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Indian shares fall from near record levels as Reliance and HDFC Bank weigh
Reliance Industries, HDFC Bank and other heavyweight stocks weighed on the Indian equity benchmarks, which fell from near-record highs Tuesday. Quarterly business updates also influenced stock movements. The Nifty 50 dropped?0.27% at 26,178.7, and the Sensex fell 0.44% at 85,063.34. In two sessions, the indexes have fallen by 0.6% and 0.8%. Ten of 16 major sectors rose. The small-caps and the mid-caps both fell by 0.2%. Reliance Industries' stock, which is the second-heaviest on the benchmarks index, fell 4.5%. This was its steepest percentage drop in a single day since the announcement of the general election results for India, June 4, 2024. Reliance announced that it did not expect Russian crude to be delivered in January, after U.S. president Donald Trump warned Washington would raise tariffs against India for its oil purchases. Vinod Nair is the head of research for Geojit Investments. He said that Trump's negative rhetoric could be detrimental to India's stock market at a time when it was anticipating the capping U.S. Tariffs at 25%, down from 50%, and the finalisation of the full trade agreement. Reliance shares were also affected by concerns about rising competition in the retail segment, following Trent's less-than-expected growth in sales for the December quarter. Shares of the apparel retailer fell 8.6% in one day. CLSA has also removed the Reliance model from its India portfolio. HDFC Bank, India's largest private bank, dropped by 1.6% on Tuesday, adding to the 2.4% drop of Monday, due to concerns about slower deposit growth. ICICI Bank jumped 2,9% and led the financials by 0.3% on optimism?over improvements in credit growth and earnings?for the sector?in December quarter. JSW Steel fell 0.8% while Tata Steel was at a high after reports that companies had violated antitrust laws. Apollo Hospitals rose 3.7% to top the Nifty gainers after Citi raised the price target on the stock due to strong earnings visibility.
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Machado, Maduro's opponent, vows to return and wants elections
Maria Corina Machado, Venezuela's principal opposition leader, has promised to return to Venezuela as soon as possible. She praised U.S. president Donald Trump for toppling Nicolas Maduro her rival and declared her movement prepared to win an election free of charge. "I plan to return to Venezuela as quickly as possible," said Machado. Machado is a 58-year-old lawyer and mother of three who fled Venezuela in October in disguise to accept the Nobel Peace Prize. She dedicated it to Trump. She told Fox News late Monday that she believed the transition should continue. "We won an election in?2024, by a large margin under fraudulant conditions. We will get over 90% of votes in free and fair elections. Machado stated that she hadn't spoken to Trump since the Nobel Prize was announced on October 10. He said that the United States must help Venezuela resolve its problems before holding new elections. We must first fix the country. It's impossible to hold an election. Trump said that there was no way people could vote. VENEZUELA IS STILL RULED BY SOCIALISTS AND PARTY LIYALISTS Machado, in her first interview since Maduro's capture by the U.S. last weekend, did not reveal her location, nor any details about her plans to return to Venezuela where she is wanted for arrest, and Socialist Party supporters remain at power. Trump's lack of support for Machado has disappointed opposition activists as well as the diaspora, which is one fifth of Venezuelans who left the country during the economic collapse under Maduro or his predecessor Hugo Chavez. Trump, the opposition and some international observers believe that the opposition lost the 2024 elections, in which Machado had been banned from running and an ally was chosen instead. However, Trump says she does not have support in Venezuela. The?U.S. The?U.S. Machado stated that Delcy Rodriguez is "one of the principal architects of torture and corruption." Machado said that Delcy Rodriguez is a "main ally, liaison, and agent of Russia, China and Iran. She's not someone who can be trusted by investors from around the world, and she has been rejected by Venezuelans." GRATITUDE AND THANKS TO TRUMP Machado has been a 'full-throated' defender of Trump. She said she would personally award him the Nobel prize. "He has proved to the world what his means. "January 3rd, will be remembered as the day that justice overcame a tyranny", she said about Saturday's raid in Venezuela. "I want to express today, on behalf of Venezuelans, our gratitude for his courage and the historical actions that he took against this narco terrorist regime. It's an important step in the direction of a democratic transformation." Machado said that Venezuela, with the world's largest oil reserves and the U.S., as its principal ally, would become the hub of energy in the Americas. It would also restore the rule of law, establish open markets, return exiles to their homelands and offer security for foreign investment. Sources said that for now, Trump was told by the CIA, that Rodriguez and senior officials?from Maduro’s government are best suited to maintain stability. The government has ordered the arrests of those who have collaborated in the capture of Maduro. In a sign that the atmosphere is tense in Venezuela, fourteen journalists were briefly detained on Monday while covering events in Caracas. Video footage verified by shows shots fired into the night skies in Caracas. A Venezuelan official claimed that this was done by police to discourage unauthorised drones. In a message to reporters, Simon Arrechider, vice minister of communication, said: "There was not a confrontation. The entire country is calm." MADURO PLEADS NOT GUILTY IN NEW YORK ?COURT Maduro, who is 63 years old, denied the charges of narcotics on Monday. He claimed to be a "decent person" and that he was still President of Venezuela, while shackled around the ankles in orange and beige prison garb. Cilia Flores pleaded guilty to being captured with him. The next court date is March 17, Maduro faces four criminal charges: narcoterrorism, cocaine importation conspiracies, and possession of machine guns and destructive devices. He has denied these allegations for years, claiming they are a ruse to hide imperialist intentions on Venezuela's oil resources. Venezuela is the country with the largest oil reserves in the world - 303 billion barrels of heavy crude, mostly in the Orinoco area. The sector has been declining for years due to mismanagement, lack of investment and the?U.S. The sanctions have resulted in a 1.1 million barrels per day average last year. This is a third less than the output of the 1970s. Maduro's Vice President, Rodriguez, was sworn in to be the interim leader. Officials in Caracas are torn between angered defiance and possible cooperation with Trump who has threatened a military strike again if they do not please him. Russia, China, and Venezuela's socialist allies have condemned Trump's actions. It is the largest U.S. invasion in Latin America since 1989's invasion of Panama. Legal experts have questioned the validity of this action, and many allies are calling for adherence to international law and dialogue. Trump said that the U.S. now controls Venezuela and is working with private companies to revive the oil industry. (Reporting and writing by Bureau worldwide, editing by Timothy Heritage).
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China's demand for iron ore has pushed the price of iron ore to a 5-month high.
Iron ore rose to its highest level in more than five months Tuesday, underpinned by a resilient consumer demand in China and broad-based gains on the stock markets. The May contract for iron ore on China's Dalian Commodity Exchange gained 0.69%, to 801 Yuan ($114.77), per metric ton. The market reached its highest level since late July, at?806 per ton. As of 0819 GMT, the benchmark February iron ore traded on the Singapore Exchange rose 0.74% to $106.55 per ton. The iron ore futures market?ended on a positive note in 2025 as the?demand for steel in China was?strong and steelmakers were restocking in preparation for the Lunar New Year holidays in February. From December 26 to 31, the capacity of Chinese electric arc and blast furnace steel furnaces increased by 0.32%, respectively. This indicates a higher demand for feedstock. Chinese Stocks Investor sentiment was positive ahead of the Lunar New Year, and shares rose to their highest level in more than a decade. Hong Kong shares also rose. Coking coal and coke, the other steelmaking ingredients, fell 0.1% and 0.72% respectively. Steel benchmarks rebar fell 0.1%. Hot-rolled coils gained 0.18%. Wire rods advanced 0.67%. Stainless steel grew 1.82%. $1 = 6.9794 Yuan (Reporting and editing by Sumana Nandy, Harikrishnan Nair).
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China bans the export of dual-use military items to Japan
China has banned the export of dual-use products to Japan, which can be used to military purposes, according to a statement from its commerce ministry on Tuesday. This is Beijing's response to the recent comments made by Japan's prime minister about Taiwan. Dual-use items are products, software, or technologies with both civilian and military uses, such as certain rare earth elements, which are vital for drones and chips. The statement added that any organisation or individual from any country that violates the ban will be held liable. Beijing and Tokyo's relations have deteriorated since Prime Minister Sanae Takaichi stated that a Chinese attack against the democratically-governed island of Taiwan would be considered an existential danger to Japan. Beijing said that the remarks were provocative. Taiwan is a part of China's territory. Taipei denies this claim. Later, the?Chinese Foreign Ministry questioned Japan's motivations in Taiwan. It said that its "provocations", could be used as a pretext to build up its military and overseas missions. The Japanese Cabinet approved in late December a record-breaking spending package for the fiscal period beginning in April. This included a 3.8% rise in the annual budget of the military, which now stands at 9 trillion yen (57.7 billion dollars). China's Xinhua News Agency commented in December that it was "alarming", in recent years, to see Japan "dramatically" re-adjust its security policy. It said Japan increased its defence expenditure year after year and relaxed restrictions on?exports. They also stated they were working to develop offensive weapons, and planning to abandon the three non-nuclear principle. China slowed down exports of rare Earths to Japan more than a decade ago during a diplomatic dispute. China's customs data has not yet shown any sign of a decrease in rare earths exports to Japan, despite the fact that data is being released with some delays. Exports increased 35% in November, the last month with data. This was the highest total of the year. Reporting by Ethan Wang and Yukun Zhang; Editing by Shri Navaratnam, Thomas Derpinghaus
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The Gulf exchanges are gaining on the rise in Fed rate-cut bets
The Gulf stock markets rose early on Tuesday, after the Federal Reserve officials' dovish comments prompted a rise in interest rate bets. However, weak oil prices limited gains. Neel Kazhkari, Minneapolis Fed president, said that inflation was gradually decreasing but that unemployment could "pop". This would increase the likelihood of rate cuts. Investors await the non-farm payrolls data on Friday for new clues about?the Fed?s next move. CME's FedWatch showed traders inclining toward easing. The Fed's position?has implications for Gulf economies where most currencies are pegged to the U.S. Dollar, making it a stable anchor for regional currency. Saudi Arabia's benchmark stock index rose 0.1% thanks to a 3.7% increase in Saudi Arabian Mining Company. Dubai's main stock index rose 0.6% with Emaar?Properties, a blue-chip developer, rising 1.1%. Abu Dhabi's Index increased by 0.3%. A survey on Tuesday showed that the non-oil sector of the United Arab Emirates maintained a robust growth in December, even though it was a little slower than a month ago. The Qatari index rose 0.4% led by the Qatar National Bank, which grew 1.3%. The market also weighed the possibility of increased Venezuelan crude production following the capture of President Nicolas Maduro by the U.S. (Reporting and editing by Sumana Naandy in Bengaluru, Ateeq Sharif in Bengaluru)
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FT reports that Italy and Pirelli are exploring new ways to stop Chinese involvement in tyremaker.
The?Italian?government and Pirelli, the?tiremaker, are looking at new ways to stop Sinochem from investing in the?company based in Milan. This is due to pressure coming from?the United States. The Financial Times reported Tuesday that the United States was exerting pressure on Pirelli. Camfina, Pirelli's Italian-American investor, had complained earlier that Sinochem was preventing the tyremaker from expanding in the U.S. as Washington tightens restrictions on Chinese technology for the automotive industry. According to LSEG 'data, Sinochem is Pirelli’s?largest shareholder with a stake in the company of approximately 34.1%. Rome is considering a new intervention, as Washington's upcoming ban on Chinese-backed software and hardware that interacts with U.S. vehicles comes into effect in March. The FT report could not be verified immediately. Pirelli refused to comment. Sinochem and Italian government officials did not respond to requests for comment. Sinochem and the Italian government did not respond to requests for comment. Reports indicate that U.S. officials have pressed Italy in recent months to reduce Sinochem's power, while Pirelli made several proposals to Sinochem, including a stake-sale, but Sinochem didn't immediately respond. According to a report in the FT, Sinochem?last week appointed BNP Paribas?as advisers?to investigate sale options. Last year, sources close to the matter said that Sinochem would consider bids for its Pirelli share if they came with a premium. (Reporting by Bipasha Dey in Bengaluru; Editing by Harikrishnan Nair)
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Gold reaches a new high in a week on Fed rate-cut betting and Venezuela turmoil
Gold prices rose?on Tuesday, reaching a new high. The Federal Reserve's dovish remarks?boosted bets for interest rate reductions and Venezuelan tensions increased demand for safe-haven assets. As of 0722 GMT spot gold was up 0.4% to $4,463.63 an ounce after climbing nearly 3% the previous session. Bullion reached a record-high of $4,549.71 in December and recorded its best annual performance since 1979 with a 64% jump last year. U.S. Gold Futures for February Delivery? rose 0.5% to $4473.90. "The comments by Fed officials certainly didn't harm but it doesn’t seem like the calculus has changed that much." "We have a busy week ahead with the release of Friday's jobs report," said Ilya Spivak. On Monday, Neel Kashkari, president of the Minneapolis Fed, said that inflation was "slowly" easing. However, there was the risk that the unemployment rate would "pop", increasing the likelihood of rate cuts. Investors expect two rate cuts at least this year. They will be looking for monetary policy clues in the Friday nonfarm payrolls report. On Monday, the former Venezuelan president Nicolas Maduro denied narcotics-related charges. The arrest of Maduro by Donald Trump rattled leaders around the world and caused officials in Caracas to scramble to regroup. Spivak stated that "the capture of Maduro demonstrated this rupture between the U.S., China and (the ongoing trend) de-globalisation." In a low interest rate environment, and in times of geopolitical uncertainty or economic instability, non-yielding investments tend to perform well. Silver spot?gained 2.8 percent to $78.64 an ounce after reaching an all-time high of $83.62 per ounce on December 29. Silver's annual gains in 2025 were 147% higher than gold. This was the best year ever for silver. After reaching an all-time record of $2,478.50 on Monday, spot platinum rose 2% to $2,315.69. It rose by more than 5% in the morning session, reaching a new high. Palladium was 2.2% higher, at $1.745.68 an ounce. Reporting by Ishaan arora, Editing by Sherry j. Phillips and Subhranshu Sahu
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Holcim acquires French precast concrete maker Alkern
Holcim announced on Tuesday that it has completed the purchase of French precast cement maker Alkern. This is the latest acquisition for the Swiss based building materials manufacturer. Alkern employs 1,000 workers and has over 50 production sites in France, Belgium and the Netherlands. Its net sales are expected to be around 250 million euros (about $293 million) by 2025. Holcim did not disclose the price of the acquisition. Holcim stated that the acquisition would increase earnings from the first year. Holcim aims to generate half its sales from building solutions in 2030. In the first nine months of 2025, this figure was 37%. Holcim is interested in expanding into this market because it provides an additional growth channel for its traditional cement business. It also allows more cross-selling and differentiating its products from its competitors. Alkern, a privately-held company, produces precast concrete products like pipes, curbs, and paving stones that are used in infrastructure projects, industries, and buildings. Dragan Maksimovic is Holcim’s regional head for Western Europe. He said that Alkern’s precast concrete offerings in France as well as its walling, flooring and water management system are complementary to Holcim’s portfolio.
With appetite, climate cuts, US House farm costs proposal deals with slim Senate odds
The U.S. Home Agriculture Committee on Friday launched a longawaited farm costs draft that includes arrangements to lower spending on food aid for the bad and efforts to assist farmers fight climate change, drawing opposition from Democrats.
Congress faces high odds to pass a farm bill this session as the Republican-controlled Home and Democratic-majority Senate stay far apart. The expense is expected to cost $1.5. trillion over 10 years.
The legislation, which funds nutrition, conservation, and. commodity programs, is traditionally passed every five years. The 2018 law expired in September, and Congress extended it for. a year. Lawmakers might do that once again if they stop working to pass brand-new. legislation.
The draft provided by the Home Farming Committee would. cut spending on the Supplemental Nutrition Support Program. ( SNAP), which funds food benefits for low-income households, by. $ 27 billion over 10 years, a committee aide stated.
The savings result from restricting the Department of. Farming's authority to update the expense of a sample grocery. budget plan that underlies the advantage calculation.
Anti-hunger groups have stated they oppose any cuts.
Your house expense would also rescind as much as $14.4 billion. for climate-friendly farm practices provided by the 2022. Inflation Decrease Act. That money would appear for. all preservation practices, a relocation Democrats and environmental. groups have actually promised to eliminate.
Democrat Debbie Stabenow, chair of the Senate Agriculture. Committee, has said the idea is a non-starter. The White Home. has likewise vowed to safeguard the funds.
A Republican committee aide said the move would increase. conservation financing for farmers over the long term and give. states more control over how the cash is used.
House Agriculture Committee Chair Glenn GT Thompson plans. to bring the draft to a committee vote on May 23.
Stabenow and fellow Democrat David Scott, ranking member of. the House Farming Committee, said in a statement on. Wednesday that the plan would split the broad, bipartisan. coalition that has actually always been the foundation of an effective. farm bill.
The Senate farm committee released a summary of its version. of the expense on May 1 however has not launched the legislation's. language.
The 2 committees should reconcile their expenses before sending out. the legislation to the full chambers for a vote. If passed,. President Joe Biden would need to sign it into law.
(source: Reuters)