Pichai said the initiative reflects Google’s “long-term commitment to US innovation”, adding that Oklahoma’s role in the company’s network will be “central to delivering the next generation of AI-powered tools to users and businesses worldwide”. (With inputs from agencies)

Google said part of the $9 billion is included in its 2025 capital expenditure plan—recently raised from $75 billion to about $85 billion—while the remainder is slated for future projects. The spending aligns with broader industry trends, as rivals including Microsoft, Amazon, and Apple.

Google to invest $9 billion in Oklahoma to boost AI and cloud infrastructure

As Russian President Vladimir Putin heads to Alaska for a high-stakes summit with US President Donald Trump, his battlefield strategy in Ukraine may be colliding with a new front, economic survival. Behind the Kremlin’s confident rhetoric, signs of strain are emerging that could give Washington unexpected leverage.&nbsp;According to Bloomberg, Russia’s economic growth has slowed sharply, oil revenues have fallen, and the budget deficit has ballooned to its highest level in more than three decades. Inflation is high, interest rates are at their most punishing in over 20 years, and insiders in the banking sector are warning of a looming debt crisis.<h2>War machine vs. economic reality</h2>When Putin ordered the invasion of Ukraine in February 2022, Moscow bet it could finance a long war without destabilising the home front. Military and national security spending has now soared to nearly $172 billion in 2025, about 8 per cent of GDP, as per Alexandra Prokopenko of the Carnegie Endowment for International Peace, quoted by Bloomberg.&nbsp;To keep the war economy running, Russian banks, many state-controlled and run by Putin loyalists, were compelled to give “preferential” loans to defence contractors at below-market rates. Harvard’s Craig Kennedy estimates that from mid-2022 to late 2024, corporate debt surged by up to 71 per cent, or about 36.6 trillion rubles ($460 billion), with most of it concentrated in military-linked industries.<h2>The oil price blow</h2>For much of the war, rising energy prices shielded Russia from sanctions. But now, global crude has slipped to around $60 per barrel, and Russia’s discounted oil sells for even less. As per the Bank of Finland’s analysis cited by Bloomberg, this has delivered a heavy hit to state coffers, pushing July’s monthly deficit to 4.9 trillion rubles, even worse than the peak of the Covid-19 pandemic.&nbsp;The shortfall is draining the National Wealth Fund, Russia’s key fiscal cushion. Economists at the Gaidar Institute warn it could be fully depleted by the end of 2025, stripping Moscow of a major buffer against sanctions.

Russia’s oil revenue projection<figure class="table"><table><tbody><tr><td>Year</td><td>Oil &amp; Gas Revenue (RUB trillions)</td><td>Non-Oil &amp; Gas Revenue (RUB trillions)</td><td>Projected Total Budget Revenue (RUB trillions)</td></tr><tr><td>2019</td><td>~7</td><td>~15</td><td>—</td></tr><tr><td>2020</td><td>~6</td><td>~14</td><td>—</td></tr><tr><td>2021</td><td>~9</td><td>~15</td><td>—</td></tr><tr><td>2022</td><td>~9</td><td>~17</td><td>—</td></tr><tr><td>2023</td><td>~8</td><td>~20</td><td>—</td></tr><tr><td>2024</td><td>~8</td><td>~21</td><td>—</td></tr><tr><td>2025</td><td>~8</td><td>~22</td><td>~35 (projected)</td></tr><tr><td>2026</td><td>~8</td><td>~22</td><td>~35 (projected)</td></tr><tr><td>2027</td><td>~8</td><td>~22</td><td>~35 (projected)</td></tr></tbody></table></figure>(Source: Russian Ministry of Finance Budget, Janes – via Bloomberg)

Despite Russia’s war-driven fiscal expansion, oil and gas revenues, which accounted for roughly 30 per cent of federal income in 2024 are expected to stagnate at around 8 trillion rubles annually through 2027. Bloomberg notes this is a sharp contrast to earlier wartime windfalls, with global crude prices slipping to $60 per barrel and discounted Russian grades fetching just $55 by mid-2025. The resulting shortfall has widened the monthly budget deficit to a record 4.9 trillion rubles in July, forcing Moscow to draw heavily on its National Wealth Fund.<h2>Banking on trouble</h2>High interest rates, raised to 21 per cent in October 2024, the highest in two decades are crushing both consumers and businesses. Many banks are trapped: they must pay high rates on deposits and borrowing while sitting on mountains of low-yield war loans. Even defence firms, supposedly flush with state work, are struggling to repay debts.&nbsp;The Central Bank of Russia, under Governor Elvira Nabiullina, has quietly allowed banks to roll over bad loans and loosened monitoring rules for the defence sector. That makes it difficult to know the true scale of risk, but senior figures in Moscow’s own banking system, quoted anonymously by Bloomberg, fear a systemic crisis within a year.<h2>A tale of two economies</h2>Defence-linked industries are running hot; the civilian economy is barely ticking over. GDP growth fell to 1.1 per cent in Q2 2025 from over 4 per cent in 2024. The IMF has cut its 2025 forecast to just 0.9 per cent. Sectors like construction, retail and agriculture are seeing rising bankruptcies and falling demand.

&nbsp;Breakdown of Russia’s military spending<figure class="table"><table><tbody><tr><td>Year</td><td>Personnel</td><td>Procurement of Weapons</td><td>Operations &amp; Maintenance</td><td>R&amp;D</td><td>Other</td><td>Total Military Spend (USD billions)</td></tr><tr><td>2006</td><td>Low</td><td>Low</td><td>Minimal</td><td>Low</td><td>Low</td><td>&lt;50</td></tr><tr><td>2014</td><td>Higher</td><td>Rising</td><td>Moderate</td><td>Low</td><td>Low</td><td>~70</td></tr><tr><td>2020</td><td>Elevated</td><td>Moderate</td><td>Moderate</td><td>Low</td><td>Low</td><td>~90</td></tr><tr><td>2022</td><td>Sharp rise</td><td>Higher</td><td>Higher</td><td>Low</td><td>Low</td><td>~120</td></tr><tr><td>2024</td><td>Peak</td><td>Moderate</td><td>Higher</td><td>Low</td><td>Low</td><td>~150</td></tr><tr><td>2025</td><td>Peak</td><td>Moderate</td><td>Higher</td><td>Low</td><td>Low</td><td>~172</td></tr></tbody></table></figure>(Source: Janes – via Bloomberg)

Janes’ data, cited by Bloomberg, shows that the majority of Russia’s record $172 billion military budget in 2025 is being absorbed by personnel costs soldier salaries, allowances and benefits, leaving a smaller share for procurement, maintenance and R&amp;D. This spending pattern underscores Moscow’s focus on sustaining troop numbers in Ukraine rather than investing in advanced weapons systems, a choice that could weaken long-term military capability if economic pressures persist.<h2>Trump’s leverage</h2>As per Bloomberg, Trump has openly said Russia’s weak economy could force Putin’s hand in Ukraine talks, even suggesting that lowering oil prices by $10 a barrel would leave Moscow with “no choice” but to scale back the war.&nbsp;Putin arrives in Alaska asking for sanctions relief, while demanding that Ukraine cede all of Donbas and Crimea. Kyiv and European capitals, excluded from the talks have rejected the terms outright. If Trump uses Russia’s economic fragility as a bargaining chip, it could test how far Putin’s war economy can bend before it breaks.&nbsp;Russia’s war economy has so far defied Western pressure, but the combination of falling oil revenues, high borrowing costs, and mounting debt risk is eroding its resilience. Whether Putin can sustain his war footing now depends on two things: global oil prices and Trump’s willingness to press his advantage in Alaska.&nbsp;If Washington turns the screws, through lower energy prices or tighter sanctions, the Kremlin may be forced into compromises it has long resisted. The coming summit could reveal whether Russia’s economic armour is already cracked.&nbsp;(With inputs from the agencies)&nbsp;

Discounted crude prices, a rapidly depleting National Wealth Fund, and banks burdened with bad war loans have deepened the strain. Trump sees Moscow economic fragility as leverage in Ukraine talks, hinting that lower oil prices or tighter sanctions could force concessions.

As Russian President Vladimir Putin heads to Alaska for a high-stakes summit with US President Donald Trump, his battlefield strategy in Ukraine may be colliding with a new front, economic survival. Behind the Kremlin’s confident rhetoric, signs of strain are emerging that could give Washington unexpected leverage. According to Bloomberg, Russia’s economic growth has slowed sharply, oil revenues have fallen, and the budget deficit has ballooned to its highest level in more than three decades. Inflation is high, interest rates are at their most punishing in over 20 years, and insiders in the banking sector are warning of a looming debt crisis. War machine vs. economic reality When Putin ordered the invasion of Ukraine in February 2022, Moscow bet it could finance a long war without destabilising the home front. Military and national security spending has now soared to nearly $172 billion in 2025, about 8 per cent of GDP, as per Alexandra Prokopenko of the Carnegie Endowment for International Peace, quoted by Bloomberg. To keep the war economy running, Russian banks, many state-controlled and run by Putin loyalists, were compelled to give “preferential” loans to defence contractors at below-market rates. Harvard’s Craig Kennedy estimates that from mid-2022 to late 2024, corporate debt surged by up to 71 per cent, or about 36.6 trillion rubles ($460 billion), with most of it concentrated in military-linked industries. The oil price blow For much of the war, rising energy prices shielded Russia from sanctions. But now, global crude has slipped to around $60 per barrel, and Russia’s discounted oil sells for even less. As per the Bank of Finland’s analysis cited by Bloomberg, this has delivered a heavy hit to state coffers, pushing July’s monthly deficit to 4.9 trillion rubles, even worse than the peak of the Covid-19 pandemic. The shortfall is draining the National Wealth Fund, Russia’s key fiscal cushion. Economists at the Gaidar Institute warn it could be fully depleted by the end of 2025, stripping Moscow of a major buffer against sanctions.

Ahead of the &nbsp;Alaska summit with US President Donald Trump, Vladimir Putin faces a war economy under severe pressure. Russia’s $172 billion military budget in 2025 has coincided with slowing GDP growth, record budget deficits, and stagnant oil revenues, eroding its fiscal resilience.

Russia’s war economy: Can Putin withstand Trump’s pressure in Alaska?

India’s manufacturing dreams, nurtured for over a decade under Prime Minister Narendra Modi’s “Make in India” campaign, are now facing one of their biggest challenges yet. As per Bloomberg, US President Donald Trump has announced that tariffs on Indian exports will be doubled to 50 per cent, the highest US tariff rate for any Asian economy.<h2>A direct hit to India’s export sector</h2>The shock decision has already halted major investment plans. Farida Group, India’s largest shoemaker, had secured a 150-acre site in Tamil Nadu for a new export plant worth 10 billion rupees ($114 million). With the US accounting for 60 per cent of its business, the firm froze the project after the announcement.“With 25 per cent tariffs, you can still work, negotiate and adjust profits. At 50 per cent, you don’t have anything,” said Rafeeque Ahmed, Farida’s chairman, as quoted by Bloomberg.&nbsp;Trump’s move spares smartphones and pharmaceuticals for now, but it puts at risk the rest of India’s $87 billion worth of US-bound exports. Bloomberg Economics warns that the impact could be severe, exports could fall by 60 per cent, costing nearly 1 per cent of India’s GDP. Without sectoral exemptions, the drop could reach 80 per cent.<h2>India now faces the steepest tariff in Asia</h2>The White House data, compiled by Bloomberg, shows that India’s reciprocal tariff rate announced by the US in August 2025 surpasses even that of China’s.

US Reciprocal Tariff Rates in Asia (August 2025)<figure class="table"><table><tbody><tr><td>Rank</td><td>Country</td><td>Tariff Rate (%)</td></tr><tr><td>1</td><td>India</td><td>50</td></tr><tr><td>2</td><td>Laos</td><td>40</td></tr><tr><td>2</td><td>Myanmar</td><td>40</td></tr><tr><td>4</td><td>Bangladesh</td><td>20</td></tr><tr><td>4</td><td>Vietnam</td><td>20</td></tr><tr><td>4</td><td>Sri Lanka</td><td>20</td></tr><tr><td>4</td><td>Taiwan</td><td>20</td></tr><tr><td>8</td><td>Cambodia</td><td>19</td></tr><tr><td>8</td><td>Indonesia</td><td>19</td></tr><tr><td>8</td><td>Malaysia</td><td>19</td></tr><tr><td>8</td><td>Pakistan</td><td>19</td></tr><tr><td>8</td><td>Philippines</td><td>19</td></tr><tr><td>8</td><td>Thailand</td><td>19</td></tr><tr><td>14</td><td>Japan</td><td>15</td></tr></tbody></table></figure>Source: The White House / Bloomberg. Data excludes China, which faces separate tariff rates.

<h2>Strategic and political ripple effects</h2>According to Bloomberg, Trump has linked the tariff hike to India’s purchases of discounted Russian oil, which he argues help fund President Vladimir Putin’s war in Ukraine. Notably, India is the only major economy targeted with such “secondary tariffs,” even though China is Moscow’s largest crude buyer.&nbsp;The move also poses political challenges for Modi, with India now paying a higher blanket tariff rate than China. It risks undoing recent gains from Apple’s expanded iPhone assembly, growth in pharmaceuticals and green tech, and increased foreign investment from companies pursuing a “China Plus One” diversification strategy.<h2>Industry anxiety grows</h2>Exporters warn of an immediate slowdown. Ajay Sahai of the Federation of Indian Export Organisations told Bloomberg that orders for summer 2026 are already at risk, with buyers hesitating amid the higher costs. Apparel makers, scaffolding producers, and textile exporters are slashing prices to keep clients, but many say margins are unsustainable.&nbsp;Some companies are even exploring relocation. “Forget China Plus One right now. Companies are thinking India Plus One,” Ahmed said, referring to the search for alternative sourcing destinations.<h2>Possible off-ramps, but the clock is ticking</h2>US–India trade talks are ongoing, with hopes that a partial bilateral deal this autumn could reduce tariffs. Any progress in Trump’s upcoming meeting with Putin in Alaska might also ease oil-related penalties. But analysts warn that supply chains can shift quickly, and India’s share in many product categories is too small to deter US buyers from switching suppliers.&nbsp;On the factory floor, the human cost looms large. Farida Group employs 23,000 people, over half dedicated to US orders. “What will happen to workers? Shall I send them back?” Ahmed asked. “Workers would be one of the biggest sufferers.”&nbsp;With export orders drying up and sentiment sliding, the 50 per cent tariff risks not just economic slowdown but a direct setback to India’s manufacturing ambitions, potentially undoing years of progress in its push to challenge China’s dominance.&nbsp;(With inputs from the agencies)&nbsp;

The move spares smartphones and pharmaceuticals but endangers $87 billion in trade, with Bloomberg Economics warning of a potential 60–80% export drop and a GDP hit of nearly 1%.

India’s manufacturing dreams, nurtured for over a decade under Prime Minister Narendra Modi’s “Make in India” campaign, are now facing one of their biggest challenges yet. As per Bloomberg, US President Donald Trump has announced that tariffs on Indian exports will be doubled to 50 per cent, the highest US tariff rate for any Asian economy. A direct hit to India’s export sector The shock decision has already halted major investment plans. Farida Group, India’s largest shoemaker, had secured a 150-acre site in Tamil Nadu for a new export plant worth 10 billion rupees ($114 million). With the US accounting for 60 per cent of its business, the firm froze the project after the announcement. “With 25 per cent tariffs, you can still work, negotiate and adjust profits. At 50 per cent, you don’t have anything,” said Rafeeque Ahmed, Farida’s chairman, as quoted by Bloomberg. Trump’s move spares smartphones and pharmaceuticals for now, but it puts at risk the rest of India’s $87 billion worth of US-bound exports. Bloomberg Economics warns that the impact could be severe, exports could fall by 60 per cent, costing nearly 1 per cent of India’s GDP. Without sectoral exemptions, the drop could reach 80 per cent. India now faces the steepest tariff in Asia The White House data, compiled by Bloomberg, shows that India’s reciprocal tariff rate announced by the US in August 2025 surpasses even that of China’s.

India faces a record 50% US tariff on $87 billion in exports, threatening jobs, investment, and Modi’s “Make in India” ambitions.

India faces record-high US tariff rate, exports worth $87 billion at risk: Details here

South Africa’s automotive industry and broader labour market are under mounting pressure as a combination of low domestic sales, high import penetration, stalled localisation efforts, and new US tariffs threaten jobs and investment. Trade Minister Parks Tau said on August 13 that 12 companies in the sector have shut down over the past two years, leading to more than 4,000 job losses. Speaking at an auto parts conference, he revealed that 64 per cent of vehicles sold in South Africa are imported, while localisation, the share of local assembly, labour and components, remains stuck at 39 per cent, far short of the 60 per cent target under the South Africa Automotive Masterplan 2035.Last year, sales of locally produced vehicles stood at 515,850, well below the target of 784,509. The sector also faces a fresh blow from the 30 per cent US tariff on automotive imports imposed in April, which threatens South Africa’s 28.7 billion rand ($1.64 billion) export market to America. Some manufacturers have already lost US contracts, raising fears of further layoffs in an industry that directly employs 115,000 people.To address the slowdown, the government has expanded its manufacturing incentive scheme to include electric vehicles and related components. Tau argued that a 5 per cent rise in localisation could unlock 30 billion rand in procurement, surpassing the value of the US export market. Automakers such as Stellantis and China’s Chery are exploring local production, with Stellantis preparing to break ground in the Eastern Cape.<h2>Jobless rate among highest in the world</h2>The auto industry’s troubles come against the backdrop of a worsening national unemployment crisis. According to Statistics South Africa, the official jobless rate rose for a second straight quarter to 33.2 per cent in April-June 2025, placing the country among those with the highest unemployment globally. The number of unemployed reached 8.367 million, up by nearly 140,000 from the first quarter. While the expanded unemployment rate, which includes discouraged job seekers, saw a marginal drop, analysts warn this reflects a shift from active job hunting to giving up entirely.<h2>Structural challenges and tariff risks</h2>Economists say the problem is deeply entrenched, driven by slow growth, extreme inequality, and a mismatch between workforce skills and modern industry needs. Sectors such as community services, agriculture, and finance saw notable job losses, with agriculture hit by disease outbreaks and erratic weather and finance undergoing automation-driven restructuring. The new US tariffs could worsen the picture, particularly for automotive and agricultural exporters, prompting Pretoria to submit a revised trade offer to Washington this week.With the year-old coalition government pledging to tackle unemployment as a top priority, analysts say success will hinge on boosting local manufacturing, diversifying exports, and implementing policies that bridge the skills gap while attracting investment.&nbsp;(With inputs from agencies)

Economists say the problem is deeply entrenched, driven by slow growth, extreme inequality, and a mismatch between workforce skills and modern industry needs. Sectors such as community services, agriculture, and finance saw notable job losses

South Africa’s automotive industry and broader labour market are under mounting pressure as a combination of low domestic sales, high import penetration, stalled localisation efforts, and new US tariffs threaten jobs and investment. Trade Minister Parks Tau said on August 13 that 12 companies in the sector have shut down over the past two years, leading to more than 4,000 job losses. Speaking at an auto parts conference, he revealed that 64 per cent of vehicles sold in South Africa are imported, while localisation, the share of local assembly, labour and components, remains stuck at 39 per cent, far short of the 60 per cent target under the South Africa Automotive Masterplan 2035. Last year, sales of locally produced vehicles stood at 515,850, well below the target of 784,509. The sector also faces a fresh blow from the 30 per cent US tariff on automotive imports imposed in April, which threatens South Africa’s 28.7 billion rand ($1.64 billion) export market to America. Some manufacturers have already lost US contracts, raising fears of further layoffs in an industry that directly employs 115,000 people. To address the slowdown, the government has expanded its manufacturing incentive scheme to include electric vehicles and related components. Tau argued that a 5 per cent rise in localisation could unlock 30 billion rand in procurement, surpassing the value of the US export market. Automakers such as Stellantis and China’s Chery are exploring local production, with Stellantis preparing to break ground in the Eastern Cape. Jobless rate among highest in the world The auto industry’s troubles come against the backdrop of a worsening national unemployment crisis. According to Statistics South Africa, the official jobless rate rose for a second straight quarter to 33.2 per cent in April-June 2025, placing the country among those with the highest unemployment globally. The number of unemployed reached 8.367 million, up by nearly 140,000 from the first quarter. While the expanded unemployment rate, which includes discouraged job seekers, saw a marginal drop, analysts warn this reflects a shift from active job hunting to giving up entirely. Structural challenges and tariff risks Economists say the problem is deeply entrenched, driven by slow growth, extreme inequality, and a mismatch between workforce skills and modern industry needs. Sectors such as community services, agriculture, and finance saw notable job losses, with agriculture hit by disease outbreaks and erratic weather and finance undergoing automation-driven restructuring. The new US tariffs could worsen the picture, particularly for automotive and agricultural exporters, prompting Pretoria to submit a revised trade offer to Washington this week. With the year-old coalition government pledging to tackle unemployment as a top priority, analysts say success will hinge on boosting local manufacturing, diversifying exports, and implementing policies that bridge the skills gap while attracting investment. (With inputs from agencies)

Economists say the problem is deeply entrenched, driven by slow growth, extreme inequality, and a mismatch between workforce skills and modern industry needs. Sectors such as community services, agriculture, and finance saw notable job losses

South Africa’s auto industry and jobs market hit by imports, tariffs

The probability of a US Federal Reserve rate cut in September has surged to near certainty after fresh data showed inflation rising at a moderate pace in July and Treasury Secretary Scott Bessent hinted that a larger-than-usual cut could be on the table.&nbsp;As per Reuters, traders in contracts tied to the Fed’s benchmark rate on Wednesday placed the odds of a quarter-point reduction at 99.9 per cent for the September 16–17 policy meeting. The estimates, calculated by the CME Group’s FedWatch tool, followed the release of July Consumer Price Index (CPI) data and later comments by Bessent.&nbsp;Bessent told Bloomberg television that weak labour market data could justify an aggressive 50-basis-point cut. He noted that the Fed used similar concerns over a softening job market to deliver a larger cut last September.<h2>Labour market revisions sway outlook</h2>According to Reuters, Bessent’s remarks were rooted in recent revisions by the US Bureau of Labor Statistics, which showed that job growth slowed sharply in May, June and July. Earlier preliminary estimates had indicated stronger employment, allowing Fed officials to argue that the labour market was holding firm.&nbsp;“If we’d seen those numbers in May, in June, I suspect we could have had rate cuts in June and July. So that tells me that there’s a very good chance of a 50 basis-point rate cut in September,” Bessent said.<h2>Political tension over policy timing</h2>The prospect of a larger September cut comes amid political scrutiny. US President Donald Trump has criticised last year’s pre-election rate cut as politically motivated, citing its timing ahead of the November vote.&nbsp;With inflation contained, jobs growth slowing, and political rhetoric heating up, markets are bracing for what could be the Fed’s most closely watched decision this year.&nbsp;(With inputs from the agencies)

Revised US jobs data revealed sharper labour market weakness than previously thought, strengthening the case for policy action. Markets now see a near-certain September Fed rate cut, with odds rising for a larger half-point move after soft inflation and weak jobs data.

The probability of a US Federal Reserve rate cut in September has surged to near certainty after fresh data showed inflation rising at a moderate pace in July and Treasury Secretary Scott Bessent hinted that a larger-than-usual cut could be on the table. As per Reuters, traders in contracts tied to the Fed’s benchmark rate on Wednesday placed the odds of a quarter-point reduction at 99.9 per cent for the September 16–17 policy meeting. The estimates, calculated by the CME Group’s FedWatch tool, followed the release of July Consumer Price Index (CPI) data and later comments by Bessent. Bessent told Bloomberg television that weak labour market data could justify an aggressive 50-basis-point cut. He noted that the Fed used similar concerns over a softening job market to deliver a larger cut last September. Labour market revisions sway outlook According to Reuters, Bessent’s remarks were rooted in recent revisions by the US Bureau of Labor Statistics, which showed that job growth slowed sharply in May, June and July. Earlier preliminary estimates had indicated stronger employment, allowing Fed officials to argue that the labour market was holding firm. “If we’d seen those numbers in May, in June, I suspect we could have had rate cuts in June and July. So that tells me that there’s a very good chance of a 50 basis-point rate cut in September,” Bessent said. Political tension over policy timing The prospect of a larger September cut comes amid political scrutiny. US President Donald Trump has criticised last year’s pre-election rate cut as politically motivated, citing its timing ahead of the November vote. With inflation contained, jobs growth slowing, and political rhetoric heating up, markets are bracing for what could be the Fed’s most closely watched decision this year. (With inputs from the agencies)

Following July CPI data showing moderate inflation and comments from Treasury Secretary Scott Bessent hinting at aggressive easing, traders put the probability of a September 25-basis-point Fed cut at 99.9%, with growing bets on a 50-basis-point move.

Fed rate cut seen almost certain after July inflation data, Bessent signals

Bitcoin surged to a fresh all-time high on August 14, breaking past the $124,500 mark during early Asian trading, as optimism over US monetary easing and sweeping pro-crypto reforms under US President Donald Trump propelled the market higher. The world’s largest cryptocurrency by market capitalisation rose as much as 1.27 per cent to $124,514.57 before trimming gains to trade 0.6 per cent higher at $123,690 as of 8:30 am IST. The rally lifted Bitcoin’s market value to around $2.5 trillion, according to CoinGecko. Year to date, the token has jumped roughly 32 per cent and nearly 80 per cent since Trump’s election victory in November 2024.The latest leg up came after Wall Street’s main indexes hit record closing highs for the second consecutive day on August 13, with the S&amp;P 500 rising 0.32 per cent and the Nasdaq adding 0.14 per cent. Risk-on sentiment has been buoyed by mounting expectations that the Federal Reserve will begin cutting interest rates as early as September. US Treasury Secretary Scott Bessent has publicly urged a half-point cut, while speculation grows that Trump may replace the Fed chair sooner than anticipated.<h2>Trump’s policy pivot unlocks retirement savings for crypto</h2>Momentum in the digital asset space intensified last week when Trump signed an executive order enabling 401(k) retirement accounts to invest in alternative assets, including cryptocurrencies. The directive could open up the $8.9 trillion US retirement savings market to the sector, sparking optimism for deeper institutional involvement. Trump’s administration has also rolled back restrictions that previously discouraged banks from working with crypto firms and overseen the passage of stablecoin regulations.&nbsp;<h2>Altcoins soar alongside Bitcoin</h2>Ethereum (ETH), the second-largest cryptocurrency, hit $4,785.67, its highest level since late 2021, before easing to $4,748.99. Cardano (ADA) jumped 11 per cent, Solana (SOL) gained 4.1 per cent, Dogecoin (DOGE) rose 5 per cent, and Binance Coin (BNB) advanced 0.89 per cent. The broader crypto market capitalisation has ballooned to over $4.18 trillion, up from about $2.5 trillion in November 2024, according to CoinMarketCap. Analysts say a decisive break above $125,000 could set Bitcoin on course for $150,000, further cementing its position as the year’s top-performing major asset.&nbsp;(With inputs from agency)

Risk-on sentiment has been buoyed by mounting expectations that the Federal Reserve will begin cutting interest rates as early as September. US Treasury Secretary has publicly urged a half-point cut, while speculation grows that Trump may replace the Fed chair sooner than anticipated.

Bitcoin surged to a fresh all-time high on August 14, breaking past the $124,500 mark during early Asian trading, as optimism over US monetary easing and sweeping pro-crypto reforms under US President Donald Trump propelled the market higher. The world’s largest cryptocurrency by market capitalisation rose as much as 1.27 per cent to $124,514.57 before trimming gains to trade 0.6 per cent higher at $123,690 as of 8:30 am IST. The rally lifted Bitcoin’s market value to around $2.5 trillion, according to CoinGecko. Year to date, the token has jumped roughly 32 per cent and nearly 80 per cent since Trump’s election victory in November 2024. The latest leg up came after Wall Street’s main indexes hit record closing highs for the second consecutive day on August 13, with the S&P 500 rising 0.32 per cent and the Nasdaq adding 0.14 per cent. Risk-on sentiment has been buoyed by mounting expectations that the Federal Reserve will begin cutting interest rates as early as September. US Treasury Secretary Scott Bessent has publicly urged a half-point cut, while speculation grows that Trump may replace the Fed chair sooner than anticipated. Trump’s policy pivot unlocks retirement savings for crypto Momentum in the digital asset space intensified last week when Trump signed an executive order enabling 401(k) retirement accounts to invest in alternative assets, including cryptocurrencies. The directive could open up the $8.9 trillion US retirement savings market to the sector, sparking optimism for deeper institutional involvement. Trump’s administration has also rolled back restrictions that previously discouraged banks from working with crypto firms and overseen the passage of stablecoin regulations. Altcoins soar alongside Bitcoin Ethereum (ETH), the second-largest cryptocurrency, hit $4,785.67, its highest level since late 2021, before easing to $4,748.99. Cardano (ADA) jumped 11 per cent, Solana (SOL) gained 4.1 per cent, Dogecoin (DOGE) rose 5 per cent, and Binance Coin (BNB) advanced 0.89 per cent. The broader crypto market capitalisation has ballooned to over $4.18 trillion, up from about $2.5 trillion in November 2024, according to CoinMarketCap. Analysts say a decisive break above $125,000 could set Bitcoin on course for $150,000, further cementing its position as the year’s top-performing major asset. (With inputs from agency)

Risk-on sentiment has been buoyed by mounting expectations that the Federal Reserve will begin cutting interest rates as early as September. US Treasury Secretary has publicly urged a half-point cut, while speculation grows that Trump may replace the Fed chair sooner than anticipated.

Bitcoin smashes past $124,500 amid Fed rate-cut hopes, Trump’s crypto push fuel rally

Gold prices rose for a third straight session on Thursday, buoyed by growing bets that the US Federal Reserve will deliver interest rate cuts as early as next month. The momentum picked up after Treasury Secretary Scott Bessent urged the central bank to slash borrowing costs significantly.&nbsp;As quoted by Bloomberg, spot gold was 0.5 per cent higher at $3,372.03 an ounce at 7:25 a.m. in Singapore, extending gains from the previous day. Bullion has now climbed close to $3,370 an ounce after Bessent suggested that the Fed’s benchmark rate should be at least 1.5 percentage points lower than its current level.&nbsp;Lower interest rates and falling Treasury yields tend to support gold, which offers no interest, by reducing the opportunity cost of holding the metal. Yields retreated on Wednesday after Bessent’s remarks, amplifying demand for the safe-haven asset.<h2>Market expectations shift sharply</h2>The outlook for US monetary policy has changed dramatically in recent weeks. According to Bloomberg, markets had placed less than a 50 per cent chance on a September rate cut just last month. Now, traders see a quarter-point reduction as almost certain, with some betting on a larger half-point move.&nbsp;Gold prices have surged 28 per cent so far in 2025, with the majority of gains concentrated in the first four months. Persistent geopolitical tensions, trade disputes, and strong central bank purchases have all underpinned demand.<h2>Dollar weakness and tariff confusion in focus</h2>The Bloomberg Dollar Spot Index slipped 0.1 per cent on Thursday, further supporting gold by making it cheaper for holders of other currencies. Other precious metals, including silver, platinum and palladium, also edged higher.&nbsp;Meanwhile, the market is still seeking clarity on whether US imports of gold bars will face tariffs. Confusion earlier this week pushed the premium for gold futures in New York above spot prices in London. President Donald Trump said on Monday that no such levy would be imposed, which helped align the two markets, though he did not elaborate further.&nbsp;With interest rate expectations leaning dovishly, and political risk still elevated, gold’s upward momentum may find further fuel in the weeks ahead.&nbsp;(With inputs from the agencies)

Spot gold rose for a third straight session to around $3,372 an ounce, driven by growing expectations of a September US Fed rate cut following Treasury Secretary Scott Bessent’s call for aggressive easing. Gold is up 28% so far in 2025, supported by central bank buying and strong safe-haven flows.

Gold prices rose for a third straight session on Thursday, buoyed by growing bets that the US Federal Reserve will deliver interest rate cuts as early as next month. The momentum picked up after Treasury Secretary Scott Bessent urged the central bank to slash borrowing costs significantly. As quoted by Bloomberg, spot gold was 0.5 per cent higher at $3,372.03 an ounce at 7:25 a.m. in Singapore, extending gains from the previous day. Bullion has now climbed close to $3,370 an ounce after Bessent suggested that the Fed’s benchmark rate should be at least 1.5 percentage points lower than its current level. Lower interest rates and falling Treasury yields tend to support gold, which offers no interest, by reducing the opportunity cost of holding the metal. Yields retreated on Wednesday after Bessent’s remarks, amplifying demand for the safe-haven asset. Market expectations shift sharply The outlook for US monetary policy has changed dramatically in recent weeks. According to Bloomberg, markets had placed less than a 50 per cent chance on a September rate cut just last month. Now, traders see a quarter-point reduction as almost certain, with some betting on a larger half-point move. Gold prices have surged 28 per cent so far in 2025, with the majority of gains concentrated in the first four months. Persistent geopolitical tensions, trade disputes, and strong central bank purchases have all underpinned demand. Dollar weakness and tariff confusion in focus The Bloomberg Dollar Spot Index slipped 0.1 per cent on Thursday, further supporting gold by making it cheaper for holders of other currencies. Other precious metals, including silver, platinum and palladium, also edged higher. Meanwhile, the market is still seeking clarity on whether US imports of gold bars will face tariffs. Confusion earlier this week pushed the premium for gold futures in New York above spot prices in London. President Donald Trump said on Monday that no such levy would be imposed, which helped align the two markets, though he did not elaborate further. With interest rate expectations leaning dovishly, and political risk still elevated, gold’s upward momentum may find further fuel in the weeks ahead. (With inputs from the agencies)

Gold extended its winning streak as dovish Fed rate cut bets, a weaker dollar, and geopolitical uncertainty lifted safe-haven demand.

Gold extends rally as Bessent pushes for steep US rate cuts