WORLD
Jerome Powell says higher inflation outlook keeping US Fed on hold for now
Powell’s remarks before the House Financial Services Committee come on the heels of the Fed’s decision last week to leave interest rates unchanged in a range of 4.25%-4.5%
MARKETS
RBI signals policy shift with move to drain excess cash
RBI aims to take out Rs 1 trillion from the banking system via a seven-day variable rate reverse repurchase auction on June 27
WORLD
Pressure for Trump trade deals ramps up with two weeks to go
There’s a lot at stake: As of July 9, exporting nations without a bilateral accord in place will face Trump’s so-called “Liberation Day” tariffs
BUSINESS
US stocks head toward record as geopolitics fail to derail rally
Equities have been remarkably resilient over the past two months as the S&P 500 bounced sharply from April lows, putting it 2% away from its record high.
INDIA
Mumbai housing most affordable in 15 years, says Knight Frank
An average household in Mumbai spent 48% of their income toward monthly installments of a home loan, versus 50% last year
BUSINESS
OpenAI is nabbing Microsoft customers, fueling partners’ rivalry
The behind-the-scenes dogfight is complicating an already fraught relationship between Microsoft and OpenAI
BUSINESS
Pressure to seal Trump trade deals ramps up with two weeks to go
As of July 9, exporting nations without a bilateral accord in place will face Trump’s so-called 'Liberation Day' tariffs that are much higher than the current baseline 10% level applied to most countries.
WORLD
NATO cash bonanza risks becoming Europe’s lost chance for growth
As this week’s NATO summit brings that wave of money one step closer to reality, the prospect that so much taxpayer cash could just leak out of the region’s economy without meaningfully helping expansion is casting a shadow over politicians’ ambitions to shore up creaking defenses against Russia
BUSINESS
Pressure to seal Trump trade deals ramps up with two weeks to go
Only the UK has secured something on paper, though that pact kept the 10% so-called reciprocal rate in place and left unresolved one of Britain’s pain points — 25% steel duties
BUSINESS
Oil falls over 5%, global stocks rise on Israel-Iran truce
Brent crude slid as much as 5.6% to drop below the level of June 12, the day before Israel started attacking Iran’s nuclear sites.
WORLD
Trump thanks Iran after attack choreographed to de-escalate
BUSINESS
Oil drops, stocks gain on Trump’s ceasefire talk
The Middle East accounts for about a third of global crude production and there haven’t yet been any signs of disruption to physical oil flows, including for cargoes going through the Strait of Hormuz.
BUSINESS
Warburg Pincus said to be in talks to sell stake in SBI General Insurance
Premji Invest and New York-based Warburg Pincus agreed to buy 16.01% and 9.99% of SBI General Insurance, respectively, in 2019 from Insurance Australia Group Ltd. in a transaction that was completed in 2020.
WORLD
Oman plans income tax on top earners in a first for Gulf states
Oman has been enacting fiscal reforms as part of its economic diversification to reduce its reliance on the oil, an objective it shares with other Gulf countries
BUSINESS
Air India crash risks fueling up to 30% jump in insurance premiums
In the wake of a crash in South Korea last year that left all but two of the 181 passengers dead, premium increases were in the range of 15% to 18%, according to a UK-based reinsurer
BUSINESS
Walmart’s PhonePe is said to seek $1.5 billion for India IPO: Report
The deal would value the fintech company at about $15 billion, and PhonePe is planning to submit a draft red herring prospectus for the listing by as early as August, says report
BUSINESS
Rupee’s fall near key level to test RBI’s tolerance for swings
The Reserve Bank of India is likely to intervene if the rupee weakens further toward 87 per dollar, according to Australia & New Zealand Banking Group Ltd. and MUFG Bank Ltd. The Indian unit is the worst hit Asian currency this quarter, weighed by surging oil prices.
BUSINESS
Gold edges higher in Asia after US joins Israeli attacks on Iran
The precious metal climbed as much as 0.8%, before paring most of that gain, after the US struck Iran’s three main nuclear sites.
BUSINESS
Oil surges, US futures drop after strikes on Iran
Equity indexes in Japan and Australia fell less than 1% while Treasuries were little changed.
BUSINESS
US strikes on Iran come at fragile moment for the global economy
The World Bank, the Organization for Economic Cooperation and Development and the International Monetary Fund have all downgraded their global growth forecasts in recent months.
BUSINESS
Israel, Saudi stocks rise as traders react to US attacks on Iran
The Boursa Kuwait Premier Market Index traded 0.7% higher as of 10:39 a.m. Dubai time, while the MSX30 Index in Muscat slipped 0.6%. Qatar’s benchmark was 0.7% higher.
BUSINESS
Tesla to roll out Robotaxis in overdue step toward Musk dream
BUSINESS
Fred Smith, who transformed parcel delivery by founding FedEx, dies at 80
WORLD
Trump’s airstrikes on Iran leave oil market poised for surge
From frenzied options markets, to soaring freight and diesel pricing, to a radical redrawing of crude’s pivotal forward curve, all of that volatility is expected to intensify in the week ahead
