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The Bank of England (BoE) is expected to slow the pace of its bond sales as part of quantitative tightening (QT), amid rising UK government bond yields and increased scrutiny over market stability and financial losses. A formal review is anticipated in its upcoming policy decision on August 7, as reported by Reuters.&nbsp;The central bank has already reduced its gilt holdings by £100 billion ($130 billion) over the past year, £87 billion via maturing bonds and £13 billion through active sales. But continuing this pace would require selling an unprecedented £51 billion in gilts in the coming year, a target many economists now believe is unrealistic given current market conditions.<h2>Shift in guidance expected</h2>As per Reuters, the BoE is widely expected to cut interest rates by 25 basis points, bringing the benchmark rate to 4 per cent, and offer updated guidance on QT alongside. Analysts say the surge in long-dated gilt yields and curve steepening could prompt the central bank to slow or pause outright sales.&nbsp;“They are not operating in a vacuum,” said Peter Schaffrik, global macro strategist at RBC, as quoted by Reuters. “Market conditions have clearly changed.”<h2>Active QT under pressure</h2>The BoE is unique among major central banks for actively selling long-dated government bonds in addition to letting them mature. But that approach was tested in April when it was forced to postpone a scheduled auction after volatility triggered by US President Donald Trump’s tariff announcement, according to Reuters.&nbsp;A May investor survey by the BoE, cited by Reuters, showed market participants expect the pace of QT to be trimmed to £75 billion per year from September, further declining to £50 billion by 2026-27. That would eventually see active sales stop altogether by 2028.“QT has never been done in this environment,” said Dani Stoilova, economist at BNP Paribas, adding the BoE might halt all bond sales from October due to “interaction effects” between falling rates and QT, as per Reuters.<h2>Political scrutiny grows</h2>QT has also drawn political attention amid rising losses. Selling gilts in a higher-rate environment means the BoE is often booking losses, which the UK Treasury must cover. The scale of these losses has raised concerns across Westminster.&nbsp;BoE Governor Andrew Bailey, addressing the matter, denied QT was the sole cause of the yield surge but admitted to Reuters that “how QT interacts with monetary policy and market liquidity” needs to be assessed.&nbsp;Meanwhile, Michael Saunders, a former BoE rate-setter, told Reuters the central bank could stop selling long-term gilts (20-year+) altogether or refocus on shorter maturities. However, Adam Dent, strategist at Santander, said using QT to control the yield curve’s slope may be ineffective: &gt; “Trying to use QT to control the slope should have little lasting effect.”<h2>Reserve targets in question</h2>The long-term destination of QT remains uncertain. One stated aim is to reduce bank reserves, which still sit around £680 billion, far above the BoE’s preferred range of £385–540 billion. But as Reuters noted, some analysts believe reserves are already approaching their effective lower limit, evidenced by rising participation in the BoE’s repo operations.&nbsp;“They could slow things down and feel their way to that level,” said RBC’s Schaffrik, quoted by Reuters.&nbsp;As expectations of a rate cut mount, the central bank faces pressure to adjust its tightening strategy. With markets volatile and political scrutiny intensifying, the BoE’s August 7 decision could mark a turning point in how aggressively it pursues QT going forward.&nbsp;(With inputs from the agencies)&nbsp;

After reducing gilt holdings by £100 billion over the past year, the target for selling £51 billion in the coming year is now seen as unrealistic. Analysts anticipate a 25 basis points cut in interest rates, potentially halting bond sales due to adverse market conditions. 

The Bank of England (BoE) is expected to slow the pace of its bond sales as part of quantitative tightening (QT), amid rising UK government bond yields and increased scrutiny over market stability and financial losses. A formal review is anticipated in its upcoming policy decision on August 7, as reported by Reuters. The central bank has already reduced its gilt holdings by £100 billion ($130 billion) over the past year, £87 billion via maturing bonds and £13 billion through active sales. But continuing this pace would require selling an unprecedented £51 billion in gilts in the coming year, a target many economists now believe is unrealistic given current market conditions. Shift in guidance expected As per Reuters, the BoE is widely expected to cut interest rates by 25 basis points, bringing the benchmark rate to 4 per cent, and offer updated guidance on QT alongside. Analysts say the surge in long-dated gilt yields and curve steepening could prompt the central bank to slow or pause outright sales. “They are not operating in a vacuum,” said Peter Schaffrik, global macro strategist at RBC, as quoted by Reuters. “Market conditions have clearly changed.” Active QT under pressure The BoE is unique among major central banks for actively selling long-dated government bonds in addition to letting them mature. But that approach was tested in April when it was forced to postpone a scheduled auction after volatility triggered by US President Donald Trump’s tariff announcement, according to Reuters. A May investor survey by the BoE, cited by Reuters, showed market participants expect the pace of QT to be trimmed to £75 billion per year from September, further declining to £50 billion by 2026-27. That would eventually see active sales stop altogether by 2028. “QT has never been done in this environment,” said Dani Stoilova, economist at BNP Paribas, adding the BoE might halt all bond sales from October due to “interaction effects” between falling rates and QT, as per Reuters. Political scrutiny grows QT has also drawn political attention amid rising losses. Selling gilts in a higher-rate environment means the BoE is often booking losses, which the UK Treasury must cover. The scale of these losses has raised concerns across Westminster. BoE Governor Andrew Bailey, addressing the matter, denied QT was the sole cause of the yield surge but admitted to Reuters that “how QT interacts with monetary policy and market liquidity” needs to be assessed. Meanwhile, Michael Saunders, a former BoE rate-setter, told Reuters the central bank could stop selling long-term gilts (20-year+) altogether or refocus on shorter maturities. However, Adam Dent, strategist at Santander, said using QT to control the yield curve’s slope may be ineffective: > “Trying to use QT to control the slope should have little lasting effect.” Reserve targets in question The long-term destination of QT remains uncertain. One stated aim is to reduce bank reserves, which still sit around £680 billion, far above the BoE’s preferred range of £385–540 billion. But as Reuters noted, some analysts believe reserves are already approaching their effective lower limit, evidenced by rising participation in the BoE’s repo operations. “They could slow things down and feel their way to that level,” said RBC’s Schaffrik, quoted by Reuters. As expectations of a rate cut mount, the central bank faces pressure to adjust its tightening strategy. With markets volatile and political scrutiny intensifying, the BoE’s August 7 decision could mark a turning point in how aggressively it pursues QT going forward. (With inputs from the agencies)

The Bank of England (BoE) is expected to slow bond sales amid rising government bond yields and concerns over market stability, with a review scheduled for August 7.

BoE to reassess bond sales amid rising yields

There is discontent brewing in Europe over the new trade deal with the US agreed upon between European Commission president Ursula von der Leyen and US President Donald Trump at a meeting in Scotland on Sunday, and European leaders have started expressing their concerns over it. France’s prime minister and business leaders across Germany have criticised the deal. Analysts say the deal just averts a damaging trade war by imposing a 15% import tariff, half of the rate threatened by Trump, on most EU goods, but over three times of the average 4.8% effective now.&nbsp;France’s Prime Minister François Bayrou said Europe had submitted to the US on a “dark day” for the European Union. “It is a dark day when an alliance of free peoples, gathered to affirm their values and defend their interests, resolves to submission,” Bayrou said in a post on X.&nbsp;

<blockquote class="twitter-tweet">Accord Van der Leyen-Trump : c&#39;est un jour sombre que celui où une alliance de peuples libres, rassemblés pour affirmer leurs valeurs et défendre leurs intérêts, se résout à la soumission.&mdash; François Bayrou (@bayrou) <a href="https://twitter.com/bayrou/status/1949749114436194782?ref_src=twsrc%5Etfw">July 28, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The agreement, which imposes 15% tariffs on most European exports to the US, including cars, ends the threat of a punitive 30% import duty, but it is far from the EU-offered zero-zero import and export tariff.The deal means that European exporters will now face three times the present average 4.8% tariff.&nbsp;<h2>‘Trump ate von der Leyen for breakfast’: Orban</h2>&nbsp;Hungarian Prime Minister Viktor Orban said, “This is not an agreement…Donald Trump ate von der Leyen for breakfast, this is what happened and we suspected this would happen as the US president is a heavyweight when it comes to negotiations while Madame President is featherweight.”&nbsp;German chancellor Friedrich Merz hailed the deal, saying it avoided “needless escalation in transatlantic trade relations” and averted a damaging trade war, but German exporters were less enthusiastic.&nbsp;&nbsp;It is also clear that the US tariff of 15% on automotive products will place a burden on German automotive companies in the midst of their transformation, hitting sales and profits.&nbsp;Simon Harris, deputy prime minister of Ireland, one of the EU’s top exporters to the US, said it welcomed the deal for bringing “a measure of much-needed certainty”, but that it “regrets” the baseline tariff.&nbsp;<h2>‘Deal would provide temporary stability, but is unbalanced’</h2>&nbsp;France’s minister for Europe, Benjamin Haddad, said the deal would provide “temporary stability … but is unbalanced”.“Fifteen per cent is not to be underestimated, but it is the best we could get,” the European Commision president, Ursula von der Leyen, acknowledged.&nbsp;French Europe minister Benjamin Haddad said that while the deal would “bring temporary stability,” it was generally “unbalanced,” calling the situation “not satisfactory and … not sustainable.”&nbsp;The 15% tariff agreed in the EU-US deal will apply to 70% of all exports to the US worth €380 billion, while rates on pharma and steel are still being negotiated, officials said.

The 15% tariff agreed in the EU-US deal will apply to 70% of all exports to the US worth €380 billion, while rates on pharma and steel are still being negotiated, officials said.

France’s minister for Europe, Benjamin Haddad, said the deal is unbalanced but would provide temporary stability, while European Commission President Ursula von der Leyen also acknowledged that 15 per cent is not to be underestimated, but it is the best the EU could get.

There is discontent brewing in Europe over the new trade deal with the US agreed upon between European Commission president Ursula von der Leyen and US President Donald Trump at a meeting in Scotland on Sunday, and European leaders have started expressing their concerns over it. France’s prime minister and business leaders across Germany have criticised the deal. Analysts say the deal just averts a damaging trade war by imposing a 15% import tariff, half of the rate threatened by Trump, on most EU goods, but over three times of the average 4.8% effective now. France’s Prime Minister François Bayrou said Europe had submitted to the US on a “dark day” for the European Union. “It is a dark day when an alliance of free peoples, gathered to affirm their values and defend their interests, resolves to submission,” Bayrou said in a post on X.

France’s minister for Europe, Benjamin Haddad, said the deal is unbalanced but would provide temporary stability, while European Commission President Ursula von der Leyen also acknowledged that 15 per cent is not to be underestimated, but it is the best the EU could get.

Discontent brews in Europe over US-EU trade deal; French PM calls it a ‘dark day’

Chinese artificial intelligence firms are forming new alliances to accelerate domestic innovation and reduce reliance on foreign technologies, as US export controls continue to block access to Nvidia’s most advanced chips. The announcements came during the three-day World Artificial Intelligence Conference in Shanghai, which concludes Monday. According to Reuters, two major industry alliances were launched at the event to strengthen collaboration between China’s leading AI chipmakers and developers of large language models (LLMs).&nbsp;The first, called the Model-Chip Ecosystem Innovation Alliance, brings together domestic LLM developers and GPU manufacturers including Huawei, Biren, Moore Threads, and Enflame—all of whom have faced US sanctions restricting their access to cutting-edge semiconductors. Zhao Lidong, CEO of Enflame, described the alliance as “an innovative ecosystem that connects the complete technology chain from chips to models to infrastructure.” Another consortium, the Shanghai General Chamber of Commerce AI Committee, aims to integrate AI technologies more deeply into industrial applications. Members include sanctioned facial-recognition firm SenseTime, LLM developers StepFun and MiniMax, and chipmakers Metax and Iluvatar CoreX.<h2>Huawei unveils Nvidia rival as China clusters chip power</h2>Huawei took centre stage at the conference with the launch of its CloudMatrix 384 system, built using 384 of its self-developed 910C AI chips. According to US-based research firm SemiAnalysis, the system outperforms Nvidia’s flagship GB200 NVL72 on some metrics, thanks to Huawei’s system-level innovations and large-scale clustering approach.&nbsp;The CloudMatrix platform is designed to compensate for lower chip-level performance through high-volume integration and liquid-cooled infrastructure. At least six other Chinese firms, including Metax, showcased similar cluster-based architectures at the event, signalling a nationwide push toward scaling up domestic data-processing capacity. Metax’s AI supernode demonstration featured 128 of its C550 chips, tailored for large-scale cloud and data centre deployments.<h2>Tech giants pivot to AI wearables, digital avatars</h2>The conference also spotlighted AI consumer tech, with major firms launching interactive wearables and virtual services. Alibaba unveiled its Quark AI Glasses, expected to hit the Chinese market by end-2025. Powered by the company’s Qwen model, the smart glasses will enable users to scan QR codes using voice commands and access maps on the go.&nbsp;Tencent introduced its Hunyuan3D World Model 1.0, an open-source tool for generating interactive 3D environments from text or image prompts. Meanwhile, Baidu showcased a new “digital human” technology that can generate virtual livestream hosts. Its AI cloning tool can replicate a person’s voice, tone, and body language using just 10 minutes of sample footage.<h2>Strategic shift amid US tech sanctions</h2>Beijing’s AI industry push comes in response to ongoing US export restrictions that have barred China’s access to Nvidia’s H100 and other high-end AI chips. The shift toward domestic clustering, innovation alliances, and national LLM development signals a long-term strategy to counter Washington’s technological containment.&nbsp;As per Reuters, the AI alliances unveiled in Shanghai may serve as a launchpad for a broader, state-backed campaign to strengthen China’s self-reliance in semiconductors and artificial intelligence.&nbsp;(With inputs from the agencies)

Beijing’s AI industry push comes in response to ongoing US export restrictions that have barred China’s access to Nvidia’s H100 and other high-end AI chips. 

Chinese artificial intelligence firms are forming new alliances to accelerate domestic innovation and reduce reliance on foreign technologies, as US export controls continue to block access to Nvidia’s most advanced chips. The announcements came during the three-day World Artificial Intelligence Conference in Shanghai, which concludes Monday. According to Reuters, two major industry alliances were launched at the event to strengthen collaboration between China’s leading AI chipmakers and developers of large language models (LLMs). The first, called the Model-Chip Ecosystem Innovation Alliance, brings together domestic LLM developers and GPU manufacturers including Huawei, Biren, Moore Threads, and Enflame—all of whom have faced US sanctions restricting their access to cutting-edge semiconductors. Zhao Lidong, CEO of Enflame, described the alliance as “an innovative ecosystem that connects the complete technology chain from chips to models to infrastructure.” Another consortium, the Shanghai General Chamber of Commerce AI Committee, aims to integrate AI technologies more deeply into industrial applications. Members include sanctioned facial-recognition firm SenseTime, LLM developers StepFun and MiniMax, and chipmakers Metax and Iluvatar CoreX. Huawei unveils Nvidia rival as China clusters chip power Huawei took centre stage at the conference with the launch of its CloudMatrix 384 system, built using 384 of its self-developed 910C AI chips. According to US-based research firm SemiAnalysis, the system outperforms Nvidia’s flagship GB200 NVL72 on some metrics, thanks to Huawei’s system-level innovations and large-scale clustering approach. The CloudMatrix platform is designed to compensate for lower chip-level performance through high-volume integration and liquid-cooled infrastructure. At least six other Chinese firms, including Metax, showcased similar cluster-based architectures at the event, signalling a nationwide push toward scaling up domestic data-processing capacity. Metax’s AI supernode demonstration featured 128 of its C550 chips, tailored for large-scale cloud and data centre deployments. Tech giants pivot to AI wearables, digital avatars The conference also spotlighted AI consumer tech, with major firms launching interactive wearables and virtual services. Alibaba unveiled its Quark AI Glasses, expected to hit the Chinese market by end-2025. Powered by the company’s Qwen model, the smart glasses will enable users to scan QR codes using voice commands and access maps on the go. Tencent introduced its Hunyuan3D World Model 1.0, an open-source tool for generating interactive 3D environments from text or image prompts. Meanwhile, Baidu showcased a new “digital human” technology that can generate virtual livestream hosts. Its AI cloning tool can replicate a person’s voice, tone, and body language using just 10 minutes of sample footage. Strategic shift amid US tech sanctions Beijing’s AI industry push comes in response to ongoing US export restrictions that have barred China’s access to Nvidia’s H100 and other high-end AI chips. The shift toward domestic clustering, innovation alliances, and national LLM development signals a long-term strategy to counter Washington’s technological containment. As per Reuters, the AI alliances unveiled in Shanghai may serve as a launchpad for a broader, state-backed campaign to strengthen China’s self-reliance in semiconductors and artificial intelligence. (With inputs from the agencies)

Chinese AI firms are forming new alliances to boost domestic innovation and lessen dependence on foreign technology due to US export controls.

Chinese AI firms join forces to build homegrown ecosystem as US curbs bite

The United States is set to announce the outcome of its national security investigation into semiconductor imports within the next two weeks, Commerce Secretary Howard Lutnick confirmed on Sunday. The probe, launched under Section 232 of the Trade Expansion Act, could pave the way for sweeping new tariffs on chip imports. The development came shortly after US President Donald Trump met European Commission President Ursula von der Leyen in Scotland, where the two leaders agreed to a new framework trade deal. The agreement includes a blanket 15 per cent tariff on all European Union imports entering the US and even higher duties for certain key sectors.&nbsp;“Von der Leyen avoided the pending chip tariffs in a much better way,” Trump said, suggesting the new agreement may shield EU firms from the harshest semiconductor penalties.<h2>Trade policy tool returns to centre stage</h2>The chip probe is part of a broader Trump administration strategy that revives a controversial policy instrument — Section 232 — used extensively during his first term. The same provision had previously formed the basis for tariffs on steel, aluminium, and autos, citing national security risks. Now, semiconductors and pharmaceuticals are under scrutiny, with decisions likely to influence global tech supply chains.&nbsp;According to Lutnick, the semiconductor investigation was a “key reason” the EU sought to accelerate broader trade negotiations with the US. The urgency stems from growing concerns in Europe over Washington’s protectionist stance, which has already unsettled auto and energy sectors.<h2>Taiwan in the crosshairs</h2>President Trump has long criticised America’s dependence on Taiwanese chips. While the Biden administration tried to fix this imbalance by offering billions in subsidies through the CHIPS and Science Act, Trump’s new approach appears tariff-driven.He hinted that many companies, including some from Taiwan, are now planning investments in US chip manufacturing, potentially to sidestep incoming duties.&nbsp;That could be a veiled reference to firms like TSMC, which recently expanded its Arizona facility, and Samsung, which secured a $16.5 billion contract to supply chips for Tesla via its Texas fab.<h2>Section 232 probes expand</h2>Besides chips and pharma, the Trump administration has launched Section 232 investigations into imports of copper and lumber. If past precedents are any guide, these could also result in tariff actions.&nbsp;The latest probe comes just days before a fresh round of US tariff hikes takes effect on August 1. As per Trump’s April announcement, many large trading partners will soon face import duties well beyond the current 10 per cent baseline.With chip supply chains already strained and global tech firms scrambling for foundry capacity, Washington’s next move could reshape the semiconductor trade map, again.&nbsp;(With inputs from the agencies)

This comes after President Trump and EU von der Leyen agreed on a trade framework with a 15% tariff on EU imports. Trump has criticized reliance on Taiwanese chips, suggesting firms might invest in U.S. manufacturing to avoid duties.

The United States is set to announce the outcome of its national security investigation into semiconductor imports within the next two weeks, Commerce Secretary Howard Lutnick confirmed on Sunday. The probe, launched under Section 232 of the Trade Expansion Act, could pave the way for sweeping new tariffs on chip imports. The development came shortly after US President Donald Trump met European Commission President Ursula von der Leyen in Scotland, where the two leaders agreed to a new framework trade deal. The agreement includes a blanket 15 per cent tariff on all European Union imports entering the US and even higher duties for certain key sectors. “Von der Leyen avoided the pending chip tariffs in a much better way,” Trump said, suggesting the new agreement may shield EU firms from the harshest semiconductor penalties. Trade policy tool returns to centre stage The chip probe is part of a broader Trump administration strategy that revives a controversial policy instrument — Section 232 — used extensively during his first term. The same provision had previously formed the basis for tariffs on steel, aluminium, and autos, citing national security risks. Now, semiconductors and pharmaceuticals are under scrutiny, with decisions likely to influence global tech supply chains. According to Lutnick, the semiconductor investigation was a “key reason” the EU sought to accelerate broader trade negotiations with the US. The urgency stems from growing concerns in Europe over Washington’s protectionist stance, which has already unsettled auto and energy sectors. Taiwan in the crosshairs President Trump has long criticised America’s dependence on Taiwanese chips. While the Biden administration tried to fix this imbalance by offering billions in subsidies through the CHIPS and Science Act, Trump’s new approach appears tariff-driven. He hinted that many companies, including some from Taiwan, are now planning investments in US chip manufacturing, potentially to sidestep incoming duties. That could be a veiled reference to firms like TSMC, which recently expanded its Arizona facility, and Samsung, which secured a $16.5 billion contract to supply chips for Tesla via its Texas fab. Section 232 probes expand Besides chips and pharma, the Trump administration has launched Section 232 investigations into imports of copper and lumber. If past precedents are any guide, these could also result in tariff actions. The latest probe comes just days before a fresh round of US tariff hikes takes effect on August 1. As per Trump’s April announcement, many large trading partners will soon face import duties well beyond the current 10 per cent baseline. With chip supply chains already strained and global tech firms scrambling for foundry capacity, Washington’s next move could reshape the semiconductor trade map, again. (With inputs from the agencies)

The US will announce findings from its semiconductor import security probe within two weeks, with potential new tariffs looming.

US set to act on chip imports, Trump hints at tariffs

Samsung Electronics has signed a landmark $16.5 billion semiconductor supply deal with Tesla, according to CEO Elon Musk — a move that could reshape the chipmaking landscape and revive the South Korean giant’s struggling foundry business. Musk confirmed on Monday that the multi-year contract would see Samsung manufacture Tesla’s next-generation AI6 chips, dedicated to autonomous and AI computing. He added that Samsung’s upcoming fab in Taylor, Texas, would be at the heart of the deal, calling its strategic value “hard to overstate”.&nbsp;The agreement comes at a critical moment for Samsung, which has been losing market share in advanced chipmaking to Taiwan’s TSMC and facing mounting losses in its contract manufacturing division. According to Reuters, the foundry business recorded losses of over 5 trillion won ($3.63 billion) in just the first half of 2025. Samsung had initially announced the 22.8 trillion won ($16.5 billion) deal without naming the client, citing confidentiality clauses. However, multiple sources told Reuters that Tesla is the customer, and Musk later confirmed this publicly on X.<h2>Boost for Samsung’s Texas ambitions</h2>The deal is expected to run until the end of 2033 and signals a possible revival of Samsung’s delayed Texas project. The Taylor fab has faced construction delays and a lack of major clients. Musk said Tesla would help “maximise manufacturing efficiency” and that he would “walk the line personally” to accelerate production.&nbsp;The plant’s location also holds personal significance. “It’s conveniently located not far from my house,” Musk wrote.<h2>Race for AI chip dominance</h2>Samsung, the world’s largest memory chip maker, has been under pressure in the race to develop AI-focused semiconductors. While it is investing in 2-nanometre technology, analysts believe the Tesla order is unlikely to use the cutting-edge node just yet. Still, the contract is seen as a vote of confidence in Samsung’s roadmap.&nbsp;As per Bloomberg Intelligence, the deal could boost Samsung’s foundry sales by 10 per cent annually over the contract period. This may help Samsung claw back some ground in the global foundry market, where its share has slipped to just 7.7 per cent, compared to TSMC’s dominant 67.6 per cent, according to TrendForce.&nbsp;TSMC currently serves industry heavyweights such as Apple, Nvidia and Qualcomm, making it the default choice for high-end chip fabrication. Samsung has been struggling to attract similarly lucrative clients, and the Tesla contract marks a rare strategic breakthrough.<h2>Geopolitical implications</h2>The timing is significant. South Korea is currently in trade negotiations with the United States, seeking to avoid or reduce potential 25 per cent US tariffs on exports such as ships and electronics. A high-profile chip partnership with an American automaker like Tesla could play to Seoul’s advantage in upcoming discussions.&nbsp;Meanwhile, the US continues to encourage onshore semiconductor production as part of its broader tech decoupling strategy. The Tesla-Samsung deal, centred around a US-based fab, aligns with Washington’s goal of reshoring advanced chip&nbsp;manufacturing.&nbsp;(With inputs from the agencies)&nbsp;&nbsp;

This deal, confirmed by Elon Musk, aims to bolster Samsung struggling foundry business amidst losses and competition from TSMC. The deal enhances Samsung presence in AI chipmaking and may increase foundry sales by 10% annually. 

Samsung Electronics has signed a landmark $16.5 billion semiconductor supply deal with Tesla, according to CEO Elon Musk — a move that could reshape the chipmaking landscape and revive the South Korean giant’s struggling foundry business. Musk confirmed on Monday that the multi-year contract would see Samsung manufacture Tesla’s next-generation AI6 chips, dedicated to autonomous and AI computing. He added that Samsung’s upcoming fab in Taylor, Texas, would be at the heart of the deal, calling its strategic value “hard to overstate”. The agreement comes at a critical moment for Samsung, which has been losing market share in advanced chipmaking to Taiwan’s TSMC and facing mounting losses in its contract manufacturing division. According to Reuters, the foundry business recorded losses of over 5 trillion won ($3.63 billion) in just the first half of 2025. Samsung had initially announced the 22.8 trillion won ($16.5 billion) deal without naming the client, citing confidentiality clauses. However, multiple sources told Reuters that Tesla is the customer, and Musk later confirmed this publicly on X. Boost for Samsung’s Texas ambitions The deal is expected to run until the end of 2033 and signals a possible revival of Samsung’s delayed Texas project. The Taylor fab has faced construction delays and a lack of major clients. Musk said Tesla would help “maximise manufacturing efficiency” and that he would “walk the line personally” to accelerate production. The plant’s location also holds personal significance. “It’s conveniently located not far from my house,” Musk wrote. Race for AI chip dominance Samsung, the world’s largest memory chip maker, has been under pressure in the race to develop AI-focused semiconductors. While it is investing in 2-nanometre technology, analysts believe the Tesla order is unlikely to use the cutting-edge node just yet. Still, the contract is seen as a vote of confidence in Samsung’s roadmap. As per Bloomberg Intelligence, the deal could boost Samsung’s foundry sales by 10 per cent annually over the contract period. This may help Samsung claw back some ground in the global foundry market, where its share has slipped to just 7.7 per cent, compared to TSMC’s dominant 67.6 per cent, according to TrendForce. TSMC currently serves industry heavyweights such as Apple, Nvidia and Qualcomm, making it the default choice for high-end chip fabrication. Samsung has been struggling to attract similarly lucrative clients, and the Tesla contract marks a rare strategic breakthrough. Geopolitical implications The timing is significant. South Korea is currently in trade negotiations with the United States, seeking to avoid or reduce potential 25 per cent US tariffs on exports such as ships and electronics. A high-profile chip partnership with an American automaker like Tesla could play to Seoul’s advantage in upcoming discussions. Meanwhile, the US continues to encourage onshore semiconductor production as part of its broader tech decoupling strategy. The Tesla-Samsung deal, centred around a US-based fab, aligns with Washington’s goal of reshoring advanced chip manufacturing. (With inputs from the agencies)

Samsung Electronics has secured a $16.5 billion semiconductor supply deal with Tesla, enabling the production of Tesla's next-generation AI6 chips at Samsung’s new Texas fab.

Samsung to supply Tesla chips in $16.5 billion deal through 2033

After the trade deal with the US, Tokyo has made a big clarification on $550 billion fund. As per Bloomberg, Japan has revealed that just 1–2 per cent of the recently announced $550 billion US–Japan investment framework will be in the form of actual investment, with the overwhelming majority structured as loans and loan guarantees. That’s according to Ryosei Akazawa, Japan’s chief negotiator, who addressed the details on NHK over the weekend in an attempt to defuse public criticism of the deal.&nbsp;The fund, a key pillar of Japan’s trade agreement with the Trump administration, was initially seen as a massive financial commitment to the US. However, Akazawa clarified, “It’s not that $550 billion in cash will be sent to the US.” Instead, most of it will be financing through Japanese-backed institutions, which would earn interest and guarantee fees.&nbsp;According to Akazawa, actual investments in the US will total just $5.5 billion to $11 billion, with Tokyo and Washington agreeing to a 90-10 profit split, heavily favouring the US. Japan had reportedly proposed a 50-50 ratio, but compromised in order to secure broader trade concessions. “For that part, Japan’s just making money,” Akazawa said about the loan guarantees, noting that unless a default occurs, Japan simply collects fees, as per Bloomberg.<h2>Tariff relief saves Japan ¥10 trillion</h2>Despite the lopsided investment structure, Japan expects to save ¥10 trillion ($68 billion) through lower US tariff rates, especially on automobiles and industrial exports. According to Bloomberg, under the new trade terms, the US will impose 15 per cent universal tariffs on most Japanese goods, including cars, replacing higher and often unpredictable levies. Akazawa said he expects the tariff reduction to take effect as early as August 1, even though a joint implementation document between the two countries has not been signed. Instead, Tokyo is urging the US to issue an executive order to enact the tariff cuts quickly. “If you say something like, ‘Let’s create a joint document,’ they will say, ‘We’ll lower tariffs after the document is created,’” Akazawa noted. “We will demand that they issue an executive order to lower tariffs as soon as possible," as quoted by Bloomberg.&nbsp;According to Bloomberg, the fund isn’t limited to Japan–US cooperation. Akazawa highlighted that non-Japanese firms operating in the US, such as a Taiwanese semiconductor company, could also benefit from the financing. The broader aim, he said, is to support manufacturing and tech capacity building in the US, while still securing gains for Japanese lenders. The US–Japan agreement came just days before Washington announced a similar trade pact with the European Union, which includes a $750 billion LNG purchase plan and $600 billion in European investment into the US. The Trump administration is positioning both deals as templates for global trade reset under its “America First” policy.<h2>Public backlash and Akazawa’s defence</h2>Akazawa’s public remarks appeared to be a pre-emptive response to growing domestic criticism, with opposition figures accusing the government of “selling out” Japan. But the chief negotiator insisted that the actual risk to Japanese taxpayers is limited, given the conservative structure of loans and guarantees.&nbsp;“People are saying various things, such as ‘You sold out Japan,’ but they’re wrong,” he said, as quoted by Reuters.&nbsp;<h2>What’s next?</h2>Key questions remain unanswered, including when the investment mechanism will launch, how the funds will be allocated, and what sectors will be prioritised. With just months left in President Donald Trump’s second term, Japan hopes to finalise the framework within this political window.&nbsp;Until then, officials from across Asia and Europe are watching closely, trying to assess whether Washington’s new tariff-plus-investment model is a fair deal or a strategic trap.&nbsp;(With inputs from the agencies)

Ryosei Akazawa, Japan chief negotiator, mentioned that this fund aims for $5.5 billion to $11 billion in real investments, with a 90-10 profit split favoring the US. Japan anticipates saving ¥10 trillion through reduced tariffs, particularly on automobiles. 

After the trade deal with the US, Tokyo has made a big clarification on $550 billion fund. As per Bloomberg, Japan has revealed that just 1–2 per cent of the recently announced $550 billion US–Japan investment framework will be in the form of actual investment, with the overwhelming majority structured as loans and loan guarantees. That’s according to Ryosei Akazawa, Japan’s chief negotiator, who addressed the details on NHK over the weekend in an attempt to defuse public criticism of the deal. The fund, a key pillar of Japan’s trade agreement with the Trump administration, was initially seen as a massive financial commitment to the US. However, Akazawa clarified, “It’s not that $550 billion in cash will be sent to the US.” Instead, most of it will be financing through Japanese-backed institutions, which would earn interest and guarantee fees. According to Akazawa, actual investments in the US will total just $5.5 billion to $11 billion, with Tokyo and Washington agreeing to a 90-10 profit split, heavily favouring the US. Japan had reportedly proposed a 50-50 ratio, but compromised in order to secure broader trade concessions. “For that part, Japan’s just making money,” Akazawa said about the loan guarantees, noting that unless a default occurs, Japan simply collects fees, as per Bloomberg. Tariff relief saves Japan ¥10 trillion Despite the lopsided investment structure, Japan expects to save ¥10 trillion ($68 billion) through lower US tariff rates, especially on automobiles and industrial exports. According to Bloomberg, under the new trade terms, the US will impose 15 per cent universal tariffs on most Japanese goods, including cars, replacing higher and often unpredictable levies. Akazawa said he expects the tariff reduction to take effect as early as August 1, even though a joint implementation document between the two countries has not been signed. Instead, Tokyo is urging the US to issue an executive order to enact the tariff cuts quickly. “If you say something like, ‘Let’s create a joint document,’ they will say, ‘We’ll lower tariffs after the document is created,’” Akazawa noted. “We will demand that they issue an executive order to lower tariffs as soon as possible," as quoted by Bloomberg. According to Bloomberg, the fund isn’t limited to Japan–US cooperation. Akazawa highlighted that non-Japanese firms operating in the US, such as a Taiwanese semiconductor company, could also benefit from the financing. The broader aim, he said, is to support manufacturing and tech capacity building in the US, while still securing gains for Japanese lenders. The US–Japan agreement came just days before Washington announced a similar trade pact with the European Union, which includes a $750 billion LNG purchase plan and $600 billion in European investment into the US. The Trump administration is positioning both deals as templates for global trade reset under its “America First” policy. Public backlash and Akazawa’s defence Akazawa’s public remarks appeared to be a pre-emptive response to growing domestic criticism, with opposition figures accusing the government of “selling out” Japan. But the chief negotiator insisted that the actual risk to Japanese taxpayers is limited, given the conservative structure of loans and guarantees. “People are saying various things, such as ‘You sold out Japan,’ but they’re wrong,” he said, as quoted by Reuters. What’s next? Key questions remain unanswered, including when the investment mechanism will launch, how the funds will be allocated, and what sectors will be prioritised. With just months left in President Donald Trump’s second term, Japan hopes to finalise the framework within this political window. Until then, officials from across Asia and Europe are watching closely, trying to assess whether Washington’s new tariff-plus-investment model is a fair deal or a strategic trap. (With inputs from the agencies)

Tokyo clarified that only 1-2% of the $550 billion US-Japan investment framework will consist of actual investments, with most being loans and guarantees.

Japan says only 1–2% of $550 billion US fund is actual investment

On Monday, the United States and China returned to the negotiating table, aiming to extend their fragile trade truce by another 90 days and stave off a new wave of tariffs that could destabilise global supply chains. Senior economic officials from both countries are meeting in Stockholm to hash out differences ahead of an August 12 deadline. Without a deal, existing US duties on Chinese goods could snap back to triple-digit levels, effectively triggering a new phase of the trade war.&nbsp;As per Reuters, the talks follow a series of preliminary deals in May and June that temporarily paused tariffs and export controls on sensitive goods like rare earths and AI chips. The new round is expected to focus on locking in the tariff ceasefire and setting the stage for a potential Trump–Xi summit later this year. Unlike the major US–EU trade agreement signed on Sunday, which introduced a 15 per cent tariff framework and $750 billion in energy purchases, the US–China talks are reportedly expected to produce only a temporary extension, not a full-blown deal.&nbsp;Trade analysts told Reuters that another 90-day pause is likely, which would allow both sides to avoid an escalation and maintain space for diplomacy. Such a truce would also help facilitate a meeting between President Donald Trump and Chinese President Xi Jinping, potentially in October or November.<h2>Deep-rooted issues remain untouched</h2>The discussions so far have been narrowly focused on halting retaliation. Talks in Geneva and London earlier this year dealt with tariff reductions and the resumption of rare earth and chip exports, but avoided the core ideological clash between the two economies. “The talks are not yet addressing the fundamental disagreements,” said Scott Kennedy, a China economics expert at the Center for Strategic and International Studies, as quoted by Reuters. “I’d be surprised if there is an early harvest… but an extension of the ceasefire for another 90 days seems the most likely outcome.”&nbsp;Among Washington’s long-standing concerns are China’s state-led, export-driven industrial model and its impact on global prices. Meanwhile, Beijing has pushed back against US national security export controls, which it says are designed to limit Chinese tech growth.<h2>High-stakes timing for Trump and global markets</h2>The urgency is heightened by the political and economic backdrop. Trump’s administration is preparing to impose new sectoral tariffs in coming weeks, targeting semiconductors, pharmaceuticals, ship-to-shore cranes, and other industrial goods. On the Chinese side, control over rare earth minerals, used in military systems and EV components, remains a key bargaining chip. China has also renewed its push for tariff relief on US-imported fentanyl precursors, in exchange for fulfilling a 2020 pledge to purchase more American farm goods.&nbsp;“There’s a shared interest in avoiding escalation,” said Sun Chenghao, a fellow at Tsinghua University’s Center for International Security and Strategy, as quoted by Reuters. “A Trump-Xi summit would give both sides a political boost and a chance to pave the way toward real progress.”<h2>What’s next?</h2>If the Stockholm talks succeed, Washington and Beijing would likely announce a 90-day freeze on new tariffs, preventing automatic increases and maintaining the status quo through early November. But if the talks falter, both economies and global supply chains, could face renewed disruption.&nbsp;The prospect of a Trump visit to China is also hanging in the balance. A successful summit could unlock deeper reforms, but failure could plunge the two superpowers back into a full-blown economic standoff, just as Trump sharpens his re-election pitch and Xi faces domestic pressure over China’s sluggish recovery.&nbsp;(With inputs from the agencies)

Without an agreement by August 12, existing US tariffs on Chinese imports could escalate significantly. While previous talks led to temporary tariff pauses, core ideological issues remain unresolved. 

On Monday, the United States and China returned to the negotiating table, aiming to extend their fragile trade truce by another 90 days and stave off a new wave of tariffs that could destabilise global supply chains. Senior economic officials from both countries are meeting in Stockholm to hash out differences ahead of an August 12 deadline. Without a deal, existing US duties on Chinese goods could snap back to triple-digit levels, effectively triggering a new phase of the trade war. As per Reuters, the talks follow a series of preliminary deals in May and June that temporarily paused tariffs and export controls on sensitive goods like rare earths and AI chips. The new round is expected to focus on locking in the tariff ceasefire and setting the stage for a potential Trump–Xi summit later this year. Unlike the major US–EU trade agreement signed on Sunday, which introduced a 15 per cent tariff framework and $750 billion in energy purchases, the US–China talks are reportedly expected to produce only a temporary extension, not a full-blown deal. Trade analysts told Reuters that another 90-day pause is likely, which would allow both sides to avoid an escalation and maintain space for diplomacy. Such a truce would also help facilitate a meeting between President Donald Trump and Chinese President Xi Jinping, potentially in October or November. Deep-rooted issues remain untouched The discussions so far have been narrowly focused on halting retaliation. Talks in Geneva and London earlier this year dealt with tariff reductions and the resumption of rare earth and chip exports, but avoided the core ideological clash between the two economies. “The talks are not yet addressing the fundamental disagreements,” said Scott Kennedy, a China economics expert at the Center for Strategic and International Studies, as quoted by Reuters. “I’d be surprised if there is an early harvest… but an extension of the ceasefire for another 90 days seems the most likely outcome.” Among Washington’s long-standing concerns are China’s state-led, export-driven industrial model and its impact on global prices. Meanwhile, Beijing has pushed back against US national security export controls, which it says are designed to limit Chinese tech growth. High-stakes timing for Trump and global markets The urgency is heightened by the political and economic backdrop. Trump’s administration is preparing to impose new sectoral tariffs in coming weeks, targeting semiconductors, pharmaceuticals, ship-to-shore cranes, and other industrial goods. On the Chinese side, control over rare earth minerals, used in military systems and EV components, remains a key bargaining chip. China has also renewed its push for tariff relief on US-imported fentanyl precursors, in exchange for fulfilling a 2020 pledge to purchase more American farm goods. “There’s a shared interest in avoiding escalation,” said Sun Chenghao, a fellow at Tsinghua University’s Center for International Security and Strategy, as quoted by Reuters. “A Trump-Xi summit would give both sides a political boost and a chance to pave the way toward real progress.” What’s next? If the Stockholm talks succeed, Washington and Beijing would likely announce a 90-day freeze on new tariffs, preventing automatic increases and maintaining the status quo through early November. But if the talks falter, both economies and global supply chains, could face renewed disruption. The prospect of a Trump visit to China is also hanging in the balance. A successful summit could unlock deeper reforms, but failure could plunge the two superpowers back into a full-blown economic standoff, just as Trump sharpens his re-election pitch and Xi faces domestic pressure over China’s sluggish recovery. (With inputs from the agencies)

On Monday, US and China resumed trade negotiations in Stockholm, aiming for a 90-day extension of their trade truce to prevent new tariffs disrupting global supply chains.

US, China seek 90-day trade ceasefire in fresh round of talks

On Monday, gold prices held steady after slipping last week, as the newly signed US–EU trade deal reduced market uncertainty and dampened demand for traditional safe-haven assets like bullion. According to Bloomberg, spot gold was down 0.1 per cent at $3,332.67 an ounce by early Asian trading hours, after logging a 0.4 per cent weekly loss. Investors are recalibrating their positions following the transatlantic tariff agreement, which imposes 15 per cent levies on most EU exports, including cars and pharmaceuticals.&nbsp;The gold market has soared this year, up more than 25 per cent so far, which was majorly driven by geopolitical tensions in Ukraine and the West Asia, and fears of a global trade breakdown during Donald Trump’s second term as US President. But the breakthrough deal with Europe, and expectations of a US–China tariff truce extension, are now easing some of that anxiety. “While the US–EU pact avoids an immediate escalation, questions remain about implementation, especially on sensitive sectors like pharma and metals,” analysts noted, according to Bloomberg.<h2>Focus shifts to Fed and China talks</h2>The South China Morning Post reported that US–China negotiators may extend their tariff pause by another three months, with fresh talks kicking off in Stockholm on Monday. That adds to broader market optimism and shifts focus away from defensive plays like gold.&nbsp;At the same time, investors are bracing for a pivotal week of economic data and Federal Reserve commentary, which could signal the direction of interest rates. While the Fed is widely expected to hold rates steady, traders will be watching for any dovish tilt, as lower rates tend to boost non-yielding assets like gold.<h2>Market positioning still bullish</h2>Despite recent softness, sentiment around gold remains resilient. The latest data from the Commodity Futures Trading Commission (CFTC) shows that money managers have raised their bullish bets on gold to the highest in 16 weeks. Meanwhile, silver was little changed, while platinum and palladium posted modest gains. The Bloomberg Dollar Spot Index also dipped 0.1 per cent, offering slight support to commodities priced in dollars.&nbsp;Gold had spiked to an all-time high above $3,500 an ounce in April, amid peak fears over escalating conflicts and protectionist trade policies. While those risks have cooled slightly, the yellow metal remains a key barometer of global uncertainty — and markets aren’t letting their guard down just yet.&nbsp;(With inputs from the agencies)

With gold up over 25% this year due to geopolitical tensions, recent agreements ease investor anxiety. Traders anticipate Federal Reserve commentary this week, while bullish sentiment persists despite the market recent softness. Silver stayed stable, while platinum and palladium gained modestly.

On Monday, gold prices held steady after slipping last week, as the newly signed US–EU trade deal reduced market uncertainty and dampened demand for traditional safe-haven assets like bullion. According to Bloomberg, spot gold was down 0.1 per cent at $3,332.67 an ounce by early Asian trading hours, after logging a 0.4 per cent weekly loss. Investors are recalibrating their positions following the transatlantic tariff agreement, which imposes 15 per cent levies on most EU exports, including cars and pharmaceuticals. The gold market has soared this year, up more than 25 per cent so far, which was majorly driven by geopolitical tensions in Ukraine and the West Asia, and fears of a global trade breakdown during Donald Trump’s second term as US President. But the breakthrough deal with Europe, and expectations of a US–China tariff truce extension, are now easing some of that anxiety. “While the US–EU pact avoids an immediate escalation, questions remain about implementation, especially on sensitive sectors like pharma and metals,” analysts noted, according to Bloomberg. Focus shifts to Fed and China talks The South China Morning Post reported that US–China negotiators may extend their tariff pause by another three months, with fresh talks kicking off in Stockholm on Monday. That adds to broader market optimism and shifts focus away from defensive plays like gold. At the same time, investors are bracing for a pivotal week of economic data and Federal Reserve commentary, which could signal the direction of interest rates. While the Fed is widely expected to hold rates steady, traders will be watching for any dovish tilt, as lower rates tend to boost non-yielding assets like gold. Market positioning still bullish Despite recent softness, sentiment around gold remains resilient. The latest data from the Commodity Futures Trading Commission (CFTC) shows that money managers have raised their bullish bets on gold to the highest in 16 weeks. Meanwhile, silver was little changed, while platinum and palladium posted modest gains. The Bloomberg Dollar Spot Index also dipped 0.1 per cent, offering slight support to commodities priced in dollars. Gold had spiked to an all-time high above $3,500 an ounce in April, amid peak fears over escalating conflicts and protectionist trade policies. While those risks have cooled slightly, the yellow metal remains a key barometer of global uncertainty — and markets aren’t letting their guard down just yet. (With inputs from the agencies)

Gold prices remained steady after last week's decline, trading at $3,332.67 per ounce amidst reduced market uncertainty from the US–EU trade deal.

Gold eases as US–EU trade deal tempers haven demand

On Monday, oil markets found fresh momentum after the United States and European Union struck a long-awaited trade deal and signalled a potential extension of tariff relief with China. Together, the two trade talks developments eased fears of a global economic slowdown and lifted hopes for sustained fuel demand. As per Reuters, Brent crude futures rose 22 cents, or 0.32 per cent, to $68.66 a barrel, while US West Texas Intermediate crude climbed 22 cents, or 0.34 per cent, to $65.38 by early Asian trading hours.'&nbsp;Markets had been on edge amid fears that heightened US tariffs could dent global trade and energy demand. But Sunday’s EU–US framework trade agreement imposed only a 15 per cent tariff on most EU goods which is below the Trump's earlier threat of 30 per cent or more. That, along with fresh negotiations between the US and China in Stockholm, helped calm investor nerves. Talks are aimed at extending the tariff truce ahead of an August 12 deadline, giving energy markets another reason to breathe easy. “The US–EU deal and a possible US–China extension are supporting global financial markets and oil prices,” said Tony Sycamore, analyst at IG Markets, as quoted by Reuters.<h2>OPEC+ supply moves keep a lid on gains</h2>Despite Monday’s uptick, broader oil gains were limited by supply-side concerns. Meanwhile, a market-monitoring panel of OPEC+ nations is set to meet later on Monday and is unlikely to recommend changes to existing plans by eight member countries to boost production by 548,000 barrels per day in August, according to Reuters. The group is still focused on regaining market share while seasonal summer demand continues to absorb excess output.&nbsp;Meanwhile, in Venezuela, state-run oil company PDVSA is preparing to ramp up joint ventures once US President Donald Trump reinstates swap-based oil export authorisations. These licences were initially granted during the Biden era but were paused under Trump’s second term. PDVSA is ready to act once those licences are restored, according to company insiders.<h2>Geopolitical threats linger</h2>On Sunday, Yemen’s Houthi rebels issued a fresh warning. They threatened to target any ships tied to Israeli ports, regardless of nationality, as part of their ongoing retaliation over the Israel–Gaza conflict. This marks what the Houthis have termed the “fourth phase” of their campaign against Israel. While the Houthi threat hasn’t yet disrupted oil supply routes, it adds to a complex web of geopolitical risks that continue to influence crude prices.<h2>Demand fundamentals still strong</h2>According to J.P. Morgan, in July, the global oil demand rose by 600,000 barrels per day (bpd) compared to a year ago. However, global oil inventories also increased by 1.6 million bpd, signalling some excess supply remains in the system.Still, markets are betting that smoother trade flows, especially between the world’s largest economies, could keep oil demand stable as the year&nbsp;progresses.&nbsp;(With inputs from the agencies)&nbsp;

Brent crude rose 22 cents to $68.66 a barrel, and West Texas Intermediate climbed 22 cents to $65.38. However, supply concerns and OPEC+ production plans kept gains limited.

On Monday, oil markets found fresh momentum after the United States and European Union struck a long-awaited trade deal and signalled a potential extension of tariff relief with China. Together, the two trade talks developments eased fears of a global economic slowdown and lifted hopes for sustained fuel demand. As per Reuters, Brent crude futures rose 22 cents, or 0.32 per cent, to $68.66 a barrel, while US West Texas Intermediate crude climbed 22 cents, or 0.34 per cent, to $65.38 by early Asian trading hours.' Markets had been on edge amid fears that heightened US tariffs could dent global trade and energy demand. But Sunday’s EU–US framework trade agreement imposed only a 15 per cent tariff on most EU goods which is below the Trump's earlier threat of 30 per cent or more. That, along with fresh negotiations between the US and China in Stockholm, helped calm investor nerves. Talks are aimed at extending the tariff truce ahead of an August 12 deadline, giving energy markets another reason to breathe easy. “The US–EU deal and a possible US–China extension are supporting global financial markets and oil prices,” said Tony Sycamore, analyst at IG Markets, as quoted by Reuters. OPEC+ supply moves keep a lid on gains Despite Monday’s uptick, broader oil gains were limited by supply-side concerns. Meanwhile, a market-monitoring panel of OPEC+ nations is set to meet later on Monday and is unlikely to recommend changes to existing plans by eight member countries to boost production by 548,000 barrels per day in August, according to Reuters. The group is still focused on regaining market share while seasonal summer demand continues to absorb excess output. Meanwhile, in Venezuela, state-run oil company PDVSA is preparing to ramp up joint ventures once US President Donald Trump reinstates swap-based oil export authorisations. These licences were initially granted during the Biden era but were paused under Trump’s second term. PDVSA is ready to act once those licences are restored, according to company insiders. Geopolitical threats linger On Sunday, Yemen’s Houthi rebels issued a fresh warning. They threatened to target any ships tied to Israeli ports, regardless of nationality, as part of their ongoing retaliation over the Israel–Gaza conflict. This marks what the Houthis have termed the “fourth phase” of their campaign against Israel. While the Houthi threat hasn’t yet disrupted oil supply routes, it adds to a complex web of geopolitical risks that continue to influence crude prices. Demand fundamentals still strong According to J.P. Morgan, in July, the global oil demand rose by 600,000 barrels per day (bpd) compared to a year ago. However, global oil inventories also increased by 1.6 million bpd, signalling some excess supply remains in the system. Still, markets are betting that smoother trade flows, especially between the world’s largest economies, could keep oil demand stable as the year progresses. (With inputs from the agencies)

On Monday, oil markets gained momentum following a US-EU trade deal and potential extension of tariff relief with China, raising hopes for sustained fuel demand.

Oil prices rise as US–EU trade deal boosts market optimism

After several months of uncertainty, tariffs, and tense transatlantic back-and-forth, the United States and European Union have finally struck a major trade deal. Announced on Sunday, the framework agreement marks a reset in economic ties under President Donald Trump’s second term, and it’s set to reportedly impact industries from automobiles to semiconductors to liquefied natural gas (LNG). The deal doesn’t just settle some of the biggest tariff disputes, it also sets the tone for future investments, energy trade and even defence procurement.&nbsp;&nbsp;So, what’s in the deal? And who wins or loses? Here’s a closer look.<h2>What does the deal include?</h2>Under the new trade deal, almost all European Union goods entering the US will now face a flat 15 per cent baseline tariff. That includes automobiles, semiconductors, and pharmaceuticals sectors that previously saw much higher import duties. For instance, EU-made cars currently face a 27.5 per cent duty, which will now be more than halved.&nbsp;However, there’s a twist.&nbsp;According to European Commission President Ursula von der Leyen, the US is still finalising separate decisions under its controversial Section 232 national security trade investigations, especially on pharmaceuticals and chips. “Whatever U.S. decisions come later on these sectors will be ‘on a different sheet of paper’,” von der Leyen clarified, as quoted by Reuters. This means that while a 15 per cent tariff ceiling is agreed upon, sectors like chips and drugs might still face special treatment later.<h2>Zero tariffs on aircraft, raw materials, and more</h2>There’s also some good news for specific sectors as both sides agreed to zero-for-zero tariffs on a range of goods. These include the following given things:<ul><li>All aircraft and aircraft components</li><li>Certain chemicals and generic medicines</li><li>Semiconductor equipment</li><li>Selected agricultural products</li><li>Critical raw materials and natural resources</li></ul>The deal also reportedly leaves the door open to expanding the list. However, tariffs on spirits, a major export for both sides, are still “to be established”.<h2>What about Steel &amp; Aluminum?</h2>On the other hand, there’s no relief on metals yet.&nbsp;US tariffs on European steel and aluminium will remain at 50 per cent, at least for now. But according to von der Leyen, these duties will eventually be reduced and converted into a quota-based system, which would cap volumes but offer tariff relief and will reportedly be a compromise often used in sensitive sectors.<h2>$750B LNG deal &amp; Defence&nbsp;</h2>In one of the most strategic parts of the agreement, the EU committed to purchasing $250 billion worth of US liquefied natural gas (LNG) annually for three years, replacing its now-curtailed Russian gas imports. That adds up to $750 billion in total purchases. This is a massive boost for US energy exporters. The EU also pledged to source nuclear fuel from the US, marking a deepening of its energy security ties with Washington.&nbsp;The deal doesn’t stop at trade. Europe also agreed to ramp up defence cooperation. The EU will buy US-made military equipment, though the full list is yet to be disclosed. In return, European companies are set to invest $600 billion in the United States over the course of Trump’s second term, providing a major boost to US manufacturing and tech. As per Reuters, this clause aims to re-anchor EU supply chains in the US and bolster Trump’s “America First” industrial policy, particularly in strategic sectors like clean tech, AI chips, and advanced machinery.<h2>So, who wins?</h2>For US exporters, especially those in the LNG, aerospace, defence, and semiconductor equipment sectors, this deal is a windfall. Energy majors like Cheniere Energy and ExxonMobil could see massive gains from the LNG commitment. European automakers, meanwhile, finally have tariff clarity, though they still face a 15 per cent barrier. That’s better than 27.5 per cent, but still a significant cost in a competitive market.&nbsp;Consumers on both sides of the Atlantic might feel the pinch in the short term, especially as prices adjust to the new tariff regime. But longer-term, reduced trade friction may lead to smoother supply chains and price stabilisation.<h2>What’s next?</h2>Though Trump hailed the deal by calling it as a “historic win for American workers and security”, while EU leaders framed it as a pragmatic compromise in a changing global order.&nbsp;Implementation will take months. Some clauses like the steel quota plan or chip tariff clarifications are still pending. But the broad contours are now set before the August 1 deadline.&nbsp;&nbsp;In an era of tariff wars, energy insecurity, and shifting alliances, this deal brings rare predictability and perhaps a sign that Brussels and Washington can still do business, even under pressure.&nbsp;(With inputs from the agencies)&nbsp;

The agreement introduces a 15% baseline tariff on most EU goods entering the US, cutting previous automobile and semiconductor duties. Key sectors like pharmaceuticals might face different treatment later. Zero tariffs apply to aircraft and certain chemicals. 

After several months of uncertainty, tariffs, and tense transatlantic back-and-forth, the United States and European Union have finally struck a major trade deal. Announced on Sunday, the framework agreement marks a reset in economic ties under President Donald Trump’s second term, and it’s set to reportedly impact industries from automobiles to semiconductors to liquefied natural gas (LNG). The deal doesn’t just settle some of the biggest tariff disputes, it also sets the tone for future investments, energy trade and even defence procurement. So, what’s in the deal? And who wins or loses? Here’s a closer look. What does the deal include? Under the new trade deal, almost all European Union goods entering the US will now face a flat 15 per cent baseline tariff. That includes automobiles, semiconductors, and pharmaceuticals sectors that previously saw much higher import duties. For instance, EU-made cars currently face a 27.5 per cent duty, which will now be more than halved. However, there’s a twist. According to European Commission President Ursula von der Leyen, the US is still finalising separate decisions under its controversial Section 232 national security trade investigations, especially on pharmaceuticals and chips. “Whatever U.S. decisions come later on these sectors will be ‘on a different sheet of paper’,” von der Leyen clarified, as quoted by Reuters. This means that while a 15 per cent tariff ceiling is agreed upon, sectors like chips and drugs might still face special treatment later. Zero tariffs on aircraft, raw materials, and more There’s also some good news for specific sectors as both sides agreed to zero-for-zero tariffs on a range of goods. These include the following given things: All aircraft and aircraft components Certain chemicals and generic medicines Semiconductor equipment Selected agricultural products Critical raw materials and natural resources The deal also reportedly leaves the door open to expanding the list. However, tariffs on spirits, a major export for both sides, are still “to be established”. What about Steel & Aluminum? On the other hand, there’s no relief on metals yet. US tariffs on European steel and aluminium will remain at 50 per cent, at least for now. But according to von der Leyen, these duties will eventually be reduced and converted into a quota-based system, which would cap volumes but offer tariff relief and will reportedly be a compromise often used in sensitive sectors. $750B LNG deal & Defence In one of the most strategic parts of the agreement, the EU committed to purchasing $250 billion worth of US liquefied natural gas (LNG) annually for three years, replacing its now-curtailed Russian gas imports. That adds up to $750 billion in total purchases. This is a massive boost for US energy exporters. The EU also pledged to source nuclear fuel from the US, marking a deepening of its energy security ties with Washington. The deal doesn’t stop at trade. Europe also agreed to ramp up defence cooperation. The EU will buy US-made military equipment, though the full list is yet to be disclosed. In return, European companies are set to invest $600 billion in the United States over the course of Trump’s second term, providing a major boost to US manufacturing and tech. As per Reuters, this clause aims to re-anchor EU supply chains in the US and bolster Trump’s “America First” industrial policy, particularly in strategic sectors like clean tech, AI chips, and advanced machinery. So, who wins? For US exporters, especially those in the LNG, aerospace, defence, and semiconductor equipment sectors, this deal is a windfall. Energy majors like Cheniere Energy and ExxonMobil could see massive gains from the LNG commitment. European automakers, meanwhile, finally have tariff clarity, though they still face a 15 per cent barrier. That’s better than 27.5 per cent, but still a significant cost in a competitive market. Consumers on both sides of the Atlantic might feel the pinch in the short term, especially as prices adjust to the new tariff regime. But longer-term, reduced trade friction may lead to smoother supply chains and price stabilisation. What’s next? Though Trump hailed the deal by calling it as a “historic win for American workers and security”, while EU leaders framed it as a pragmatic compromise in a changing global order. Implementation will take months. Some clauses like the steel quota plan or chip tariff clarifications are still pending. But the broad contours are now set before the August 1 deadline. In an era of tariff wars, energy insecurity, and shifting alliances, this deal brings rare predictability and perhaps a sign that Brussels and Washington can still do business, even under pressure. (With inputs from the agencies)

The US and EU have reached a significant trade deal, resetting economic relations amid tariffs and disputes.

EU–US trade deal 2025: What it means for cars, chips, LNG and your wallet?

Tata Consultancy Services (TCS), the largest software services firm in India, has decided to cut 2 per cent of its workforce, or roughly over 12,000 employees in the ongoing financial year, in a bid to tackle rapid disruptions in technology and be future-ready. The decision will impact employees across countries and domains and will be implemented in the fiscal year from April 2025 to March 2026.“We have been calling out new technologies, particularly AI and operating model changes. The ways of working are changing. We need to be future-ready and agile. We have been deploying AI at scale and evaluating skills we will be requiring for the future,” TCS CEO K Krithivasan told Moneycontrol.&nbsp;“We have invested a lot in associates in terms of how we can provide them with career growth and deployment opportunities. Still, we find that there are roles where redeployment has not been effective. This will impact roughly 2 per cent of our global workforce, primarily at middle and senior levels. It has not been an easy decision and is one of the toughest decisions I have had to take as CEO,” Krithivasan added.With an employee headcount of 6,13,000 for the latest quarter ended in June, a 2 per cent reduction by TCS will impact roughly 12,200 employees.&nbsp;<h2>‘It is a difficult call…’&nbsp;</h2>&nbsp;“It’s a difficult call we have to take to build a stronger TCS,” Krithivasan said, adding that the company is working to make the process as compassionate as possible.&nbsp;The firm will offer notice period pay and an added severance package and will also look to extend insurance benefits besides offering outplacement opportunities for the impacted employees.&nbsp;&nbsp;The restructuring by TCS, one of the largest employers in the private sector in the country, is likely to have a ripple effect in the industry, with other firms also following suit.&nbsp;“This is not because of AI but to address skills for the future. This is about feasibility in deployment, not because we need less people,” Krithivasan said on being asked if the decision to trim the workforce was the impact of AI-led productivity gains.&nbsp;<h2>IT firm also tweaks bench policy</h2>&nbsp;The move comes weeks after TCS tweaked its employee bench policy, requiring staff to maintain at least 225 billable days annually and also limiting bench time to less than 35 days.&nbsp;Analysts say traditional skills like testing are declining in relevance in the industry, and client projects are becoming smaller and shorter, demanding fewer staff as companies increasingly push software providers to leverage AI.&nbsp;On the new bench policy, Krithivasan had said, “It's not an efficiency drive. We just want to ensure associates are able to seek projects and ensure that they remain productive through the year.”

TCS CEO K Krithivasan confirmed that the firm is planning to fire nearly 12,000 employees, and this layoff will majorly affect middle- and senior-level employees. He said that the ways of working are changing, and to succeed, every company needs to be future-ready and agile.

Tata Consultancy Services (TCS), the largest software services firm in India, has decided to cut 2 per cent of its workforce, or roughly over 12,000 employees in the ongoing financial year, in a bid to tackle rapid disruptions in technology and be future-ready. The decision will impact employees across countries and domains and will be implemented in the fiscal year from April 2025 to March 2026. “We have been calling out new technologies, particularly AI and operating model changes. The ways of working are changing. We need to be future-ready and agile. We have been deploying AI at scale and evaluating skills we will be requiring for the future,” TCS CEO K Krithivasan told Moneycontrol. “We have invested a lot in associates in terms of how we can provide them with career growth and deployment opportunities. Still, we find that there are roles where redeployment has not been effective. This will impact roughly 2 per cent of our global workforce, primarily at middle and senior levels. It has not been an easy decision and is one of the toughest decisions I have had to take as CEO,” Krithivasan added. With an employee headcount of 6,13,000 for the latest quarter ended in June, a 2 per cent reduction by TCS will impact roughly 12,200 employees. ‘It is a difficult call…’ “It’s a difficult call we have to take to build a stronger TCS,” Krithivasan said, adding that the company is working to make the process as compassionate as possible. The firm will offer notice period pay and an added severance package and will also look to extend insurance benefits besides offering outplacement opportunities for the impacted employees. The restructuring by TCS, one of the largest employers in the private sector in the country, is likely to have a ripple effect in the industry, with other firms also following suit. “This is not because of AI but to address skills for the future. This is about feasibility in deployment, not because we need less people,” Krithivasan said on being asked if the decision to trim the workforce was the impact of AI-led productivity gains. IT firm also tweaks bench policy The move comes weeks after TCS tweaked its employee bench policy, requiring staff to maintain at least 225 billable days annually and also limiting bench time to less than 35 days. Analysts say traditional skills like testing are declining in relevance in the industry, and client projects are becoming smaller and shorter, demanding fewer staff as companies increasingly push software providers to leverage AI. On the new bench policy, Krithivasan had said, “It's not an efficiency drive. We just want to ensure associates are able to seek projects and ensure that they remain productive through the year.”

TCS CEO K Krithivasan confirmed that the firm is planning to fire nearly 12,000 employees, and this layoff will majorly affect middle- and senior-level employees. He said that the ways of working are changing, and to succeed, every company needs to be future-ready and agile.

TCS to shed 2% of workforce, impact 12,000 employees, as it braces for rapid tech shifts

A high-powered US business delegation led by FedEx CEO Rajesh Subramaniam will reportedly visit China this week, according to a South China Morning Post (SCMP) report cited by Reuters. The visit comes as trade tensions escalate ahead of a looming August 12 deadline set by US President Donald Trump for a new bilateral agreement. The delegation reportedly represents the US-China Business Council (USCBC) and is expected to meet senior Chinese officials in Beijing. The USCBC includes over 200 American companies operating in China.<h2>Boeing, FedEx, USCBC to join Beijing mission</h2>As per SCMP, the delegation will include Boeing executives and USCBC President Sean Stein. “They are expected to meet with Chinese officials – potentially to revive business discussions,” a source familiar with the visit told SCMP. Reuters could not independently verify the full itinerary, or the names of officials involved.&nbsp;The USCBC has not responded to a request for comment, Reuters reported. The timing of the visit coincides with a new round of US-China economic talks in Stockholm from July 27–30, led by China’s Vice Premier He Lifeng and top US trade officials.<h2>Trump’s tariff clock is ticking</h2>President Trump has set August 12 as the deadline for a durable trade agreement with China. Failure to reach a deal could trigger a steep hike in tariffs, including new duties on Chinese electric vehicles, batteries, and consumer goods. The US has accused Beijing of failing to meet trade commitments and of supporting industrial overcapacity, while China has criticised Washington’s use of tariffs as leverage.According to SCMP, the two governments are also exploring the possibility of a visit by President Trump to China later this year. While no official confirmation has been made, such a visit could mark a significant shift in tone after months of escalating rhetoric.<h2>A delicate business recalibration</h2>The USCBC’s engagement is seen as a signal that US corporations are seeking to stabilise commercial ties amid growing policy risk. The business council’s move comes as American firms face increased uncertainty in China due to regulatory crackdowns, supply chain decoupling, and strategic sector controls.&nbsp;While the full agenda of the visit remains confidential, analysts say the delegation may lobby Chinese officials to ease restrictions and avoid retaliatory measures that could hurt US firms operating in the region. As per Reuters, the Stockholm round of talks and the Beijing business outreach represent parallel tracks in what remains a fragile diplomatic window, one that could define the next phase of US-China economic engagement.&nbsp;(With inputs from the agencies)

The group, including Boeing executives, represents the USCBC and aims to meet Chinese officials in Beijing. The visit seeks to stabilise ties and discuss potential easing of restrictions as both nations navigate ongoing economic negotiations.

A high-powered US business delegation led by FedEx CEO Rajesh Subramaniam will reportedly visit China this week, according to a South China Morning Post (SCMP) report cited by Reuters. The visit comes as trade tensions escalate ahead of a looming August 12 deadline set by US President Donald Trump for a new bilateral agreement. The delegation reportedly represents the US-China Business Council (USCBC) and is expected to meet senior Chinese officials in Beijing. The USCBC includes over 200 American companies operating in China. Boeing, FedEx, USCBC to join Beijing mission As per SCMP, the delegation will include Boeing executives and USCBC President Sean Stein. “They are expected to meet with Chinese officials – potentially to revive business discussions,” a source familiar with the visit told SCMP. Reuters could not independently verify the full itinerary, or the names of officials involved. The USCBC has not responded to a request for comment, Reuters reported. The timing of the visit coincides with a new round of US-China economic talks in Stockholm from July 27–30, led by China’s Vice Premier He Lifeng and top US trade officials. Trump’s tariff clock is ticking President Trump has set August 12 as the deadline for a durable trade agreement with China. Failure to reach a deal could trigger a steep hike in tariffs, including new duties on Chinese electric vehicles, batteries, and consumer goods. The US has accused Beijing of failing to meet trade commitments and of supporting industrial overcapacity, while China has criticised Washington’s use of tariffs as leverage. According to SCMP, the two governments are also exploring the possibility of a visit by President Trump to China later this year. While no official confirmation has been made, such a visit could mark a significant shift in tone after months of escalating rhetoric. A delicate business recalibration The USCBC’s engagement is seen as a signal that US corporations are seeking to stabilise commercial ties amid growing policy risk. The business council’s move comes as American firms face increased uncertainty in China due to regulatory crackdowns, supply chain decoupling, and strategic sector controls. While the full agenda of the visit remains confidential, analysts say the delegation may lobby Chinese officials to ease restrictions and avoid retaliatory measures that could hurt US firms operating in the region. As per Reuters, the Stockholm round of talks and the Beijing business outreach represent parallel tracks in what remains a fragile diplomatic window, one that could define the next phase of US-China economic engagement. (With inputs from the agencies)

A high-profile US business delegation led by FedEx CEO Rajesh Subramaniam is set to visit China this week amid rising trade tensions and an impending August 12 deadline for a new deal.

US firms race to revive China ties before Trump tariff hike: SCMP

Beijing’s manufacturers remain under stress. Industrial profits in China fell once again in June, official data showed, with persistent deflationary pressures and intense price competition dragging down margins. The numbers reflect the uphill battle Beijing faces in reviving business sentiment amid weak demand at home and continued trade tensions with the United States.<h2>Industrial profits fall again</h2>According to China’s National Bureau of Statistics (NBS), industrial profits dropped 4.3 per cent year-on-year in June, following a 9.1 per cent decline in May. Over the first half of 2025, profits were down 1.8 per cent, compared to a 1.1 per cent slide from January to May, as per Reuters.&nbsp;The continued slump signals that even though the Chinese economy has shown resilience in the second quarter, posting a better-than-expected GDP reading, corporate earnings remain vulnerable, especially in key sectors like autos, solar, and heavy manufacturing.<h2>What’s dragging the profits down?</h2>The primary culprit: entrenched producer price deflation. Factory-gate prices have been falling for months, and in June, deflation deepened to the worst levels in nearly two years. With overcapacity and discount wars among companies worsening the situation, many businesses are selling below cost just to maintain market share.&nbsp;“China must deepen the formation of a unified national market, expand and strengthen domestic circulation and promote high-quality development of the industrial economy,” said Yu Weining, a senior statistician at the NBS, in a statement quoted by Reuters.<h2>Beijing’s response</h2>In response to the crisis, Chinese authorities have vowed to tighten regulation across industries accused of unsustainable price-cutting, particularly autos and solar panels. Earlier this month, China’s leadership promised to ramp up efforts to rein in “self-destructive” pricing.&nbsp;Lu Zhe, chief economist at Soochow Securities, told Reuters that a combination of regulatory tightening and a new “cash-for-clunkers”-style trade-in scheme could help boost demand and curb the ongoing price war.<h2>Heavy losses for state firms, glimmer for private players</h2>The official data paints a stark contrast in corporate performance. State-owned enterprises recorded a 7.6 per cent decline in profits in the first half of 2025. By contrast, private companies saw profits rise 1.7 per cent, while foreign-invested firms posted a 2.5 per cent increase, according to the NBS.&nbsp;However, the pain is evident across big names. State-run automakers like Guangzhou Automobile Group and JAC Group are reportedly bracing for record second-quarter losses, underlining the depth of the crisis in China’s industrial heartland.<h2>Structural reforms, but limited room for quick fixes</h2>While the government is exploring supply-side reforms, similar to those that helped stabilise the economy a decade ago, analysts say this time the recovery could be slower. Unlike the last cycle, China now faces tougher global conditions and rising unemployment risks at home.&nbsp;Industrial profit data includes large firms with annual revenue above 20 million yuan ($2.8 million) from core operations. As of now, there’s no official timeline for broader stimulus, though Beijing is under growing pressure to act decisively ahead of key political events later this year. (With inputs from the agencies)

Persistent deflation and intense price competition are eroding margins despite a resilient GDP. State owned firms reported a 7.6% profit drop, while private companies’ profits grew slightly. 

Beijing’s manufacturers remain under stress. Industrial profits in China fell once again in June, official data showed, with persistent deflationary pressures and intense price competition dragging down margins. The numbers reflect the uphill battle Beijing faces in reviving business sentiment amid weak demand at home and continued trade tensions with the United States. Industrial profits fall again According to China’s National Bureau of Statistics (NBS), industrial profits dropped 4.3 per cent year-on-year in June, following a 9.1 per cent decline in May. Over the first half of 2025, profits were down 1.8 per cent, compared to a 1.1 per cent slide from January to May, as per Reuters. The continued slump signals that even though the Chinese economy has shown resilience in the second quarter, posting a better-than-expected GDP reading, corporate earnings remain vulnerable, especially in key sectors like autos, solar, and heavy manufacturing. What’s dragging the profits down? The primary culprit: entrenched producer price deflation. Factory-gate prices have been falling for months, and in June, deflation deepened to the worst levels in nearly two years. With overcapacity and discount wars among companies worsening the situation, many businesses are selling below cost just to maintain market share. “China must deepen the formation of a unified national market, expand and strengthen domestic circulation and promote high-quality development of the industrial economy,” said Yu Weining, a senior statistician at the NBS, in a statement quoted by Reuters. Beijing’s response In response to the crisis, Chinese authorities have vowed to tighten regulation across industries accused of unsustainable price-cutting, particularly autos and solar panels. Earlier this month, China’s leadership promised to ramp up efforts to rein in “self-destructive” pricing. Lu Zhe, chief economist at Soochow Securities, told Reuters that a combination of regulatory tightening and a new “cash-for-clunkers”-style trade-in scheme could help boost demand and curb the ongoing price war. Heavy losses for state firms, glimmer for private players The official data paints a stark contrast in corporate performance. State-owned enterprises recorded a 7.6 per cent decline in profits in the first half of 2025. By contrast, private companies saw profits rise 1.7 per cent, while foreign-invested firms posted a 2.5 per cent increase, according to the NBS. However, the pain is evident across big names. State-run automakers like Guangzhou Automobile Group and JAC Group are reportedly bracing for record second-quarter losses, underlining the depth of the crisis in China’s industrial heartland. Structural reforms, but limited room for quick fixes While the government is exploring supply-side reforms, similar to those that helped stabilise the economy a decade ago, analysts say this time the recovery could be slower. Unlike the last cycle, China now faces tougher global conditions and rising unemployment risks at home. Industrial profit data includes large firms with annual revenue above 20 million yuan ($2.8 million) from core operations. As of now, there’s no official timeline for broader stimulus, though Beijing is under growing pressure to act decisively ahead of key political events later this year. (With inputs from the agencies)

Beijing's manufacturers face ongoing stress as industrial profits in China fell 4.3% year-on-year in June, following a 9.1% decline in May.

China’s industrial profits keep shrinking in June as price wars take a toll

US insurance giant Allianz Life has confirmed that a cyberattack compromised the personal data of the majority of its American customers, financial professionals, and some employees, marking one of the most significant breaches in the insurance sector this year. According to a filing with the Maine Attorney General’s office, the breach occurred on July 16 and was discovered a day later. The company described the incident as a targeted hack involving a third-party, cloud-based CRM system. The data breach was first reported by TechCrunch.&nbsp;“On July 16, 2025, a malicious threat actor gained access to a third-party, cloud-based CRM system used by Allianz Life Insurance Company of North America (Allianz Life). The threat actor was able to obtain personally identifiable data… using a social engineering technique,” an Allianz Life spokesperson told Reuters in an emailed statement.&nbsp;While the exact number of individuals impacted was not disclosed, Allianz Life currently serves 1.4 million customers in the United States. The company confirmed that this incident affects only its US operations.<h2>FBI notified, internal systems untouched</h2>Allianz Life said it has notified the Federal Bureau of Investigation (FBI) and is working with authorities to investigate the breach. The insurer assured that there is no evidence the core Allianz Life network was breached, including critical systems like its policy administration platform.&nbsp;“Based on the investigation so far, there’s no indication that internal systems or the broader Allianz network were accessed,” the company added, according to Reuters.<h2>Another blow to insurance sector’s digital trust</h2>The breach underscores growing concerns over cybersecurity risks in the financial and insurance sectors, which store massive amounts of sensitive customer information. Analysts say insurance companies, increasingly reliant on third-party cloud providers, are becoming soft targets for threat actors using tactics like social engineering.&nbsp;This attack comes amid heightened scrutiny from US regulators over data privacy and corporate responsibility following recent cyberattacks on healthcare, government, and financial services.As of now, Allianz Life has not disclosed what specific categories of personal information were accessed or whether affected individuals would be offered credit monitoring or identity protection services.&nbsp;(With inputs from the agencies)

Detected on July 17 post breach on July 16, it involved a third party CRM. No internal systems were affected. The incident raises concerns about cybersecurity in the insurance industry, amid increasing reliance on cloud providers.

US insurance giant Allianz Life has confirmed that a cyberattack compromised the personal data of the majority of its American customers, financial professionals, and some employees, marking one of the most significant breaches in the insurance sector this year. According to a filing with the Maine Attorney General’s office, the breach occurred on July 16 and was discovered a day later. The company described the incident as a targeted hack involving a third-party, cloud-based CRM system. The data breach was first reported by TechCrunch. “On July 16, 2025, a malicious threat actor gained access to a third-party, cloud-based CRM system used by Allianz Life Insurance Company of North America (Allianz Life). The threat actor was able to obtain personally identifiable data… using a social engineering technique,” an Allianz Life spokesperson told Reuters in an emailed statement. While the exact number of individuals impacted was not disclosed, Allianz Life currently serves 1.4 million customers in the United States. The company confirmed that this incident affects only its US operations. FBI notified, internal systems untouched Allianz Life said it has notified the Federal Bureau of Investigation (FBI) and is working with authorities to investigate the breach. The insurer assured that there is no evidence the core Allianz Life network was breached, including critical systems like its policy administration platform. “Based on the investigation so far, there’s no indication that internal systems or the broader Allianz network were accessed,” the company added, according to Reuters. Another blow to insurance sector’s digital trust The breach underscores growing concerns over cybersecurity risks in the financial and insurance sectors, which store massive amounts of sensitive customer information. Analysts say insurance companies, increasingly reliant on third-party cloud providers, are becoming soft targets for threat actors using tactics like social engineering. This attack comes amid heightened scrutiny from US regulators over data privacy and corporate responsibility following recent cyberattacks on healthcare, government, and financial services. As of now, Allianz Life has not disclosed what specific categories of personal information were accessed or whether affected individuals would be offered credit monitoring or identity protection services. (With inputs from the agencies)

Allianz Life reported a significant cyberattack, compromising personal data of most US customers and some employees.

Allianz Life hack exposes data of most US clients, FBI steps in

Brazil’s most industrialised state is bracing for economic pain. Sao Paulo Governor Tarcisio de Freitas has warned that US President Donald Trump’s proposed 50 per cent tariff on Brazilian exports could cut the state’s GDP by up to 2.7 per cent and threaten around 120,000 jobs. The tariffs, set to kick in on August 1, have sparked concern across sectors, from coffee farmers to aircraft manufacturers, as Brazil’s top exporting state scrambles for damage control.&nbsp;“What worries me is the possibility of Caterpillar moving its output to another country, the impact on a small coffee producer, the orange industry, Embraer,” Freitas said, speaking at an event hosted by XP Inc. in Sao Paulo, as quoted by Bloomberg.<h2>Emergency support, diplomatic push</h2>Freitas said the state is preparing five-year credit lines to help companies weather the shock. He also confirmed outreach to US lawmakers and companies in an attempt to reduce the fallout before the tariffs take effect. “We’re also reaching out to US lawmakers, US companies, government agents to illustrate the scale of the problem,” he added.&nbsp;The pressure is mounting as the US prepares to slap a sweeping 50 per cent duty on a broad range of Brazilian goods. According to Bloomberg, the move follows the expiration of a previous trade waiver, giving Trump room to act under national security laws.<h2>States blame Lula’s diplomacy</h2>The tariff threat has also triggered a political backlash within Brazil. Governors from Parana and Goias, both major exporting regions, joined Freitas in criticising President Luiz Inácio Lula da Silva for failing to negotiate with Washington. “Governors were not consulted by the federal government on these decisions,” said Goias Governor Ronaldo Caiado, as per Bloomberg. Parana Governor Ratinho Junior went a step further, hitting out at Lula’s feud with Trump over the legal case against former President Jair Bolsonaro.&nbsp;“Bolsonaro is not more important than the trade relationship between Brazil and the US,” he told to Bloomberg. All three governors, Freitas, Caiado and Ratinho — are seen as potential contenders in the 2026 presidential race, making this more than just a trade row. The fallout could shape the political map in the months ahead.<h2>Big blow to Brazil’s exports</h2>Sao Paulo, home to firms like Embraer SA and the Brazilian operations of Caterpillar Inc., is Brazil’s economic engine. Any disruption to its exports, particularly machinery, agriculture, and aircraft risks ripple effects across the national economy. The potential 2.7 per cent GDP loss in Sao Paulo alone would be a major setback. The state contributes nearly a third of Brazil’s GDP and is a key supplier to US markets.&nbsp;With the August 1 deadline fast approaching, eyes are now on Brasília and Washington to see if diplomacy can dial down the pressure. But for now, Brazil’s industrial heartland is bracing for impact.&nbsp;&nbsp;(With inputs from the agencies)

Governor Tarcisio de Freitas highlighted concerns from various sectors, prompting emergency support initiatives. Political backlash against President Lula has emerged from governors of major exporting states, criticizing his diplomatic efforts. 

Brazil’s most industrialised state is bracing for economic pain. Sao Paulo Governor Tarcisio de Freitas has warned that US President Donald Trump’s proposed 50 per cent tariff on Brazilian exports could cut the state’s GDP by up to 2.7 per cent and threaten around 120,000 jobs. The tariffs, set to kick in on August 1, have sparked concern across sectors, from coffee farmers to aircraft manufacturers, as Brazil’s top exporting state scrambles for damage control. “What worries me is the possibility of Caterpillar moving its output to another country, the impact on a small coffee producer, the orange industry, Embraer,” Freitas said, speaking at an event hosted by XP Inc. in Sao Paulo, as quoted by Bloomberg. Emergency support, diplomatic push Freitas said the state is preparing five-year credit lines to help companies weather the shock. He also confirmed outreach to US lawmakers and companies in an attempt to reduce the fallout before the tariffs take effect. “We’re also reaching out to US lawmakers, US companies, government agents to illustrate the scale of the problem,” he added. The pressure is mounting as the US prepares to slap a sweeping 50 per cent duty on a broad range of Brazilian goods. According to Bloomberg, the move follows the expiration of a previous trade waiver, giving Trump room to act under national security laws. States blame Lula’s diplomacy The tariff threat has also triggered a political backlash within Brazil. Governors from Parana and Goias, both major exporting regions, joined Freitas in criticising President Luiz Inácio Lula da Silva for failing to negotiate with Washington. “Governors were not consulted by the federal government on these decisions,” said Goias Governor Ronaldo Caiado, as per Bloomberg. Parana Governor Ratinho Junior went a step further, hitting out at Lula’s feud with Trump over the legal case against former President Jair Bolsonaro. “Bolsonaro is not more important than the trade relationship between Brazil and the US,” he told to Bloomberg. All three governors, Freitas, Caiado and Ratinho — are seen as potential contenders in the 2026 presidential race, making this more than just a trade row. The fallout could shape the political map in the months ahead. Big blow to Brazil’s exports Sao Paulo, home to firms like Embraer SA and the Brazilian operations of Caterpillar Inc., is Brazil’s economic engine. Any disruption to its exports, particularly machinery, agriculture, and aircraft risks ripple effects across the national economy. The potential 2.7 per cent GDP loss in Sao Paulo alone would be a major setback. The state contributes nearly a third of Brazil’s GDP and is a key supplier to US markets. With the August 1 deadline fast approaching, eyes are now on Brasília and Washington to see if diplomacy can dial down the pressure. But for now, Brazil’s industrial heartland is bracing for impact. (With inputs from the agencies)

Sao Paulo faces economic distress due to US President Trump's proposed 50% tariff on Brazilian exports, potentially slashing the state's GDP by 2.7% and affecting 120,000 jobs.

Trump’s 50% tariff threat may shrink Brazil's economy, hit 120,000 jobs

Japan’s new $550 billion investment package which is a part of a broader trade deal with the United States, could help bankroll semiconductor projects by Taiwan’s TSMC in America, according to Japan’s chief trade negotiator Ryosei Akazawa.&nbsp;In an interview with NHK on Saturday, Akazawa said the historic investment plan, agreed this week in exchange for lower US tariffs on Japanese exports, will not be limited to domestic or American companies. Instead, it will target firms involved in building resilient supply chains in key sectors such as semiconductors. “For example, if a Taiwanese chipmaker builds a plant in the US and uses Japanese components or tailors its products to meet Japanese needs, that’s fine too,” Akazawa told NHK, without naming any specific firm.<h2>Japan’s big chip bet</h2>The reference is widely seen as pointing to Taiwan Semiconductor Manufacturing Company (TSMC), which has become central to US–Japan cooperation on economic security. As reported by Reuters, the US depends heavily on TSMC for advanced chip production — a vulnerability highlighted by Taiwan’s geographic proximity to China. TSMC has committed over $165 billion to building chip plants in the US. In March, the company announced a $100 billion investment alongside President Donald Trump at the White House, building on its previous $65 billion commitment for three chip facilities in Arizona. One of those is already operational.&nbsp;The deal with Japan comes as the US deepens its strategy of “friend-shoring," encouraging allies to strengthen shared supply chains and reduce dependence on China. Akazawa said the $550 billion initiative aligns with this goal and will be channelled via Japan’s state-owned financial arms, Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (NEXI).<h2>Structure still unclear</h2>Despite the fanfare, key details of the financing structure remain vague. According to Reuters, equity investments will account for just 1–2 per cent of the total package. The majority will come through loans and guarantees, aimed at derisking critical technology investments in the US.&nbsp;Akazawa also addressed confusion over profit-sharing from the deal. The White House earlier stated that the US would retain 90 per cent of the profits generated. However, he clarified that this figure only applies to returns from equity investment, a small slice of the overall package.&nbsp;“While Japan initially hoped to secure half the returns, the loss is marginal compared to the roughly 10 trillion yen ($67.7 billion) in tariff costs that can now be avoided,” Akazawa told NHK. He added that the full $550 billion is expected to be deployed within President Trump’s current term, suggesting a tight execution timeline as both countries aim to capitalise on the strategic trade realignment.<h2>Japan’s new powers</h2>A recent law amendment has empowered JBIC to finance foreign companies deemed vital to Japan’s economic security, a move designed to ensure Japanese interests in global technology and supply chain ecosystems are protected. The law could enable direct support for non-Japanese firms like TSMC, if their operations benefit Japan’s chip sector. According to Reuters, Japan’s broader aim is to secure long-term access to advanced chips and reduce exposure to supply chain disruptions, a vulnerability laid bare during the pandemic and ongoing US–China tensions.&nbsp;The trade deal, struck after months of negotiation, is also viewed as a political win for Trump, who has faced pushback for his aggressive tariff policies. Japan, on the other hand, appears to have traded a concession on profit-sharing for a larger strategic and economic gain.&nbsp;(With inputs from the agencies)

This historic plan will support firms enhancing supply chains in key sectors. The initiative aligns with the US friend shoring strategy to reduce reliance on China. While details on financing remain unclear, most funding will come from loans. 

Japan’s new $550 billion investment package which is a part of a broader trade deal with the United States, could help bankroll semiconductor projects by Taiwan’s TSMC in America, according to Japan’s chief trade negotiator Ryosei Akazawa. In an interview with NHK on Saturday, Akazawa said the historic investment plan, agreed this week in exchange for lower US tariffs on Japanese exports, will not be limited to domestic or American companies. Instead, it will target firms involved in building resilient supply chains in key sectors such as semiconductors. “For example, if a Taiwanese chipmaker builds a plant in the US and uses Japanese components or tailors its products to meet Japanese needs, that’s fine too,” Akazawa told NHK, without naming any specific firm. Japan’s big chip bet The reference is widely seen as pointing to Taiwan Semiconductor Manufacturing Company (TSMC), which has become central to US–Japan cooperation on economic security. As reported by Reuters, the US depends heavily on TSMC for advanced chip production — a vulnerability highlighted by Taiwan’s geographic proximity to China. TSMC has committed over $165 billion to building chip plants in the US. In March, the company announced a $100 billion investment alongside President Donald Trump at the White House, building on its previous $65 billion commitment for three chip facilities in Arizona. One of those is already operational. The deal with Japan comes as the US deepens its strategy of “friend-shoring," encouraging allies to strengthen shared supply chains and reduce dependence on China. Akazawa said the $550 billion initiative aligns with this goal and will be channelled via Japan’s state-owned financial arms, Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (NEXI). Structure still unclear Despite the fanfare, key details of the financing structure remain vague. According to Reuters, equity investments will account for just 1–2 per cent of the total package. The majority will come through loans and guarantees, aimed at derisking critical technology investments in the US. Akazawa also addressed confusion over profit-sharing from the deal. The White House earlier stated that the US would retain 90 per cent of the profits generated. However, he clarified that this figure only applies to returns from equity investment, a small slice of the overall package. “While Japan initially hoped to secure half the returns, the loss is marginal compared to the roughly 10 trillion yen ($67.7 billion) in tariff costs that can now be avoided,” Akazawa told NHK. He added that the full $550 billion is expected to be deployed within President Trump’s current term, suggesting a tight execution timeline as both countries aim to capitalise on the strategic trade realignment. Japan’s new powers A recent law amendment has empowered JBIC to finance foreign companies deemed vital to Japan’s economic security, a move designed to ensure Japanese interests in global technology and supply chain ecosystems are protected. The law could enable direct support for non-Japanese firms like TSMC, if their operations benefit Japan’s chip sector. According to Reuters, Japan’s broader aim is to secure long-term access to advanced chips and reduce exposure to supply chain disruptions, a vulnerability laid bare during the pandemic and ongoing US–China tensions. The trade deal, struck after months of negotiation, is also viewed as a political win for Trump, who has faced pushback for his aggressive tariff policies. Japan, on the other hand, appears to have traded a concession on profit-sharing for a larger strategic and economic gain. (With inputs from the agencies)

Japan has launched a $550 billion investment package as part of a trade deal with the US, aiming to bolster semiconductor projects by companies like Taiwan's TSMC in America.

Japan’s $550 billion trade deal may fund Taiwan chip giant’s US expansion

European Commission President Ursula von der Leyen is in Scotland this weekend for a critical face-to-face meeting with US President Donald Trump, as both sides edge closer to a high-stakes transatlantic trade agreement. The talks come just days ahead of an August 1 deadline for new US tariffs on European goods, a threat that has loomed over the negotiations for months. As per Reuters, Commission officials confirmed von der Leyen’s arrival on Saturday, with her meeting with President Trump scheduled for Sunday afternoon.&nbsp;Trump, speaking to reporters on Friday evening upon arriving in Scotland for several days of golf and diplomacy, struck a measured but optimistic tone. “I’m looking forward to meeting with von der Leyen,” Trump said, calling her a “highly respected leader,” as quoted by Reuters. “There’s a 50-50 chance we get a deal. Brussels wants to make a deal very badly,” he added. The US president further claimed that the potential agreement with the 27-member European Union “would be the biggest trade deal yet” of his administration — even bigger than the $550 billion pact signed with Japan earlier this week.<h2>Last-ditch diplomacy</h2>According to Reuters, US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick departed Washington on Saturday to participate in preparatory talks with EU officials ahead of Sunday’s summit. A senior US administration official, speaking to Reuters on condition of anonymity and said that “We’re cautiously optimistic that there will be a deal reached. But it’s not over till it’s over.”&nbsp;The European Commission echoed a similar sentiment last Thursday, saying a negotiated trade solution was “within reach.” However, EU member states simultaneously approved counter-tariffs on €93 billion ($109 billion) worth of US goods should the talks fail — a clear sign of both hope and hard-nosed preparation.<h2>What’s in the deal?</h2>A potential framework deal would likely impose a 15 per cent general tariff on EU goods entering the US, Reuters reported, mirroring the structure of the US–Japan trade agreement. In addition, European steel and aluminium exports may face a steep 50 per cent tariff. While these figures are painful, they are still lower than the 30 per cent tariffs Trump had previously threatened across the board. However, Trump made it clear that negotiations would not eliminate all duties.&nbsp;“There’s not a lot of wiggle room on the 50% tariffs [on steel and aluminium] because if I do it for one, I have to do it for all,” Trump told reporters, as per Reuters. It remains unclear whether the US will exempt EU sectors such as automotive, pharmaceutical or agricultural products from other tariff measures already announced or under consideration. Trump also floated the idea that the EU could “buy down” the higher tariff rate to secure a deal, though he did not provide details on what that would entail.<h2>$9.5 trillion at stake</h2>The EU and US are each other’s largest trading partners, with combined goods, services and investment ties amounting to roughly $9.5 trillion, according to the American Chamber of Commerce in Brussels. That relationship is now at risk. In March, the Chamber warned that escalating tariffs and political tensions could jeopardise the “most important commercial relationship in the world.” Business leaders on both sides of the Atlantic have urged negotiators to strike a deal that ensures predictability and stability.&nbsp;EU diplomats remain cautiously hopeful but say the bloc is prepared for both outcomes. As reported by Reuters, some officials expect the deal to broadly follow the US–Japan model, involving staggered tariffs, reciprocal market access, and possibly coordinated investment rules, but concede that final details will depend on the political calculus at Sunday’s meeting. Whether Trump and von der Leyen can bridge the gap in Scotland could shape the global trade landscape for years to come.&nbsp;&nbsp;(With inputs from the agencies)

Trump expressed optimism about reaching a deal, suggesting a 50 and 50 chance. Preparatory talks are involving US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick. A potential framework includes a 15% tariff on EU goods and a 50% tariff on European steel and aluminum. 

European Commission President Ursula von der Leyen is in Scotland this weekend for a critical face-to-face meeting with US President Donald Trump, as both sides edge closer to a high-stakes transatlantic trade agreement. The talks come just days ahead of an August 1 deadline for new US tariffs on European goods, a threat that has loomed over the negotiations for months. As per Reuters, Commission officials confirmed von der Leyen’s arrival on Saturday, with her meeting with President Trump scheduled for Sunday afternoon. Trump, speaking to reporters on Friday evening upon arriving in Scotland for several days of golf and diplomacy, struck a measured but optimistic tone. “I’m looking forward to meeting with von der Leyen,” Trump said, calling her a “highly respected leader,” as quoted by Reuters. “There’s a 50-50 chance we get a deal. Brussels wants to make a deal very badly,” he added. The US president further claimed that the potential agreement with the 27-member European Union “would be the biggest trade deal yet” of his administration — even bigger than the $550 billion pact signed with Japan earlier this week. Last-ditch diplomacy According to Reuters, US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick departed Washington on Saturday to participate in preparatory talks with EU officials ahead of Sunday’s summit. A senior US administration official, speaking to Reuters on condition of anonymity and said that “We’re cautiously optimistic that there will be a deal reached. But it’s not over till it’s over.” The European Commission echoed a similar sentiment last Thursday, saying a negotiated trade solution was “within reach.” However, EU member states simultaneously approved counter-tariffs on €93 billion ($109 billion) worth of US goods should the talks fail — a clear sign of both hope and hard-nosed preparation. What’s in the deal? A potential framework deal would likely impose a 15 per cent general tariff on EU goods entering the US, Reuters reported, mirroring the structure of the US–Japan trade agreement. In addition, European steel and aluminium exports may face a steep 50 per cent tariff. While these figures are painful, they are still lower than the 30 per cent tariffs Trump had previously threatened across the board. However, Trump made it clear that negotiations would not eliminate all duties. “There’s not a lot of wiggle room on the 50% tariffs [on steel and aluminium] because if I do it for one, I have to do it for all,” Trump told reporters, as per Reuters. It remains unclear whether the US will exempt EU sectors such as automotive, pharmaceutical or agricultural products from other tariff measures already announced or under consideration. Trump also floated the idea that the EU could “buy down” the higher tariff rate to secure a deal, though he did not provide details on what that would entail. $9.5 trillion at stake The EU and US are each other’s largest trading partners, with combined goods, services and investment ties amounting to roughly $9.5 trillion, according to the American Chamber of Commerce in Brussels. That relationship is now at risk. In March, the Chamber warned that escalating tariffs and political tensions could jeopardise the “most important commercial relationship in the world.” Business leaders on both sides of the Atlantic have urged negotiators to strike a deal that ensures predictability and stability. EU diplomats remain cautiously hopeful but say the bloc is prepared for both outcomes. As reported by Reuters, some officials expect the deal to broadly follow the US–Japan model, involving staggered tariffs, reciprocal market access, and possibly coordinated investment rules, but concede that final details will depend on the political calculus at Sunday’s meeting. Whether Trump and von der Leyen can bridge the gap in Scotland could shape the global trade landscape for years to come. (With inputs from the agencies)

European Commission President Ursula von der Leyen is meeting US President Donald Trump in Scotland to discuss a significant transatlantic trade agreement ahead of an August 1 deadline for new US tariffs on European goods.

EU Chief Von der Leyen head to Scotland for final push on EU–US trade deal with Trump

This week is shaping up to be one of the most politically and economically charged for the US Federal Reserve in months. Chair Jerome Powell and his team are set to begin a two-day policy meeting on Tuesday, just as a flurry of critical data is expected to land, including GDP, jobs and inflation figures that could sway monetary policy and rattle markets.&nbsp;The Federal Reserve is widely expected to hold interest rates steady for another meeting. But behind closed doors, pressure is mounting, from inside the Fed, from financial markets, and from the Trump White House. According to Bloomberg, some officials are now openly concerned about a weakening labour market and have signalled willingness to consider a rate cut sooner rather than later.<h2>Ahead of Fed meeting economic storm brews&nbsp;</h2>The timing couldn’t be more delicate. On Wednesday, the US government will release its preliminary second-quarter GDP numbers. As per Bloomberg’s survey of economists, the economy is expected to show a 2.4 per cent annualised growth rebound, largely driven by a sharp narrowing of the trade deficit, after a surprise 0.5 per cent contraction in Q1. But beneath the headline number, household demand and business investment likely remained modest. Consumer spending is forecast to rise just 1.5 per cent, the weakest back-to-back quarterly performance since the COVID shock in 2020.&nbsp;Meanwhile, the labour market appears to be cooling. The July jobs report, due Friday, is projected to show that US companies added just 100,000 jobs, the lowest private payroll gain in eight months. Unemployment is also expected to tick up to 4.2 per cent. The pace of hiring has slowed in recent months, with job openings declining and education payrolls no longer propping up the monthly figures.<h2>Trump ups the pressure</h2>President Donald Trump, who has long criticised Powell, is again pushing for rate cuts. As per Bloomberg, Trump has blasted the Fed chief for being “too slow” and recently attacked Powell over cost overruns in the renovation of the Fed’s headquarters in Washington, D.C. Trump’s own tariff policy, which has stirred fears of renewed inflation, adds to the uncertainty facing the Fed.&nbsp;Still, inflationary pressures remain mild so far. The personal consumption expenditures (PCE) report for June, the Fed’s preferred inflation metric is due Friday. According to Bloomberg, it’s expected to show a slight acceleration in core inflation, suggesting that tariffs are only gradually filtering through to consumers.<h2>A global week for central banks</h2>This week isn’t just pivotal for the Fed. Central banks from Canada to Colombia are under the spotlight. As per Bloomberg, the Bank of Canada is expected to hold its policy rate steady at 2.75 per cent for a third straight meeting, even as second-quarter GDP data is projected to show economic contraction. Trade uncertainty and resilient inflation have kept policymakers cautious. In Asia, the Bank of Japan will also likely keep its benchmark rate unchanged at 0.5 per cent. BOJ Governor Kazuo Ueda is under pressure to interpret the impact of Trump’s trade deal with Japan, a move that could influence the bank’s next rate decision, according to Bloomberg.&nbsp;South Korea, Thailand, Indonesia, and China will all release key manufacturing data by Friday, while Australia’s inflation data could shape expectations ahead of the Reserve Bank of Australia’s August policy meeting. In Pakistan, a rate cut is expected on Wednesday, just ahead of new inflation readings. Elsewhere in Asia, July’s PMI data from India and China will show how Trump’s tariffs are reshaping regional trade patterns.<h2>Europe, Africa brace for slowdown</h2>Across Europe, a wave of second-quarter GDP releases is expected to show stagnation. Bloomberg projects eurozone growth to be flat from April through June after a 0.6 per cent jump in Q1, largely due to pre-tariff stockpiling. Germany may post a 0.1 per cent contraction, while France and Italy barely grow.Inflation data on Friday is expected to confirm that euro-area price growth slowed to 1.9 per cent in July, just under the ECB’s 2 per cent target, as per Bloomberg. The core inflation rate is likely to remain steady at 2.3 per cent.&nbsp;Meanwhile, in Africa, Ghana is expected to slash rates by a whopping 250 basis points to 25.5 per cent on Wednesday, taking advantage of easing inflation. South Africa and Eswatini are also seen cutting rates, while Malawi is expected to hold. Mozambique may opt for another cut to stimulate its recession-hit economy.<h2>Latin America enters easing cycle</h2>In Latin America, Chile’s central bank is poised to cut rates by 25 basis points to 4.75 per cent on Tuesday, marking its first cut in 2025. Brazil, however, is likely to pause its aggressive tightening campaign and hold the Selic rate steady at 15 per cent. Inflation has cooled but remains sticky.&nbsp;Colombia, too, is expected to lower rates slightly, with inflation now falling within a range that gives the central bank some breathing room. Peru, which reports inflation data on Friday, is expected to show a modest annual rate of around 1.7 per cent.<h2>What next?</h2>For Powell and his team, the question is not just about whether to cut rates, but when. With trade tensions still bubbling, inflation proving elusive, and growth far from consistent, the Fed’s decision this week could set the tone for the rest of 2025.&nbsp;Whether the central bank bows to political heat or holds its line on data-driven patience, all eyes will be on Powell’s remarks Wednesday afternoon. As Bloomberg reports, investors, traders, and the White House will all be listening very closely. (With inputs from the agencies)

Initial Q2 GDP figures are anticipated to show a 2.4% growth rebound, though household demand and business investment remain tepid. The July jobs report may reveal the lowest job gains in eight months and increased unemployment to 4.2%. 

This week is shaping up to be one of the most politically and economically charged for the US Federal Reserve in months. Chair Jerome Powell and his team are set to begin a two-day policy meeting on Tuesday, just as a flurry of critical data is expected to land, including GDP, jobs and inflation figures that could sway monetary policy and rattle markets. The Federal Reserve is widely expected to hold interest rates steady for another meeting. But behind closed doors, pressure is mounting, from inside the Fed, from financial markets, and from the Trump White House. According to Bloomberg, some officials are now openly concerned about a weakening labour market and have signalled willingness to consider a rate cut sooner rather than later. Ahead of Fed meeting economic storm brews The timing couldn’t be more delicate. On Wednesday, the US government will release its preliminary second-quarter GDP numbers. As per Bloomberg’s survey of economists, the economy is expected to show a 2.4 per cent annualised growth rebound, largely driven by a sharp narrowing of the trade deficit, after a surprise 0.5 per cent contraction in Q1. But beneath the headline number, household demand and business investment likely remained modest. Consumer spending is forecast to rise just 1.5 per cent, the weakest back-to-back quarterly performance since the COVID shock in 2020. Meanwhile, the labour market appears to be cooling. The July jobs report, due Friday, is projected to show that US companies added just 100,000 jobs, the lowest private payroll gain in eight months. Unemployment is also expected to tick up to 4.2 per cent. The pace of hiring has slowed in recent months, with job openings declining and education payrolls no longer propping up the monthly figures. Trump ups the pressure President Donald Trump, who has long criticised Powell, is again pushing for rate cuts. As per Bloomberg, Trump has blasted the Fed chief for being “too slow” and recently attacked Powell over cost overruns in the renovation of the Fed’s headquarters in Washington, D.C. Trump’s own tariff policy, which has stirred fears of renewed inflation, adds to the uncertainty facing the Fed. Still, inflationary pressures remain mild so far. The personal consumption expenditures (PCE) report for June, the Fed’s preferred inflation metric is due Friday. According to Bloomberg, it’s expected to show a slight acceleration in core inflation, suggesting that tariffs are only gradually filtering through to consumers. A global week for central banks This week isn’t just pivotal for the Fed. Central banks from Canada to Colombia are under the spotlight. As per Bloomberg, the Bank of Canada is expected to hold its policy rate steady at 2.75 per cent for a third straight meeting, even as second-quarter GDP data is projected to show economic contraction. Trade uncertainty and resilient inflation have kept policymakers cautious. In Asia, the Bank of Japan will also likely keep its benchmark rate unchanged at 0.5 per cent. BOJ Governor Kazuo Ueda is under pressure to interpret the impact of Trump’s trade deal with Japan, a move that could influence the bank’s next rate decision, according to Bloomberg. South Korea, Thailand, Indonesia, and China will all release key manufacturing data by Friday, while Australia’s inflation data could shape expectations ahead of the Reserve Bank of Australia’s August policy meeting. In Pakistan, a rate cut is expected on Wednesday, just ahead of new inflation readings. Elsewhere in Asia, July’s PMI data from India and China will show how Trump’s tariffs are reshaping regional trade patterns. Europe, Africa brace for slowdown Across Europe, a wave of second-quarter GDP releases is expected to show stagnation. Bloomberg projects eurozone growth to be flat from April through June after a 0.6 per cent jump in Q1, largely due to pre-tariff stockpiling. Germany may post a 0.1 per cent contraction, while France and Italy barely grow. Inflation data on Friday is expected to confirm that euro-area price growth slowed to 1.9 per cent in July, just under the ECB’s 2 per cent target, as per Bloomberg. The core inflation rate is likely to remain steady at 2.3 per cent. Meanwhile, in Africa, Ghana is expected to slash rates by a whopping 250 basis points to 25.5 per cent on Wednesday, taking advantage of easing inflation. South Africa and Eswatini are also seen cutting rates, while Malawi is expected to hold. Mozambique may opt for another cut to stimulate its recession-hit economy. Latin America enters easing cycle In Latin America, Chile’s central bank is poised to cut rates by 25 basis points to 4.75 per cent on Tuesday, marking its first cut in 2025. Brazil, however, is likely to pause its aggressive tightening campaign and hold the Selic rate steady at 15 per cent. Inflation has cooled but remains sticky. Colombia, too, is expected to lower rates slightly, with inflation now falling within a range that gives the central bank some breathing room. Peru, which reports inflation data on Friday, is expected to show a modest annual rate of around 1.7 per cent. What next? For Powell and his team, the question is not just about whether to cut rates, but when. With trade tensions still bubbling, inflation proving elusive, and growth far from consistent, the Fed’s decision this week could set the tone for the rest of 2025. Whether the central bank bows to political heat or holds its line on data-driven patience, all eyes will be on Powell’s remarks Wednesday afternoon. As Bloomberg reports, investors, traders, and the White House will all be listening very closely. (With inputs from the agencies)

The Fed is expected to maintain steady interest rates, yet internal pressure grows from financial markets and the Trump administration, concerned about a softening labor market.

Powell under pressure as GDP, jobs data and politics collide at Fed meet

India is fast emerging as a major hub for smartphone manufacturing and has significantly increased its share in imports of smartphones by the US, thereby challenging China’s long-standing dominance in the field. In the first five months of 2025, nearly one in three smartphones imported into the US was manufactured in India—a sharp rise from just 11% in 2024 to over 30%.&nbsp;According to data from the US International Trade Commission (USITC), US smartphone imports from India have tripled to 21.3 million units in just the first five months of 2025. In terms of value, the imports surged by 182% to $9.35 billion—surpassing the roughly $7 billion recorded for all of 2024.&nbsp;This surge in smartphone exports is largely driven by Apple, which has been relocating its manufacturing operations to India. In May, Apple CEO Tim Cook suggested that a significant portion of iPhones sold in the US during the April–June quarter would be sourced from India. Currently, India accounts for around 20% of Apple’s global iPhone production—a strategic move encouraged by India’s Production Linked Incentive (PLI) scheme. The PLI scheme was designed to boost domestic smartphone manufacturing by incentivising global brands to set up their assembly facilities in India.&nbsp;<h2>China’s share sees big fall</h2>&nbsp;In contrast, China, which still remains the largest exporter of phones, saw its share of US smartphone imports drastically fall from 82 per cent to 49 per cent in the five-month period. China exported 29.4 million smartphones to the US during January and May, marking a 27 per cent year-on-year decline but still worth around $10 billion. India ranked second with 21.3 million units ahead of third-placed Vietnam with total exports to the US at 8.3 million units, contributing 14 per cent of the total imports.However, the change in smartphone production trend now faces some challenge as President Donald Trump had threatened a 25 per cent tariff on India-produced iPhones in a bid to promote the return of manufacturing to the US.&nbsp;<h2>India needs to overcome supply chain issues</h2>&nbsp;Besides, there are still concerns about the supply chain, as Apple’s official list of suppliers for 2023 released recently shows 157 vendors and suppliers in mainland China and just 14 in India. The number of Indian suppliers, though has since increased to 64.&nbsp;The Indian government has been taking initiatives to promote domestic production of smartphones. Union minister Jitin Prasada shared that mobile manufacturing set ups in India have risen to 300 in 2024-25 from just two in 2014-15. Moreover, mobile phone output has risen 28 times to Rs 5.45 lakh crore, with exports going up 127 times to 2 lakh crore.

The sharp three-fold surge in India's smartphone exports to the US is largely driven by Apple, which has been relocating its manufacturing operations to India. In contrast, China's share of US smartphone imports has fallen drastically.

India is fast emerging as a major hub for smartphone manufacturing and has significantly increased its share in imports of smartphones by the US, thereby challenging China’s long-standing dominance in the field. In the first five months of 2025, nearly one in three smartphones imported into the US was manufactured in India—a sharp rise from just 11% in 2024 to over 30%. According to data from the US International Trade Commission (USITC), US smartphone imports from India have tripled to 21.3 million units in just the first five months of 2025. In terms of value, the imports surged by 182% to $9.35 billion—surpassing the roughly $7 billion recorded for all of 2024. This surge in smartphone exports is largely driven by Apple, which has been relocating its manufacturing operations to India. In May, Apple CEO Tim Cook suggested that a significant portion of iPhones sold in the US during the April–June quarter would be sourced from India. Currently, India accounts for around 20% of Apple’s global iPhone production—a strategic move encouraged by India’s Production Linked Incentive (PLI) scheme. The PLI scheme was designed to boost domestic smartphone manufacturing by incentivising global brands to set up their assembly facilities in India. China’s share sees big fall In contrast, China, which still remains the largest exporter of phones, saw its share of US smartphone imports drastically fall from 82 per cent to 49 per cent in the five-month period. China exported 29.4 million smartphones to the US during January and May, marking a 27 per cent year-on-year decline but still worth around $10 billion. India ranked second with 21.3 million units ahead of third-placed Vietnam with total exports to the US at 8.3 million units, contributing 14 per cent of the total imports. However, the change in smartphone production trend now faces some challenge as President Donald Trump had threatened a 25 per cent tariff on India-produced iPhones in a bid to promote the return of manufacturing to the US. India needs to overcome supply chain issues Besides, there are still concerns about the supply chain, as Apple’s official list of suppliers for 2023 released recently shows 157 vendors and suppliers in mainland China and just 14 in India. The number of Indian suppliers, though has since increased to 64. The Indian government has been taking initiatives to promote domestic production of smartphones. Union minister Jitin Prasada shared that mobile manufacturing set ups in India have risen to 300 in 2024-25 from just two in 2014-15. Moreover, mobile phone output has risen 28 times to Rs 5.45 lakh crore, with exports going up 127 times to 2 lakh crore.

The sharp three-fold surge in India's smartphone exports to the US is largely driven by Apple, which has been relocating its manufacturing operations to India. In contrast, China's share of US smartphone imports has fallen drastically.

US smartphone imports witness big leap of ‘Made in India’ units, as China’s share falls

Chinese Premier Li Qiang on July 26 proposed the establishment of a global organisation to coordinate artificial intelligence (AI) development and governance, urging world powers to forge a common regulatory framework as the technology accelerates amid mounting geopolitical friction. Speaking at the opening ceremony of the World Artificial Intelligence Conference (WAIC) in Shanghai, Li described AI as a “new engine of economic growth,” while warning of growing security risks and “fragmented governance” in the absence of unified global standards. He said the rapid pace of AI evolution makes international cooperation more urgent than ever.“How to find a balance between development and security urgently requires further consensus from the entire society," Li said. "Currently, global AI governance is still fragmented. Countries have great differences in regulatory concepts and institutional rules.” Li's call comes just days after US President Donald Trump unveiled a sweeping deregulatory strategy for AI, including an executive order aimed at limiting what the administration calls “woke” AI systems. The move reinforces the divide between Washington and Beijing over how AI should be developed and governed, especially in light of US restrictions on high-end chip exports to China, citing national security concerns.<h2>China offers open-source development</h2>While Li stopped short of naming the US, his remarks appeared to be a thinly veiled critique of Western dominance in advanced AI systems and the flow of talent and resources. He warned that AI risks becoming “an exclusive game” monopolised by a handful of countries and companies. To counter that, Li proposed that China would actively promote open-source AI models and share its technological advancements, particularly with nations in the Global South.&nbsp;“Only by adhering to openness, sharing, and fairness in access to intelligence can more countries and groups benefit,” he said. Li also acknowledged practical barriers to AI development in China, including restricted access to top-tier semiconductors and limited cross-border talent exchange, the two consequences of ongoing US export controls.<h2>Global stage, global stakes</h2>Now in its seventh edition, WAIC has become one of Asia’s premier AI showcases. This year’s three-day conference hosts more than 800 companies presenting over 3,000 cutting-edge AI products, including 40 large language models and 60 intelligent robots. Chinese tech giants like Huawei and Alibaba dominate the exhibit floor, though US firms Tesla, Alphabet, and Amazon are also participating. Prominent speakers included AI pioneer Geoffrey Hinton, former Google CEO Eric Schmidt, and Anne Bouverot, France’s special envoy on AI. However, Tesla CEO Elon Musk was notably absent this year.UN Secretary-General António Guterres, in a video message, called AI governance “a defining test of international cooperation.” His comments echoed Li’s warnings that without common standards, AI risks becoming a source of global inequality and instability.As AI continues to reshape industries and societies, concerns have also grown around misinformation, job displacement, and ethical dilemmas. A recent study warned that AI-generated search summaries could drastically reduce online traffic for news publishers, raising new challenges for media and information ecosystems.

Chinese Premier Li Qiang's proposal reinforces the divide between Washington and Beijing over how AI should be developed and governed, especially in light of US restrictions on high-end chip exports to China, citing national security concerns.

Chinese Premier Li Qiang on July 26 proposed the establishment of a global organisation to coordinate artificial intelligence (AI) development and governance, urging world powers to forge a common regulatory framework as the technology accelerates amid mounting geopolitical friction. Speaking at the opening ceremony of the World Artificial Intelligence Conference (WAIC) in Shanghai, Li described AI as a “new engine of economic growth,” while warning of growing security risks and “fragmented governance” in the absence of unified global standards. He said the rapid pace of AI evolution makes international cooperation more urgent than ever. “How to find a balance between development and security urgently requires further consensus from the entire society," Li said. "Currently, global AI governance is still fragmented. Countries have great differences in regulatory concepts and institutional rules.” Li's call comes just days after US President Donald Trump unveiled a sweeping deregulatory strategy for AI, including an executive order aimed at limiting what the administration calls “woke” AI systems. The move reinforces the divide between Washington and Beijing over how AI should be developed and governed, especially in light of US restrictions on high-end chip exports to China, citing national security concerns. China offers open-source development While Li stopped short of naming the US, his remarks appeared to be a thinly veiled critique of Western dominance in advanced AI systems and the flow of talent and resources. He warned that AI risks becoming “an exclusive game” monopolised by a handful of countries and companies. To counter that, Li proposed that China would actively promote open-source AI models and share its technological advancements, particularly with nations in the Global South. “Only by adhering to openness, sharing, and fairness in access to intelligence can more countries and groups benefit,” he said. Li also acknowledged practical barriers to AI development in China, including restricted access to top-tier semiconductors and limited cross-border talent exchange, the two consequences of ongoing US export controls. Global stage, global stakes Now in its seventh edition, WAIC has become one of Asia’s premier AI showcases. This year’s three-day conference hosts more than 800 companies presenting over 3,000 cutting-edge AI products, including 40 large language models and 60 intelligent robots. Chinese tech giants like Huawei and Alibaba dominate the exhibit floor, though US firms Tesla, Alphabet, and Amazon are also participating. Prominent speakers included AI pioneer Geoffrey Hinton, former Google CEO Eric Schmidt, and Anne Bouverot, France’s special envoy on AI. However, Tesla CEO Elon Musk was notably absent this year. UN Secretary-General António Guterres, in a video message, called AI governance “a defining test of international cooperation.” His comments echoed Li’s warnings that without common standards, AI risks becoming a source of global inequality and instability. As AI continues to reshape industries and societies, concerns have also grown around misinformation, job displacement, and ethical dilemmas. A recent study warned that AI-generated search summaries could drastically reduce online traffic for news publishers, raising new challenges for media and information ecosystems.

Chinese Premier Li Qiang's proposal reinforces the divide between Washington and Beijing over how AI should be developed and governed, especially in light of US restrictions on high-end chip exports to China, citing national security concerns.

China proposes global AI governance body amid rising tech tensions with US

Jeff Bezos, <a href="http://Amazon.com">Amazon.com</a> Inc.’s founder and executive chair, has completed a major stock divestiture totalling nearly $5.7 billion as part of a pre-scheduled 10b5-1 (a structured schedule of stock sales) trading plan. The series of transactions, initiated around his June wedding, marks the sale of 25 million Amazon shares, culminating with a final tranche of 4.2 million shares sold on July 24, according to recent filings with the US Securities and Exchange Commission. Bezos offloaded over 5 million shares in a span of two days, with shares priced between $228 and $233. The last batch alone brought in $954 million. Despite the sizable sale, Bezos remains Amazon’s largest individual shareholder, holding approximately 884 million shares, or more than 8 per cent of the company. His total stake is currently valued at over $252 billion, according to Bloomberg Billionaires Index data.<h2>A pattern of strategic divestment</h2>The latest sales are consistent with Bezos’ long-standing approach to managing his wealth. Since 2002, he has sold more than $50 billion in Amazon shares. Last year alone, he sold 75 million shares, earning $13.6 billion. These proceeds have largely funded personal ventures, including Blue Origin, philanthropic donations, and high-profile personal expenses like his recent $50 million wedding. In 2025, Bezos has also donated shares worth approximately $1 billion to nonprofit organisations. His use of a 10b5-1 plan is meant to avoid regulatory scrutiny over insider trading and has become a common tool for top executives managing concentrated holdings.<h2>Market reactions and investor sentiment</h2>Despite the volume of insider activity, the market has responded with relative calm. Amazon’s stock has climbed 38 per cent since late April and traded mostly sideways in July, even amid Bezos’ divestitures. Analysts maintain a favourable outlook, with a median price target of $251.34, a potential 10 per cent upside, reflecting continued optimism around Amazon’s AI and cloud computing prospects.The company is set to report second-quarter earnings next week, with particular investor focus on Amazon Web Services (AWS) and its ongoing AI investments. AWS currently contributes nearly 20 per cent of Amazon’s revenue and maintains an industry-leading 39.5 per cent operating margin. Bezos’ activity has outpaced that of other major insider sellers this year, including Oracle CEO Safra Catz and Dell’s Michael Dell. While some investors remain cautious about the timing of such sales, especially ahead of earnings, analysts largely interpret them as standard wealth management rather than signals of waning confidence.For long-term investors, Bezos’ stock sale is unlikely to change the fundamental narrative. His continued stake and Amazon’s dominant position in AI, advertising, and cloud services suggest ongoing alignment with the company’s success. In an era of heightened scrutiny over executive compensation and insider activity, Bezos’ strategy highlights the balance between personal financial planning and long-term shareholder value.

Jeff Bezos offloaded over 5 million shares in a span of two days, with shares priced between $228 and $233. The last batch alone brought in $954 million. Despite the sizable sale, Bezos remains Amazon’s largest individual shareholder, holding approximately 884 million shares.

Jeff Bezos, Amazon.com Inc.’s founder and executive chair, has completed a major stock divestiture totalling nearly $5.7 billion as part of a pre-scheduled 10b5-1 (a structured schedule of stock sales) trading plan. The series of transactions, initiated around his June wedding, marks the sale of 25 million Amazon shares, culminating with a final tranche of 4.2 million shares sold on July 24, according to recent filings with the US Securities and Exchange Commission. Bezos offloaded over 5 million shares in a span of two days, with shares priced between $228 and $233. The last batch alone brought in $954 million. Despite the sizable sale, Bezos remains Amazon’s largest individual shareholder, holding approximately 884 million shares, or more than 8 per cent of the company. His total stake is currently valued at over $252 billion, according to Bloomberg Billionaires Index data. A pattern of strategic divestment The latest sales are consistent with Bezos’ long-standing approach to managing his wealth. Since 2002, he has sold more than $50 billion in Amazon shares. Last year alone, he sold 75 million shares, earning $13.6 billion. These proceeds have largely funded personal ventures, including Blue Origin, philanthropic donations, and high-profile personal expenses like his recent $50 million wedding. In 2025, Bezos has also donated shares worth approximately $1 billion to nonprofit organisations. His use of a 10b5-1 plan is meant to avoid regulatory scrutiny over insider trading and has become a common tool for top executives managing concentrated holdings. Market reactions and investor sentiment Despite the volume of insider activity, the market has responded with relative calm. Amazon’s stock has climbed 38 per cent since late April and traded mostly sideways in July, even amid Bezos’ divestitures. Analysts maintain a favourable outlook, with a median price target of $251.34, a potential 10 per cent upside, reflecting continued optimism around Amazon’s AI and cloud computing prospects. The company is set to report second-quarter earnings next week, with particular investor focus on Amazon Web Services (AWS) and its ongoing AI investments. AWS currently contributes nearly 20 per cent of Amazon’s revenue and maintains an industry-leading 39.5 per cent operating margin. Bezos’ activity has outpaced that of other major insider sellers this year, including Oracle CEO Safra Catz and Dell’s Michael Dell. While some investors remain cautious about the timing of such sales, especially ahead of earnings, analysts largely interpret them as standard wealth management rather than signals of waning confidence. For long-term investors, Bezos’ stock sale is unlikely to change the fundamental narrative. His continued stake and Amazon’s dominant position in AI, advertising, and cloud services suggest ongoing alignment with the company’s success. In an era of heightened scrutiny over executive compensation and insider activity, Bezos’ strategy highlights the balance between personal financial planning and long-term shareholder value.

Jeff Bezos offloaded over 5 million shares in a span of two days, with shares priced between $228 and $233. The last batch alone brought in $954 million. Despite the sizable sale, Bezos remains Amazon’s largest individual shareholder, holding approximately 884 million shares.

Jeff Bezos nets $5.7 billion in Amazon stock sale amid AI investment surge

Business investment in equipment appears to have slowed sharply in the second quarter of 2025, as new orders for US-manufactured capital goods unexpectedly declined in June, adding to growing evidence that policy uncertainty and trade tensions are weighing on corporate spending. Data released on July 25 by the Commerce Department showed non-defence capital goods orders excluding aircraft—a key indicator of business investment plans—fell 0.7 per cent last month. That marked a surprising reversal after a 2.0 per cent rebound in May and undershot economists’ expectations for a modest 0.2 per cent increase.The weak print follows months of anecdotal reports suggesting companies are delaying capital expenditures due to uncertainty over tariffs and tax policy under US President Donald Trump’s administration. Economists now expect equipment spending, a key component of GDP, to have slowed dramatically from its 23.7 per cent annualised surge in the first quarter, some even anticipate a contraction.<h2>Tariff rush fades, uncertainty lingers</h2>The first quarter saw businesses front-load equipment purchases to avoid pending tariff hikes, but that urgency appears to have faded. While some tariff-related spending persists, the broader outlook has dimmed amid escalating trade uncertainty. The administration’s landmark Big Beautiful Bill, signed into law earlier this month, offers tax incentives for capital investment, but its benefits are being overshadowed by the unpredictability surrounding trade negotiations.June data showed shipments of core capital goods (used to calculate equipment spending in GDP) rose 0.4 per cent, but inflation-adjusted figures suggest that growth has stalled. Much of the rise in shipments reflects higher prices rather than increased volumes, economists noted.<h2>Aircraft volatility clouds broader picture</h2>Durable goods orders overall fell 9.3 per cent in June, dragged down by a sharp 51.8 per cent plunge in commercial aircraft bookings after a surge in May tied to a large Qatar Airways deal. Boeing reported just 116 new orders in June, down from 303 in May. Non-defence capital goods orders tumbled 24 per cent in June after a 50 per cent jump in May, reinforcing concerns that aircraft-related volatility may be masking underlying weakness in the broader investment landscape.Meanwhile, orders for motor vehicles and parts increased 0.9 per cent, and computers and electronic products rose 0.6 per cent, providing minor offsets. Machinery orders gained 0.4 per cent, while electrical equipment ticked up just 0.1 per cent.A separate S&amp;P Global survey showed manufacturing activity contracted in July for the first time since December, citing protectionist costs and reduced investment appetite. With the Federal Reserve widely expected to keep rates steady this week, the focus will shift to upcoming GDP data, with the Atlanta Fed forecasting 2.4 per cent growth in Q2, driven more by trade flows than domestic investment.&nbsp;(With inputs from agencies)

The weak print follows months of anecdotal reports suggesting companies are delaying capital expenditures due to uncertainty over tariffs and tax policy under US President Donald Trump’s administration.

Business investment in equipment appears to have slowed sharply in the second quarter of 2025, as new orders for US-manufactured capital goods unexpectedly declined in June, adding to growing evidence that policy uncertainty and trade tensions are weighing on corporate spending. Data released on July 25 by the Commerce Department showed non-defence capital goods orders excluding aircraft—a key indicator of business investment plans—fell 0.7 per cent last month. That marked a surprising reversal after a 2.0 per cent rebound in May and undershot economists’ expectations for a modest 0.2 per cent increase. The weak print follows months of anecdotal reports suggesting companies are delaying capital expenditures due to uncertainty over tariffs and tax policy under US President Donald Trump’s administration. Economists now expect equipment spending, a key component of GDP, to have slowed dramatically from its 23.7 per cent annualised surge in the first quarter, some even anticipate a contraction. Tariff rush fades, uncertainty lingers The first quarter saw businesses front-load equipment purchases to avoid pending tariff hikes, but that urgency appears to have faded. While some tariff-related spending persists, the broader outlook has dimmed amid escalating trade uncertainty. The administration’s landmark Big Beautiful Bill, signed into law earlier this month, offers tax incentives for capital investment, but its benefits are being overshadowed by the unpredictability surrounding trade negotiations. June data showed shipments of core capital goods (used to calculate equipment spending in GDP) rose 0.4 per cent, but inflation-adjusted figures suggest that growth has stalled. Much of the rise in shipments reflects higher prices rather than increased volumes, economists noted. Aircraft volatility clouds broader picture Durable goods orders overall fell 9.3 per cent in June, dragged down by a sharp 51.8 per cent plunge in commercial aircraft bookings after a surge in May tied to a large Qatar Airways deal. Boeing reported just 116 new orders in June, down from 303 in May. Non-defence capital goods orders tumbled 24 per cent in June after a 50 per cent jump in May, reinforcing concerns that aircraft-related volatility may be masking underlying weakness in the broader investment landscape. Meanwhile, orders for motor vehicles and parts increased 0.9 per cent, and computers and electronic products rose 0.6 per cent, providing minor offsets. Machinery orders gained 0.4 per cent, while electrical equipment ticked up just 0.1 per cent. A separate S&P Global survey showed manufacturing activity contracted in July for the first time since December, citing protectionist costs and reduced investment appetite. With the Federal Reserve widely expected to keep rates steady this week, the focus will shift to upcoming GDP data, with the Atlanta Fed forecasting 2.4 per cent growth in Q2, driven more by trade flows than domestic investment. (With inputs from agencies)

The weak print follows months of anecdotal reports suggesting companies are delaying capital expenditures due to uncertainty over tariffs and tax policy under US President Donald Trump’s administration.

US business equipment investment stalls as policy uncertainty clouds outlook

Meta Platforms has appointed Shengjia Zhao, co-creator of OpenAI’s ChatGPT and a key architect behind GPT-4, as the chief scientist of its recently launched Superintelligence Lab, chief executive Mark Zuckerberg announced on July 25. The move underscores Meta’s accelerating investment in artificial intelligence (AI) as it seeks to close the gap with rivals OpenAI and Google in the race to build artificial general intelligence (AGI). Zhao will work directly with Zuckerberg and Meta’s Chief AI Officer Alexandr Wang, who joined the company from Scale AI in June after Meta made a $14 billion investment in the startup.&nbsp;“Shengjia has already pioneered several breakthroughs including a new scaling paradigm, and distinguished himself as a leader in the field,” Zuckerberg said in a Threads post. “I’m looking forward to working closely with him to advance his scientific vision.” Zhao, who joined Meta in June, is also a co-founder of the Superintelligence Lab and has been “our lead scientist from day one,” according to Zuckerberg. His formal appointment follows months of high-profile recruiting efforts and a wave of talent migration from OpenAI to Meta.<h2>Zhao’s AI track record and Meta’s open-source strategy</h2>Zhao played a pivotal role in creating ChatGPT, GPT-4, and a series of mini models such as 4.1 and o3. He also led synthetic data research at OpenAI and contributed to the development of OpenAI’s first reasoning model, o1, which helped inspire similar chain-of-thought AI systems across the industry.Zuckerberg reiterated Meta’s ambition to build “full general intelligence” and open-source its models, a strategy that has sparked both support and criticism from the broader AI research community. The Superintelligence Lab operates separately from Meta’s long-established FAIR division, which is still led by AI pioneer Yann LeCun. LeCun will continue in his role and now reports to Wang.<h2>Meta’s expanding AI empire</h2>Meta is pouring “hundreds of billions of dollars” into AI infrastructure, Zuckerberg said earlier this month. The formation of the Superintelligence Lab marks a turning point for Meta’s AI strategy, consolidating its work on the Llama model family and broader AGI goals. “This is just the beginning,” Zuckerberg said. “The next few years are going to be very exciting.”&nbsp;(With inputs from agencies)

The move underscores Meta’s accelerating investment in artificial intelligence and AI talent poaching as it seeks to close the gap with rivals OpenAI and Google in the race to build artificial general intelligence (AGI). 

Meta Platforms has appointed Shengjia Zhao, co-creator of OpenAI’s ChatGPT and a key architect behind GPT-4, as the chief scientist of its recently launched Superintelligence Lab, chief executive Mark Zuckerberg announced on July 25. The move underscores Meta’s accelerating investment in artificial intelligence (AI) as it seeks to close the gap with rivals OpenAI and Google in the race to build artificial general intelligence (AGI). Zhao will work directly with Zuckerberg and Meta’s Chief AI Officer Alexandr Wang, who joined the company from Scale AI in June after Meta made a $14 billion investment in the startup. “Shengjia has already pioneered several breakthroughs including a new scaling paradigm, and distinguished himself as a leader in the field,” Zuckerberg said in a Threads post. “I’m looking forward to working closely with him to advance his scientific vision.” Zhao, who joined Meta in June, is also a co-founder of the Superintelligence Lab and has been “our lead scientist from day one,” according to Zuckerberg. His formal appointment follows months of high-profile recruiting efforts and a wave of talent migration from OpenAI to Meta. Zhao’s AI track record and Meta’s open-source strategy Zhao played a pivotal role in creating ChatGPT, GPT-4, and a series of mini models such as 4.1 and o3. He also led synthetic data research at OpenAI and contributed to the development of OpenAI’s first reasoning model, o1, which helped inspire similar chain-of-thought AI systems across the industry. Zuckerberg reiterated Meta’s ambition to build “full general intelligence” and open-source its models, a strategy that has sparked both support and criticism from the broader AI research community. The Superintelligence Lab operates separately from Meta’s long-established FAIR division, which is still led by AI pioneer Yann LeCun. LeCun will continue in his role and now reports to Wang. Meta’s expanding AI empire Meta is pouring “hundreds of billions of dollars” into AI infrastructure, Zuckerberg said earlier this month. The formation of the Superintelligence Lab marks a turning point for Meta’s AI strategy, consolidating its work on the Llama model family and broader AGI goals. “This is just the beginning,” Zuckerberg said. “The next few years are going to be very exciting.” (With inputs from agencies)

The move underscores Meta’s accelerating investment in artificial intelligence and AI talent poaching as it seeks to close the gap with rivals OpenAI and Google in the race to build artificial general intelligence (AGI).&nbsp;

Meta appoints ChatGPT co-creator Shengjia Zhao as chief scientist of Superintelligence Lab

NASA is bracing for the departure of approximately 3,870 employees, or nearly 20 per cent of its current workforce, under a voluntary resignation program launched as part of US President Donald Trump’s broader effort to shrink the federal government. The move marks the most significant staffing reduction at the US space agency in decades, drawing sharp criticism from lawmakers, experts, and current and former employees. On July 25, the space agency confirmed that it expects its civil servant headcount to fall to around 14,000 following two rounds of deferred resignation offerings in 2025, along with natural attrition. While the final tally may shift based on ongoing application reviews and employee withdrawals, officials say the scale of the exodus is clear.<h2>Deferred resignations aim to avoid layoffs</h2>NASA’s first resignation program began earlier this year and resulted in about 870 employees, 4.8 per cent of the workforce, leaving their posts. The second round, which opened in June and closed on July 25, drew nearly 3,000 more participants, or 16.4 per cent of staff. Agency executives have defended the program as a way to meet administration targets without imposing involuntary layoffs. “The reason we are doing this is to minimise any involuntary workforce reductions in the future,” former acting NASA administrator Janet Petro told employees during a June town hall.The initiative was reportedly developed in coordination with the Department of Government Efficiency (DOGE), now led by Elon Musk, and reflects a broader White House effort to cut down on federal spending and bureaucracy.<h2>Industry warns of brain drain, safety risks</h2>The sweeping cuts have sparked growing concern among NASA veterans and the wider space community. In a letter dubbed The Voyager Declaration, hundreds of current and former agency staff warned interim administrator Sean Duffy, who also leads the Department of Transportation, that losing so many experienced professionals could jeopardise future missions. “Thousands of NASA civil servant employees have already been terminated, resigned, or retired early, taking with them highly specialised, irreplaceable knowledge crucial to carrying out NASA’s mission,” the letter stated.Protests have also erupted. On July 20, about 100 demonstrators, including agency staff and contractors, gathered outside the Smithsonian National Air and Space Museum. Organised by the grassroots group “NASA Needs Help,” the rally marked the anniversary of the Apollo 11 Moon landing and sought to pressure Congress to intervene.<h2>Congress pushes back as budget battle looms</h2>The US House Committee on Science, Space, and Technology accused NASA leadership of acting “outside its legal authority” by enacting cuts ahead of budget approval. In a strongly worded letter, lawmakers warned that slashing NASA’s workforce and budget could turn the agency into a “hollow shell.”The 2026 White House budget proposal seeks to cut NASA’s funding by 25 per cent and reduce its workforce by 5,000 more positions. If passed, it would be the agency’s leanest budget since the 1960s, potentially altering its ability to meet goals such as Moon and Mars exploration.&nbsp;(With inputs from news agencies)

The move marks the most significant staffing reduction at the US space agency in decades, drawing sharp criticism from lawmakers, experts, and current and former employees.

NASA is bracing for the departure of approximately 3,870 employees, or nearly 20 per cent of its current workforce, under a voluntary resignation program launched as part of US President Donald Trump’s broader effort to shrink the federal government. The move marks the most significant staffing reduction at the US space agency in decades, drawing sharp criticism from lawmakers, experts, and current and former employees. On July 25, the space agency confirmed that it expects its civil servant headcount to fall to around 14,000 following two rounds of deferred resignation offerings in 2025, along with natural attrition. While the final tally may shift based on ongoing application reviews and employee withdrawals, officials say the scale of the exodus is clear. Deferred resignations aim to avoid layoffs NASA’s first resignation program began earlier this year and resulted in about 870 employees, 4.8 per cent of the workforce, leaving their posts. The second round, which opened in June and closed on July 25, drew nearly 3,000 more participants, or 16.4 per cent of staff. Agency executives have defended the program as a way to meet administration targets without imposing involuntary layoffs. “The reason we are doing this is to minimise any involuntary workforce reductions in the future,” former acting NASA administrator Janet Petro told employees during a June town hall. The initiative was reportedly developed in coordination with the Department of Government Efficiency (DOGE), now led by Elon Musk, and reflects a broader White House effort to cut down on federal spending and bureaucracy. Industry warns of brain drain, safety risks The sweeping cuts have sparked growing concern among NASA veterans and the wider space community. In a letter dubbed The Voyager Declaration, hundreds of current and former agency staff warned interim administrator Sean Duffy, who also leads the Department of Transportation, that losing so many experienced professionals could jeopardise future missions. “Thousands of NASA civil servant employees have already been terminated, resigned, or retired early, taking with them highly specialised, irreplaceable knowledge crucial to carrying out NASA’s mission,” the letter stated. Protests have also erupted. On July 20, about 100 demonstrators, including agency staff and contractors, gathered outside the Smithsonian National Air and Space Museum. Organised by the grassroots group “NASA Needs Help,” the rally marked the anniversary of the Apollo 11 Moon landing and sought to pressure Congress to intervene. Congress pushes back as budget battle looms The US House Committee on Science, Space, and Technology accused NASA leadership of acting “outside its legal authority” by enacting cuts ahead of budget approval. In a strongly worded letter, lawmakers warned that slashing NASA’s workforce and budget could turn the agency into a “hollow shell.” The 2026 White House budget proposal seeks to cut NASA’s funding by 25 per cent and reduce its workforce by 5,000 more positions. If passed, it would be the agency’s leanest budget since the 1960s, potentially altering its ability to meet goals such as Moon and Mars exploration. (With inputs from news agencies)

The move marks the most significant staffing reduction at the US space agency in decades, drawing sharp criticism from lawmakers, experts, and current and former employees.

NASA faces major workforce shake-up as nearly 4,000 employees set to exit

Brazilian chemical exporters are facing a wave of cancelled contracts and rising uncertainty after US President Donald Trump announced plans to impose a 50 per cent tariff on Brazilian goods starting August 1. The move, which has yet to be reversed or delayed, is already dealing a blow to Brazil’s $2.4 billion chemical export industry to the United States.Andre Cordeiro, head of Brazil’s chemical industry association Abiquim, told Reuters on July 25 that export orders for several key products, including resins and compounds used in fertilisers, have been abruptly cancelled. One unnamed company lost all its US contracts, while others are facing partial cancellations. In some cases, Brazilian exporters had already arranged financing when buyers pulled out. “Fundamentally, these decisions are being made because the bet is that he (Trump) will actually apply the tariff,” Cordeiro said.<h2>Ripple effects across industries</h2>The fallout is spilling into other sectors that rely on chemicals, including agriculture, manufacturing, and food processing. “No one produces coffee, or even grains, without some kind of chemical product in the process,” said Cordeiro. Brazilian plywood exporters, which use chemicals for bonding, and orange juice producers, reliant on chemical preservatives, are also seeing order cancellations.Orange juice is a particularly vulnerable export, with 42 per cent of Brazil’s shipments last year going to the US. Braskem and Dow Chemical—both major industry players with operations in Brazil and the US—could also be impacted. Neither company commented on the issue, nor did Exxon Mobil, which operates in Brazil and serves multiple industries. Abiquim maintains that the tariffs are unjustified, noting that Brazil’s chemical sector runs a $7.9 billion trade deficit with the US.<h2>Talks at a standstill, industry fears mount</h2>Efforts to defuse the crisis have stalled. Brazilian diplomats say no new negotiations have occurred since May, when a counterproposal sent to Washington received no response. Vice President Geraldo Alckmin said he reiterated Brazil’s willingness to talk during a recent conversation with US Secretary of Commerce Howard Lutnick, but there has been no follow-up.President Luiz Inácio Lula da Silva denounced the planned duties as “unacceptable blackmail,” linking the move to Trump’s political support for former President Jair Bolsonaro, who is currently on trial in Brazil. Trump has publicly tied the tariffs to Bolsonaro’s legal troubles.Industry leaders warn of far-reaching consequences. The National Industry Confederation (CNI) estimates the tariffs could cost Brazil over 100,000 jobs and shave 0.2 per cent off GDP. Some companies are redirecting exports, shifting production to plants in Mexico or India, or even suing the US government.&nbsp;(With inputs from agencies)

Efforts to defuse the crisis have stalled. Brazilian diplomats say no new negotiations have occurred since May, when a counterproposal sent to Washington received no response.

Brazilian chemical exporters are facing a wave of cancelled contracts and rising uncertainty after US President Donald Trump announced plans to impose a 50 per cent tariff on Brazilian goods starting August 1. The move, which has yet to be reversed or delayed, is already dealing a blow to Brazil’s $2.4 billion chemical export industry to the United States. Andre Cordeiro, head of Brazil’s chemical industry association Abiquim, told Reuters on July 25 that export orders for several key products, including resins and compounds used in fertilisers, have been abruptly cancelled. One unnamed company lost all its US contracts, while others are facing partial cancellations. In some cases, Brazilian exporters had already arranged financing when buyers pulled out. “Fundamentally, these decisions are being made because the bet is that he (Trump) will actually apply the tariff,” Cordeiro said. Ripple effects across industries The fallout is spilling into other sectors that rely on chemicals, including agriculture, manufacturing, and food processing. “No one produces coffee, or even grains, without some kind of chemical product in the process,” said Cordeiro. Brazilian plywood exporters, which use chemicals for bonding, and orange juice producers, reliant on chemical preservatives, are also seeing order cancellations. Orange juice is a particularly vulnerable export, with 42 per cent of Brazil’s shipments last year going to the US. Braskem and Dow Chemical—both major industry players with operations in Brazil and the US—could also be impacted. Neither company commented on the issue, nor did Exxon Mobil, which operates in Brazil and serves multiple industries. Abiquim maintains that the tariffs are unjustified, noting that Brazil’s chemical sector runs a $7.9 billion trade deficit with the US. Talks at a standstill, industry fears mount Efforts to defuse the crisis have stalled. Brazilian diplomats say no new negotiations have occurred since May, when a counterproposal sent to Washington received no response. Vice President Geraldo Alckmin said he reiterated Brazil’s willingness to talk during a recent conversation with US Secretary of Commerce Howard Lutnick, but there has been no follow-up. President Luiz Inácio Lula da Silva denounced the planned duties as “unacceptable blackmail,” linking the move to Trump’s political support for former President Jair Bolsonaro, who is currently on trial in Brazil. Trump has publicly tied the tariffs to Bolsonaro’s legal troubles. Industry leaders warn of far-reaching consequences. The National Industry Confederation (CNI) estimates the tariffs could cost Brazil over 100,000 jobs and shave 0.2 per cent off GDP. Some companies are redirecting exports, shifting production to plants in Mexico or India, or even suing the US government. (With inputs from agencies)

Efforts to defuse the crisis have stalled. Brazilian diplomats say no new negotiations have occurred since May, when a counterproposal sent to Washington received no response.

Brazilian chemical sector hit hard as US tariff threat sparks contract cancellations

Wall Street closed out a stellar week with fresh record highs on July 25, lifted by upbeat earnings results, progress on US trade deals, and investor optimism ahead of a pivotal Federal Reserve meeting next week. The S&amp;P 500 rose 0.40 per cent to finish at 6,388.64, marking its 14th record close of 2025 and capping a week of five straight record finishes. The Nasdaq Composite added 0.24 per cent to close at 21,108.32, notching its 15th record close this year. The Dow Jones Industrial Average climbed 208.01 points, or 0.47 per cent, ending at 44,901.92, just shy of its all-time high.All three major indexes posted solid weekly gains: the S&amp;P 500 rose 1.5 per cent, the Dow added 1.3 per cent, and the tech-heavy Nasdaq climbed 1 per cent. More than 82 per cent of S&amp;P 500 companies that have reported earnings so far have topped analyst expectations, led by strong showings from Alphabet and Verizon.<h2>Earnings shake up markets</h2>Among notable movers, Deckers Outdoor surged 11 per cent after posting quarterly earnings that beat estimates, driven by strong international demand for its UGG and Hoka brands. In contrast, Intel sank 8.5 per cent after forecasting steeper-than-expected losses and announcing job cuts.Charter Communications tumbled 18 per cent following a disappointing broadband subscriber report, while Centene rose 6.1 per cent on improved outlooks for its government-backed healthcare businesses. Paramount Global dipped 1.6 per cent after regulators cleared its $8.4 billion merger with Skydance Media.Sector-wise, nine of the 11 S&amp;P 500 groups advanced, with materials and industrials leading gains.<h2>Trade deal hopes and Fed in focus next week</h2>Markets were buoyed by optimism that the US is on the cusp of finalising a trade deal with the European Union. European Commission President Ursula von der Leyen confirmed plans to meet US President Donald Trump in Scotland on July 27, aiming to conclude an agreement before the August 1 tariff deadline. Trump earlier said the odds of a deal were “50-50.” Recent trade accords with Japan and Indonesia have also helped lift sentiment, reducing the risk of near-term tariff escalation.Next week brings a key Federal Reserve decision, with policymakers widely expected to keep interest rates steady at 4.25-4.50 per cent. Markets are currently pricing in a 60 per cent chance of a rate cut by September, according to CME’s FedWatch tool.With over 150 S&amp;P 500 companies—including tech giants like Apple, Microsoft, Meta, and Amazon—set to report earnings, investor attention will remain laser-focused on corporate guidance and macro signals. Despite concerns about elevated valuations and revived meme-stock activity, volatility remains muted, with the VIX closing below 15, reflecting the market’s growing confidence.

All three major indexes posted solid weekly gains: the S&P 500 rose 1.5 per cent, the Dow added 1.3 per cent, and the tech-heavy Nasdaq climbed 1 per cent. More than 82 per cent of S&P 500 companies that have reported earnings so far have topped analyst expectations.

Wall Street closed out a stellar week with fresh record highs on July 25, lifted by upbeat earnings results, progress on US trade deals, and investor optimism ahead of a pivotal Federal Reserve meeting next week. The S&P 500 rose 0.40 per cent to finish at 6,388.64, marking its 14th record close of 2025 and capping a week of five straight record finishes. The Nasdaq Composite added 0.24 per cent to close at 21,108.32, notching its 15th record close this year. The Dow Jones Industrial Average climbed 208.01 points, or 0.47 per cent, ending at 44,901.92, just shy of its all-time high. All three major indexes posted solid weekly gains: the S&P 500 rose 1.5 per cent, the Dow added 1.3 per cent, and the tech-heavy Nasdaq climbed 1 per cent. More than 82 per cent of S&P 500 companies that have reported earnings so far have topped analyst expectations, led by strong showings from Alphabet and Verizon. Earnings shake up markets Among notable movers, Deckers Outdoor surged 11 per cent after posting quarterly earnings that beat estimates, driven by strong international demand for its UGG and Hoka brands. In contrast, Intel sank 8.5 per cent after forecasting steeper-than-expected losses and announcing job cuts. Charter Communications tumbled 18 per cent following a disappointing broadband subscriber report, while Centene rose 6.1 per cent on improved outlooks for its government-backed healthcare businesses. Paramount Global dipped 1.6 per cent after regulators cleared its $8.4 billion merger with Skydance Media. Sector-wise, nine of the 11 S&P 500 groups advanced, with materials and industrials leading gains. Trade deal hopes and Fed in focus next week Markets were buoyed by optimism that the US is on the cusp of finalising a trade deal with the European Union. European Commission President Ursula von der Leyen confirmed plans to meet US President Donald Trump in Scotland on July 27, aiming to conclude an agreement before the August 1 tariff deadline. Trump earlier said the odds of a deal were “50-50.” Recent trade accords with Japan and Indonesia have also helped lift sentiment, reducing the risk of near-term tariff escalation. Next week brings a key Federal Reserve decision, with policymakers widely expected to keep interest rates steady at 4.25-4.50 per cent. Markets are currently pricing in a 60 per cent chance of a rate cut by September, according to CME’s FedWatch tool. With over 150 S&P 500 companies—including tech giants like Apple, Microsoft, Meta, and Amazon—set to report earnings, investor attention will remain laser-focused on corporate guidance and macro signals. Despite concerns about elevated valuations and revived meme-stock activity, volatility remains muted, with the VIX closing below 15, reflecting the market’s growing confidence.

All three major indexes posted solid weekly gains: the S&amp;P 500 rose 1.5 per cent, the Dow added 1.3 per cent, and the tech-heavy Nasdaq climbed 1 per cent. More than 82 per cent of S&amp;P 500 companies that have reported earnings so far have topped analyst expectations.

Wall Street ends week at record highs on trade optimism, earnings boost