India expects “priority” tariffs in trade contracts with the US, says Commerce Minister
Indian Commerce Minister Piyush Goyal has stated that India aims to secure “priority” tariffs from the United States, surpassing those available to its economic competitors.
Leading negotiations for the UK-India trade agreement, Goyal has expressed a strong stance from New Delhi in the ongoing discussions with Washington.
The Bank of Japan may raise prices in October, according to HSBC
The Bank of Japan is projected to increase interest rates by 25 basis points in October, bringing the policy rate up to 0.75%, as recent US trade agreements have positively influenced growth expectations, HSBC noted in a memo on Friday.
“We believe this early trade deal, announced ahead of the August 1 mutual tariff deadline, could help realign the BOJ’s monetary policy normalization,” analysts from the bank observed.
HSBC also indicated that the central bank anticipates its fees will stabilize at 0.50%, with the accompanying Outlook report shedding light on developing growth and inflation interpretations.
Thailand’s inventory remains unchanged after border tensions with Cambodia
Thai stocks stayed stagnant after escalating border disputes with Cambodia led to multiple incidents on Thursday, resulting in at least 15 civilian deaths, as reported by Reuters. In response, Bangkok deployed F-16 fighter jets to target positions in Cambodia.
While Thailand’s index remained flat, the Cambodian CSX index saw no trades reported by 11:30 AM on Thursday.
This surge in conflict follows Thailand’s recent expulsion of the Cambodian ambassador amid rising tensions, which also corresponded with the second Thai soldier being injured by a landmine along the border.
Chinese market opens lower
Stocks in mainland China and Hong Kong opened on a depressed note, as most of the Asia-Pacific region exhibited declines.
Mainland China’s CSI 300 dropped by 0.16%, while Hong Kong’s Hang Seng Index, which includes Chinese companies, fell by 0.53%.
The Hang Seng Tech index, which tracks major tech firms listed in Hong Kong, decreased by 1.07%.
Tokyo’s inflation is below expectations
Inflation in Tokyo eased from 3.1% in June to 2.9% in July.
Excluding volatile fresh food prices, core inflation also fell from 3.1% to 2.9%, a figure lower than the 3% projected in a recent Reuters economist survey.
This inflation measure in Tokyo is often seen as a significant indicator for national trends.
Asian markets show red as trading begins on Friday
The Asian market began Friday with a downward trend.
The Japanese Nikkei 225 dropped by 0.24%, while the Topix index lost 0.55%.
South Korea’s Kospi remained unchanged, but the small-cap Kosdaq slipped by 0.48%.
Australia’s S&P/ASX 200 fell by 0.41%.
Asian markets anticipated to open lower
Good morning from Singapore. The Asian market appeared set for a muted opening on Friday.
The Japanese Nikkei 225 was predicted to commence trading lower, in contrast to its previous close of 41,826.34, with futures in Chicago and Osaka around 41,640.
The futures for Hong Kong’s Hang Seng Index indicated a lower start compared to its final closure of 25,667.18.
The Australian S&P/ASX 200 was also tracking a lower opening compared to futures linked to 8,637 benchmarks.
S&P 500, Nasdaq close at new highs on Thursday
The S&P 500 and Nasdaq Composite concluded their session with new record highs on Thursday after reaching an all-time peak early in the trading day.
The broad market index increased by 0.07%, closing at 6,363.35, while the tech-heavy Nasdaq rose by 0.18%, finishing at 21,057.96.
Conversely, the Dow Jones Industrial Average slid back by 316.38 points (0.7%), closing at 44,693.91.
