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The rupee continues to lose value as the outflows and tariff concerns continue to exert pressure
The Indian rupee fell for the fifth consecutive session on Tuesday. This was due to the likely outflow of domestic equity and increasing concerns about an imminent deadline for signing trade agreements with the United States. The rupee closed the day at 86.3675 per dollar, a 0.1% decline. The rupee is down around 0.6% in its five-day losing streak. This was mainly due to a modest recovery in the dollar index and foreign portfolio withdrawals. There are also concerns about the economic impact of President Donald Trump’s ongoing trade war. The equity markets in Asia and Europe fell on Tuesday. Wall Street futures were also flat, after the S&P 500 index and Nasdaq had reached record highs the previous session. The regional currencies traded in a mixed manner and India's benchmark equity indices, the BSE Sensex (Sensex) and Nifty50 (Nifty50), closed a tad down. Analysts said that while the markets have shown relatively little reaction to the White House's latest trade salvos in July, the complacency could start to fade when the deadline for the trade agreements approaches. "Markets will be put to the test in the next few days, as the likelihood of no trade deal before the deadline of 1 August increases," ING stated in a report. As reported on Tuesday, the prospects of an interim deal between India and the United States being reached before the deadline are dimming, as the talks over tariff reductions on key agricultural products and dairy products remain in deadlock. Without a trade agreement, Indian exports will be subject to 26% of tariff. According to EU diplomats, the European Union is also preparing countermeasures for the United States as prospects of a trade agreement that's acceptable are fading. (Reporting and editing by Nivedita Battacharjee; Jaspreet Klra)
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Tropical Storm Wipha lands in Vietnam, but heavy rains continue in the Philippines
Tropical Storm Wipha has weakened since making landfall on northern Vietnam Tuesday. Authorities are on high alert because heavy rains could cause flooding or mudslides. The Philippines is still struggling with the monsoon rains which began last week. The national weather agency reported that Wipha hit northern provinces Ninh Binh & Thanh Hoa on Tuesday early afternoon, with winds speeds up to 74kph (46mph), after initially approaching at around 100kph. Wipha, the first major typhoon of the year, is the result of Vietnam's long coastline that faces the South China Sea. Typhoons are deadly in Vietnam and they often strike the country. Authorities warned that heavy rains up to 50cm (20 inches) would continue through Wednesday morning. They also cautioned people to be on the lookout for landslides and flooding in urban and mountainous areas. Around 350,000 soldiers have been put on alert. As Wipha approached, Prime Minister Pham Minh Chinh put coastal provinces in emergency mode. Residents were nervous following the destruction caused by Typhoon Yagi last year, which killed 300 people and damaged $3.3 billion. As the storm approached, Ngo Van Thuong (40), a warehouse manager from Ha Long City told reporters, "I've learned from last year’s mistakes when we underestimated Yagi." Thuong stated that "doorways and roofs need to be given more attention. I've also placed sandbags atop the roof since yesterday." The Nguoi Lao Dong reported that a fishing boat capsized in Quang Ninh Province early on Tuesday morning, but all nine fishermen aboard were saved. The state media reported Tuesday afternoon that the airports of Quang Ninh, Haiphong, and Hanoi had resumed their operations. On Tuesday, many offices in Hanoi were closed, including the U.S. Embassy. A resident of Cat Ba Island, Haiphong said: "We haven’t forgotten about Yagi and have taken additional measures to deal with Wipha." Flooding, closures in the Philippines Wipha intensified the monsoon rains in the Philippines. This led to knee-to-hip-deep flooding throughout the country, forcing the closure of schools, cancellation of flights, and suspension of government activities for a second consecutive day. As the relentless rains that swept across the north of the country last week continue to batter the nation, thousands of families are still in evacuation centres. The President Ferdinand Marcos Jr. is currently in the United States on an official trip. He said that government agencies have been mobilised to offer assistance. Marcos stated in an audio message that "relief supplies are available and being delivered to the affected areas along with medical teams." "We are ensuring that transport, electricity and water supply is stable for those who have been affected." Wipha, at the time a typhoon, slammed into Hong Kong and southern China on Sunday. The storm passed Hong Kong with more than 110mm of rain falling in three hours. Maximum wind gusts reached 167kph.
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The US gasoline market is impacted by high imports and a soft summer demand
U.S. gas prices may fall below $3 per gallon for the first summer in four years, as bad weather dampens demand and an increase in imported fuel fills up inventories. The price of gasoline has been slashed in recent months. This is great news for Americans who are traveling this summer. After Russia's invasion of Ukraine in 2022, consumers faced record-high prices at the pump. The latest Consumer Price Index showed that gasoline prices dropped 8.3% in the 12 months ended June. U.S. crude oil prices plummeted more than 20% amid concerns about a lackluster demand, and the trade war with China. Lower oil prices lower the cost for refiners to produce motor fuels. Some of these savings are typically passed onto consumers. Analysts say that presidents have a limited influence on fuel prices. Fuel consumption in the week ending July 4, which is usually a period of high consumption, fell 2.5% compared to the same period last year. Analysts believe the drop in fuel demand was due to the extreme heat that blanketed parts of the nation, and may have discouraged many drivers. AAA data shows that the national average gasoline price after Independence Day dipped down to $3.14 a gallon. This is the lowest summer month average in the last four years. Gas prices in the U.S. averaged $3.14 per gallon after Independence Day. This was the lowest price during summer months since 2004. The summer is usually the peak season in the U.S. for gasoline consumption. However, gasoline product supply, which is the U.S. Energy Information Administration proxy for demand, averaged 9.2 millions barrels a daily over the last four weeks. This represents a 1% decrease from the same time period last year. The U.S. is expected to reduce its gasoline consumption permanently from the peak of 9.3 million bpd it reached in 2018. Patrick De Haan is the head of Petroleum Analysis at GasBuddy. He said, "As August approaches, I believe gasoline will continue to weaken." He added that "the national average is likely to fall below $3 per gallon by September." De Haan stated that the downward trend could continue as OPEC’s decision to increase crude production in August by a higher-than-expected 548,000 bpd adds further pressure on oil prices. Imports JUMP Imported gasoline entering the U.S. also triggered a spike in storage demand. The weekly U.S. imports of gasoline peaked at 100,700 barrels per day in mid-June, the highest level in more than a year. This was due to an influx from Canada and Europe. Imports were up 7% in June compared to the previous year. According to The Tank Tiger, the storage broker, in the U.S. demand for gasoline tanks has increased since March. In June, it reached a record high of three years. Steven Barsamian is the chief operating officer of The Tank Tiger. According to government statistics, the steady flow of imports helped to lower gasoline prices by 5 cents per gallon on the U.S. East Coast. This region represents almost a third in the total U.S. demand for refined products. GasBuddy's De Haan reported that the Dangote oil refining plant in Nigeria has increased production of gasoline to U.S. standard, which is boosting imports. Shipments from the Irving Oil refinery, located in New Brunswick, have also consistently landed on the New York Harbor, according to De Haan. The Tank Tiger's Barsamian explained that the U.S. East Coast is more likely to be oversupplied than other U.S. markets due to limited transportation and pipeline capacity. The increased flow of gasoline from the U.S. Gulf Coast market to the East Coast was likely due to an increase in the flows along Colonial Pipeline's main gasoline route. This pipeline delivers fuel to East Coast markets. Colonial Pipeline informed shippers that it would increase capacity on Line 1 from 5% to 7 % above summer volume, according to an notice seen by. Colonial confirmed the increase in pipeline volume. Reporting by Nicole Jao in New York and Shariq Khan; editing by Liz Hampton, Ni Williams and Ni Hampton
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EU lifts sanctions on three LNG tankers that were formerly Russian
The European Union lifted sanctions on three tankers operated by Japan's Mitsui O.S.K. The European Commission announced that lines that handled liquefied gas from Russia will no longer do so after they receive commitments to stop. The sanctions were imposed against the tankers North Moon North Ocean and North Light which were transporting cargos from the Yamal LNG Plant and engaged in ship to ship operations near Russia’s northern port Murmansk. This move is part the EU's 18th set of sanctions against Russia for its actions in Ukraine. The European Commission announced on its website that it has removed three LNG tankers from its list as sanctioned vessels, "following commitments made by these LNG tanks to no longer transport Russian energy (from the Russian Yamal or Arctic 2 projects) for which they were originally commissioned". This action shows the impact of EU vessel designating and that vessels can return to service after firm commitments. The tankers were constructed at the South Korean Hanwha Ocean Shipyard last year. (Reporting and writing by Oksana Kobieva; editing by Jan Harvey; Vladimir Soldatkin)
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Poste Italiane raises its profit forecast after beating Q2 earnings expectations
Poste Italiane raised its profit forecast for the year following a better-than expected second quarter operating result, thanks to its financial services division. The adjusted earnings before interest and tax (EBIT), which is a measure of profit before taxes, rose 10.4% to 864 millions euros ($1.01billion), comfortably exceeding the company's consensus estimate of 790million euros. The financial conglomerate, which is owned by the state, has announced that it will now target an operating profit adjusted of 3.2 billion euros for this year. This is up from 3.1. billion euros as it had originally guided. The total revenues for the third quarter increased by 4.5% to 3.260 billion euro, which was slightly higher than the consensus estimate of 3.206 billion euro. Poste shares rose 2.7% after the earnings announcement, beating a flat blue-chip index in Milan. Poste Italiane is now the largest investor in Telecom Italia, surpassing France's Vivendi. The majority of Poste Italiane's shares are owned by the Italian Treasury, and the state-owned lender Cassa Depositi e Prestiti. $1 = 0.8549 euro (Reporting and Editing by Keith Weir).
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Rotterdam port's throughput drops 4.1% in the first half of 2025
The Port of Rotterdam is Europe's biggest seaport. Its throughput fell by 4.1% during the first half of the year 2025. Dry bulk was down 8.9%, and wet-bulk dropped by 5.3%. In the first half of 2025, total volumes were 211 million metric tonnes compared to 220 millions tons a year earlier. The Port of Rotterdam issued a statement saying that the lack of investment by the market in the sector was a concern. The government is taking positive steps to align the Dutch industry with the neighbouring countries. However, more measures are needed. The port authority reported that its revenues rose 5.2% in the first half of this year, to 462.3 millions euros ($540.75), primarily due to inflation. Earnings before taxes, depreciation, and amortization increased by 1.1%, to 295 millions euros, while the net income dropped by 3.2%, to 143.6 million. ($1 = $0.8549 euro) (Reporting and editing by Louise Heavens; Benoit van Overstraeten)
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The US tariffs and weaker oil are the main reasons for the fall in most Gulf stock exchanges
Gulf stocks fell across all key markets on Monday as investors weighed concerns about U.S. policy in light of an upcoming deadline for tariffs and lower oil prices against strong corporate earnings. According to EU diplomats, the European Union is looking at broader countermeasures against Washington as the prospects for an acceptable trade deal with Washington are fading. The imposition of tariffs by Donald Trump around the globe could harm global economic growth as well as oil consumption. Saudi Arabia's benchmark stock index fell 0.3% on the back of broad sector declines, and lower oil prices. This was after it had experienced its biggest drop in two years during the previous session. Oil behemoth Saudi Aramco slid 0.5%. Oil, a major catalyst for Gulf markets, fell due to fears that a brewing trade conflict between the U.S., and EU, which are the two largest crude consumers, would dampen economic activity, thereby reducing fuel demand. Dubai's main stock index fell 0.5% on the way to a second consecutive session of losses, as investors were cautious ahead of important earnings and secured profits after a multi-year rise. Dubai Islamic Bank (the index heavyweight) fell 1%, and Air Arabia, the budget carrier, dropped over 2.5%. This ended a five session winning streak. The index in Abu Dhabi was under pressure this week as investors stayed away from the market due to a flurry of earnings announcements. AlRayan Bank's 0.4% drop in the stock index of Qatar has weighed on it, and caused a decline from the near two-year high. (Reporting from Amna Mariyam in Bengaluru and Ateeq Sharif in Doha. Mark Potter edited the article.
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Air India confirms that there are no problems with the fuel switches on Boeing 787 and Boeing 737
Air India said that it has conducted precautionary checks on the locking mechanism for the fuel control switch in all of its Boeing 787 aircraft and Boeing 737 planes, but found no problems. Air India's long-haul flights are operated by Boeing 787 twin aisle jets, while Air India Express, the low-cost division of Air India, operates Boeing 737 single aisle jets. The investigation into the Air India crash that killed 241 out of 242 passengers on board, and 19 people on the ground is centered around the fuel control switch on the Boeing 787 jetliner. Within a year after the accident, a final report will be expected. The switches control the fuel flow to a plane's engine. The switches are used by the pilots to shut down or start engines on the ground, or manually stop or restart engines in case of an engine failure during flight.
Bloomberg News reports that China's Cosco wants to have a veto in the deal for Li Kashing's port.
Bloomberg News reported that China Cosco Shipping, the state-owned Chinese shipping company, is seeking to join a global consortium acquiring the overseas ports of Hong Kong business tycoon Li Kashing. The company is requesting veto or similar power within the entity that will be taking over 43 ports.
The report cited people who were familiar with the issue to say that Cosco argued that these rights are essential to prevent any decisions which could be potentially detrimental to China's interest.
The report states that CK Hutchison Holdings, a subsidiary of Li, and the original group, including BlackRock's Global Infrastructure Partners and Terminal Investment, a company owned by Italian billionaire Gianluigi Apponte, agreed to allow Cosco full access to information about the project, for which discussions are ongoing and no decisions have yet been taken.
The consortium aims to acquire two strategically significant ports along the Panama Canal.
Cosco, CK Hutchison BlackRock, and Terminal Investment have not responded to our requests for comment. Could not verify the report immediately.
(source: Reuters)