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Bankers: Tata Group's Indian units to sell bonds after a year-long gap
After more than 15 months, two merchant bankers said that two of India's Tata Group Infrastructure units will re-enter the corporate bond markets in the next few days. The Reserve Bank of India left its key policy rates unchanged in the past week, which provided some relief for the market. Tata Steel will raise 30 billion rupees (313.23) through the sale of bonds with a five-year term. Tata Projects, an?real estate company, may raise between 5 and 10 billion rupees by combining three-year paper with five-year paper. One of the bankers said, "Both companies have alerted their merchant bankers and are waiting for the rates to drop further before they tap the market." The bankers requested anonymity as they were not authorized to speak with the media. Tata Projects didn't reply to an email requesting comment. Tata Steel stated, "We don't have any immediate plans for bond issuances." According to LSEG, before the RBI's rate announcement, yields for AAA-rated corporate bonds of two-to five-year maturity had risen past 8%. This was their highest level since early 2019. Since then, they have fallen by a little over 50 basis points. Tata Steel has 150 billion rupees of outstanding bonds. Its 10-billion rupee maturity is in October. The borrower with AAA rating last raised money in the market on February 20, 2025. It did so by issuing?five-year bond at a coupon of?7.65%. Tata Projects, which is rated?AA by the rating agencies, raised 5 billion rupees in one month through a sale of six-year bonds with an 8.60% coupon.
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Russian attacks on Ukraine kills four as Zelenskiy wins support for ceasefire negotiations
According to officials, four people died and over 20 were injured when Russia struck Ukraine's Kharkiv region with missiles and drones. Meanwhile, the Crimean peninsula, which is annexed by Russia, said that it was repelleding drone attacks. These strikes come after Russia and Ukraine launched large-scale attacks on each other over the past few weeks. Last week, Ukrainian President Volodymyr Zelenskiy called for the end of the war and suggested direct dialogue between Ukraine with Russia. Zelenskiy, who was returning from London after talks with leaders of Britain and France as well as Germany, said that they were prepared to support ceasefire talks. Zelenskiy said that he also had a "positive conversation" with U.S. Envoys Steve Witkoff, and Jared Kushner. He praised their willingness to work towards a peace settlement in the next few weeks. Oleh Syniehubov, the regional governor, posted a photo of an apartment burning in a destroyed building. He noted that a drone attack overnight on the regional capital,?Kharkiv, had led to 15 people seeking medical attention, including three children. In a separate post, Galina Mineeva, the mayor of Chuhuiv, stated that six people were injured in the town. Mikhail Razvozhayev said that the defense systems in Sevastopol, which is home to Russia's Black Sea fleet and annexed Crimea by Russia, were repelling an attack from a drone, according to Telegram. The reports could not be independently verified. In the last month, Russia has continued to attack Ukraine's energy infrastructure with Oreshniks while Ukraine has intensified its attacks. Both Moscow and Kyiv claim that gaining battlefield advantage is beneficial to their diplomatic efforts. CAUTIOUS STEPS TO RESUME PACE TALKS The U.S. peace efforts between Ukraine, Russia and other countries have mostly stalled because Washington is focusing on finding a resolution to the Iran War. A source familiar with the situation said that U.S. officials and Ukrainian officials "continue to discuss" a potential visit to Kyiv for Witkoff or Kushner in the near future. The two envoys would make their first official trip to Ukraine. They had previously visited Moscow to hold talks with Russia. Elina Valtonen, the Finnish foreign minister, also told the UN Security Council that Nordic countries support Zelenskiy’s proposal for a ceasefire immediately and direct talks with Russian president Vladimir Putin. Zelenskiy informed Keir-Starmer, the UK's Prime Minister about the need for more missiles to be used in air defence systems. On Tuesday, Russian Deputy Foreign Minister Mikhail Galuzin said that NATO countries are increasing their presence near Russia and Belarus. "We are always ready to use all means to guarantee the security of our Union State", he said to the Izvestia, referring to the political, economic and security alliance between Russia, Belarus and Ukraine. (Reporting and editing by Tom Hogue, Edwina Gibbs and Jekaterina Glubkova from Tokyo)
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The cost of the Iran war is increasing for India's economy and government finances
India's economy was doing well a few months back. India's economy was humming along nicely a few months ago. India is now counting the costs of the Iran War, which, according to economists, will continue to rise if the deadlock in the U.S.-Iran conflict?remains unresolved' and if oil supplies are blocked. India is the third largest oil consumer and importer in the world. It ships about 90% of its crude oil. This makes its economy one of the most exposed to war-related disruptions and war-related wars. India announced a series of measures on Friday to limit the impact of the rising rupee on foreign exchange reserves and the economy. Analysts say that the overall drag on growth, inflation, and government finances will continue to grow as long as the oil price remains high. Michael Langham is an emerging markets economist with Aberdeen Investments. As a result of the Iran War, there will be disruptions in the supply of fertilisers, which could impact important crops such as wheat, at a time when farmers are bracing themselves for the El Nino weather phenomenon, which often signals drought. Langham stated that the RBI will find it increasingly difficult to "look past the energy price shocks from the Strait of Hormuz" due to the overlap of these supply-side shocks. Sanjay malhotra, the governor of India's central banking system, spoke at the end last year about an "unusual Goldilocks phase" for India's economy, as it moved into 2026. The inflation rate was falling, and the growth rate remained strong. The Iran war has changed that. India's oil and gas import bill increased by 53% from March to April, leading forecasts that the BoP deficit (basically money entering the economy minus money leaving) would balloon. HSBC believes that the series of measures taken on Friday could help limit currency damage. It had predicted that India's BoP would reach $65 billion by 2026-27. However, the new measures are expected to reduce the deficit by $30 billion. India's BoP was $25.2 billion in?2025-26, or 0.6% GDP. India has also reduced gold imports. It is urging its citizens to limit their foreign travel, and to use public transport more to reduce oil consumption. "DIFFICULT POSITION" The macro-picture is much more difficult. After the war started on February 28, benchmark international oil prices soared to almost $120 per barrel. Gas prices have fallen, but remain 30% higher than before. The same period, the number of people who are able to access healthcare has increased by 75%. The central bank expects an average inflation rate of 5.1% for the year ending March 2027. This is up from the April reading of 3.48%, while the economic growth will drop to 6.6%, down from 7.7% the year before. Interest rate swap markets have priced in at least 25 basis points of rates increases over the next three month and over 75 basis points for the next year. Sat Duhra is the portfolio manager of Janus Henderson Investors' Asia ex-Japan Equity Team. Duhra stated that the energy shock will?undermine growth and put pressure on government finances. He said that any attempt to reduce public sector capex in order to stabilize conditions could lead to a further slowdown of growth. This puts policymakers in an awkward position. Strong OIL DEMAND India delayed raising fuel retail prices because import costs grew. Petrol and Diesel are only up 10% since then compared to 50% or more for some other oil-importing Asian countries. The government is the largest shareholder in the major retail companies, and although the prices of petrol and diesel are not regulated, it exerts a significant influence. High prices in other markets have helped to balance the undersupplied market. Analysts say that the government's strategy of not compensating fuel retailers will cost it financially, as it would reduce its ability to deal with the crisis. A government official has said that the government's subsidy on fertiliser is likely to increase by 20% in 2026/27. The agrarian sector of India's economy, which employs nearly half the country, is dependent on fertiliser. However, this may be even more important in 2018 due to El Nino and its potential for drought. The government has also reduced gasoline and gasoil tax, resulting in a monthly revenue loss of 140 billion rupees. The government targets a fiscal surplus of?4.3% this year. However, a poll predicted it would rise to 4.7%. Some economists even predict it could reach 5%. The Indian credit rating agency Crisil anticipates that retail oil prices will continue to rise, but at a slower pace. This will have an impact on a larger audience. In a report, it stated that "the broader effect" would reverberate throughout the economy due to higher transport costs. This will push up food prices and core inflation.
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Gold prices rise as traders consider inflation and Israel-Iran ceasefire risks
Gold prices were stable on Tuesday as traders weighed the fragile ceasefire agreement between Israel and Iran, and watched for any signs of progress within the Middle East conflict. They also pondered inflation concerns and interest rate hikes. As of?0222 GMT, spot gold remained at $4,332.50 an ounce. The previous session saw bullion reach its lowest level in over two months. U.S. Gold Futures for August Delivery were down by 0.1% to $4,357.10. Tim Waterer, chief market analyst at KCM Trade, said that gold is currently trading in a muted manner, as traders are unsure about the durability and the impact of the ceasefire between Israel and Iran, but remain cautious before this week's important U.S. Inflation data. Iran and Israel announced on Monday that they had stopped their attacks after receiving an appeal from U.S. president Donald Trump. However, Tehran warned that it would resume hostilities should Israel continue to strike Hezbollah. Goldman Sachs expects that the U.S. Federal Reserve will keep interest rates unchanged through 2026, and defer rate cuts until after 2027. They cite stronger economic activity and job growth. According to the CME FedWatch tool, traders are pricing in more than 70% of a Fed Rate Hike by December. Investors will be watching the U.S. Consumer Price Index for May, which is due on Wednesday. This data will help them gauge?the Fed’s monetary policy direction. Waterer said that a return to $5.500 gold is still possible by the end of the year, driven by central bank demand. But it would require cooperation from oil prices, bond yields, and?the dollar, which all have to?turn lower," he added. Spot silver dropped 0.7% to $67.71 an ounce. Platinum lost 0.2% to 1,751.39 while palladium rose by 0.8% to $1,000.38.
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Asia stocks show a tentative rebound, but bonds are under pressure
The Asian stock markets tried to stabilize on Tuesday. Oil prices fell after Israel and Iran announced that they would halt their attacks against each other for the time being. Ever-hopeful investors, however, bought up the latest dip in semiconductor stocks. Analysts warned that the rebound was only a small one, with 60% of S&P 500 ending in the red over night even though the index as a whole edged upward. In early trading, share futures on Wall Street and Europe also fell. The Strait of Hormuz remains severely restricted, and higher bond yields continue to challenge equity valuations. Analysts at BofA stated that "inflation is still sticky enough to cause 46 out of 68 central banks in the world to exceed their targets. This helps explain why bond markets are repricing for tighter policies, as well as why private credit and long-duration assets are suffering, along with several EM currencies. Our Global Breadth Rule indicates that nearly half of the equity markets are already overbought. Leading the way is Korea, Taiwan, and Finland. South Korea's stock market rose 3.0% after plunging more than 8% Monday following a series of spectacular gains that left retail investors with stretched margin positions and valuations. The Nikkei 225 index rose 0.3% after falling 3.9% in the previous session, while MSCI’s broadest Asia-Pacific share index outside Japan increased 0.9%. EUROSTOXX Futures, DAX Futures, and FTSE Futures all fell?0.6% in Europe. Both the Nasdaq and S&P 500 futures fell by 0.3%. Oracle's results on Wednesday will be the next major test for technology. Price Increases for Rate Hikes Apple shares did not receive any immediate boost from the long-delayed AI revamp of Siri that was unveiled at its Worldwide Developers Conference. OpenAI, a ChatGPT maker, filed a confidential application for an initial public offering in the United States on Monday. It joined rival Anthropic and a rush of equity financing worth a trillion dollars. The bond markets struggled as investors priced in the risk of Federal Reserve rate hikes after the positive May U.S. Payrolls Report. The data on U.S. Consumer Prices due Wednesday is expected to show that energy costs continued to push headline inflation higher in the month of May. Futures prices indicate that a Fed rate hike could happen as early as October. A quarter-point increase is nearly?fully priced in for December. The yield on two-year Treasury bonds remained at 4,158% after reaching their highest level since early 2025, at 4,201%. The markets are fully priced in for the European Central Bank to raise the rate by a quarter point, from 2.25% to 2.25% when it meets on Thursday. By the end of the year, the rate will be at 2.5% or even 2.75%. The dollar remained stable at 160.17, just below the overnight high of 160.395. The next bullish target is the April 160.725 high, but investors are wary that a break might prompt a new intervention by?Japanese officials. The euro was at $1.1527 after hitting $1.1500, a low of nine weeks, overnight. Meanwhile, the pound climbed off a trough of three weeks to $1.3334. Brent crude fell 0.2% overnight to $94.08 per barrel after reaching as high as $98,000, and U.S. crude dropped 0.3% to $91.06 per barrel. Gold fell 0.3%, to $4,316 per ounce. It had touched a two month low at $4,268.39 an ounce on Monday. (Reporting and editing by Kevin Buckland; Wayne Cole)
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Oil prices rise slightly as investors wait for clarity following the Iran-Israel ceasefire
The oil prices rose in the early trade on Tuesday, after Iran and Israel indicated that they were open to a possible resumption in hostilities despite having called an end to hostilities in response to an appeal by U.S. president Donald Trump. Brent crude futures were up 13 cents or 0.14% to $94.38 per barrel at 0001 GMT. U.S. West Texas Intermediate was up 11 cents or 0.12% at $91.41 per barrel. Prices rose as high as 5% the previous session, after renewed Israeli attacks on?Iran. Attacks in Lebanon also reduced the hope of an imminent conclusion to the war. However, gains were pared?after Iran announced that it had ended its military operations against Israel. Tim Waterer is the chief market analyst for KCM Trade. He said: "While investors are not confident that the truce will last, they do feel some relief at the latest pause in direct strike." Waterer said that the market is pricing in continued uncertainty, rather than a permanent resolution. Iran and Israel announced that they had ceased their attacks after President Donald Trump's appeal to "stop shooting" immediately. However, Tehran stated it would resume its strikes if Israel continued hitting Hezbollah. Tony Sycamore is a market analyst for IG. He said that while this stopped the situation from snowballing, it did not change the fact that the geopolitical background remains tense and a lasting deal of peace remains elusive. Benjamin Netanyahu, Israeli Prime Minister, said in a video statement broadcast by Israeli Television that Israel would use force if Iran attacks again. In an interview with Axios published on Monday, Trump said that he warned Netanyahu he could find himself fighting alone in the event that he returned to war?with Iran. Waterer stated that the key question is whether or not current de-escalation attempts can translate into a more lasting resolution. Or if we are simply in another temporary lull. Washington wants to see the Strait of Hormuz reopened, as it was through this strait that a fifth of world oil supply passed before the United States. Israel and the United States launched airstrikes against?Iran in late February. On Monday, the U.S. The U.S. military reported that forces in the Gulf of Oman disabled an oil tanker after it tried to sail into an Iranian port, in violation of the current blockade against Iran.
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James Hardie defends class actions in Australia for alleged forecast breach
James 'Hardie Industries announced on Tuesday that it will 'defend against a class-action lawsuit filed in an Australian court alleging breaches of?the fibre cement manufacturer’s earnings forecast. The?company's statement said that the proceeding was brought on behalf investors who purchased interests in certain James Hardie Securities between May 21 and 19 August last year. James Hardie was accused of violating certain corporate, consumer and regulatory laws in relation to its statements about future financial performance measures. The company said that it was in compliance with its disclosure obligations and would 'defend themselves against the proceedings. A local report on Monday said that a lawsuit was filed against James Hardie in order to determine if the company failed to disclose adverse circumstances affecting its North American fiber cement business before August 20, 2025. The report said that the case will also examine if James Hardie had to correct or withdraw its 2026 earnings forecast by the end of March 31. James Hardie, in May of last year, said that it expects a low-single-digit increase in the total adjusted operating earnings by 2026. It forecast a low-single-digit increase in net sales for its largest market, North America. North America's fibre cement business has been merged into the Siding & Trim Division.
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USDA confirms that three more cases of screwworm have been confirmed in the United States
The U.S. Department of Agriculture confirmed three additional cases?of New World?screwworm, including two in Texas. Department of Agriculture confirmed Monday three more cases of New World Screwworm, two of which were in Texas. The Animal and Plant Health Inspection Service reported that the two Texas cases involved a calf from La Salle County and an adult goat from Gillespie County. APHIS clarified a fifth case that was reported earlier on Monday, involving a dog from Andrews County. The case will be reclassified to 'the first case detected in New Mexico. The agency stated that the veterinarian who reported the incident is located in Texas. However, the dog resides in Lea County in New Mexico, which borders Texas. In a press release, Dudley Hoskins stated that "this situation is evolving and we expect new information will?emerge? as our investigation continues." New World screwworm can infect any warm-blooded creature, including livestock and pets. It is also known to infest people in rare instances. The larvae burrow into living tissue, causing serious wounds and suffering to animals. The USDA confirmed a second case of the flesh-eating parasite in Texas on Friday, just a few miles away from the site where the first U.S. discovery in decades occurred last week. Reports?last year indicated that hundreds of veterinarians, lab workers, and support staff at the USDA's animal health division had left because the Trump administration had pushed for resignations. This meant that there were fewer specialists available to respond to animal disease outbreaks. Reporting by Anushree mukherjee in Bengaluru, Anjana Anil and Leah Douglas at Washington, and editing by Louise Heavens & Aurora Ellis
Texas oil regulator under scrutiny as zombie wells gush back to life
On a stretching ranch in Pecos County in late July, oil well control specialist Hawk Dunlap used a backhoe to discover a deserted or socalled zombie well that had bounced back to life in spite of being plugged just over a year earlier, hissing gas and bubbling poisonous water into the dry Texas dirt.
Worn brilliant red coveralls and a silver hard hat, Dunlap hopped off the machine and into the hole to clear away staying soil with a shovel, and after that picked up a brittle portion of cement that was part of the casing implied to keep fluids and gases underground. He squashed the cement into dust with a light squeeze of his fingers as the Briggs household, who own the cattle ranch, formed a circle around him.
This was not plugged properly, Dunlap stated. This is the work of the three stooges of the Railway Commission.
The Railroad Commission (RRC) is the regulative body that, despite its name, oversees oil and gas operations in Texas. And Dunlap, a three-decade veteran of oil fields around the globe, has turned into one of its most singing critics.
Armed with a portable gas detector and smart phone, Dunlap has actually invested much of the last two-and-a-half years documenting a. flurry of oil well blow-outs and leakages across West Texas at the. wish of landowners, in an epidemic he states is being triggered by. low-quality plugging tasks left behind by operators and their. contractors and authorized by the RRC.
He and his partner Sarah Stogner, an oil and gas legal representative who. files their work on social media, say they have actually now tape-recorded. over 100 dripping tradition or orphan wells without any responsible. owner, which were listed in RRC records as correctly plugged,. consisting of the one at the Briggs Cattle Ranch in Pecos County.
Reuters reporting in West Texas, together with interviews with. landowners and specialists and an evaluation of RRC records show why the. state regulator is under increased pressure to step up its. oversight. The included examination comes at a time when over the last. two years, more and more deserted wells have begun to spill. and even gushed geyser-like, formed salt and chemical-laden lakes. or caused sinkholes.
Making matters worse is the increasing pressure rising from. beneath the ground due to the billions of gallons of wastewater. injected back into reservoirs for disposal in most current. fracking-led drilling boom in the Permian basin, the largest. U.S. oilfield. That pressure, Dunlap says, likely causes the. badly plugged wells to burst.
The U.S. Epa stated it would. examine whether to withdraw the RRC's permitting authority for. waste disposal wells after Texas watchdog group Commission Shift. filed a federal grievance alleging mismanagement.
RRC representative Patty Ramon said the EPA has not yet. contacted them to introduce the review, and noted the agency. formerly applauded its underground injection program.
We will assist them with any input if they do, Ramon said.
Confronted with the increasing number of calls from worried. landowners, Dunlap is running a long-shot project to win one of. the 3 RRC seats as a libertarian this fall, wishing to. alter the organization from within.
It's about seeing that things are done right and not. letting oil companies run over the residents of Texas simply. since they produce oil and gas and pay some royalties, he. informed Reuters.
Among the changes he wish to see: quicker and better. quality plugging of wells, accountability for the oil business. who left them behind, and a brand-new name for the Railroad Commission. to make clear it controls the oil market.
I invested 27 years strolling the Earth lauding the fact that. Texas does it bigger and much better than everybody else. So you have. to comprehend that when we began excavating and examining. ... it was, a fair bit of a gut punch for me, said Dunlap, who. has actually operated in 103 countries.
BEST STORM
Without a solvent owner of record, the obligation of. plugging these orphan wells falls on the RRC, which plans to. plug 2,000 wells this year with state funds.
While the RRC has actually documented over 8,500 inactive or. unplugged orphan wells in Texas, specialists approximate there are. thousands more undocumented, the legacy of more than a century. of drilling, that are not eligible for closure financing.
Meanwhile, oil drillers working new wells in the Permian. overlying Texas and New Mexico are building up around 24. million barrels daily of produced water-- the salted mixture. that turns up alongside oil and gas, according to Laura Capper. with energy advisory EnergyMakers. In between 40-55% of this water. is injected in regional disposal wells, with much of the rest. recycled for oil operations, she stated.
On top of concerns of produced water - packed with chemicals. like radium and boron - threatening regional aquifers and. plants, all the drilling, pumping, and reinjection is. triggering the earth to rise and go away in locations and triggering. quakes, landowners and activists say.
It is this best storm in the Permian with all this. produced water, earthquakes and orphan wells, stated Adam Peltz,. director of the Environmental Defense Fund's Energy Program.
Deep injections of wastewater have set off earthquakes,. which has resulted in the RRC limiting new drilling allows in. some areas. Shallower injections, nevertheless, overpressure the. subsurface, triggering inadequately plugged wells to leakage or blow.
The RRC pushed back on the assertion that the problem is. extensive.
There is little evidence of a widespread event of. previously plugged wells leaking, Ramon stated, adding that. commission inspectors put high-risk, high-priority wells at. the top of their plugging list.
In 2022, Texas received a $25 million preliminary grant from the. bipartisan infrastructure law's Orphaned Well Program to deal with. the issue. It got another $80 million in January however with. strings attached: use of the money requires the RRC to determine. the quantity of methane and other gases dripping from plugged wells. before and after plugging.
The RRC has actually approximated that it will require over $481. million total to plug its wells.
Ramon said the RRC has used up the first tranche of federal. funds and begun to take advantage of the bigger tranche, in addition to. its state orphan well funds. She said the company is complying. with federal requirements.
' JUST WORSENING'
Meanwhile, researchers have been firming up the link in between. wastewater injection and erupting wells.
A paper published in July by Geophysical Research. Letters by researchers from Southern Methodist University, for. example, showed that a huge orphan well blowout in Crane. County, Texas, in 2022 was triggered primarily by wastewater injection. occurring numerous miles away.
The RRC is also examining the link however has not yet. released a conclusion. It shut in two saltwater disposal wells. after a series of earthquakes just northwest of Pecos County in. the last week of July.
Back in Pecos County on the 800-acre (320-hectare) Briggs. ranch that has actually 30 deserted wells last efficient in the 1980s,. Laura Briggs said things have actually just been becoming worse.
Less than one week after Dunlap collected the previously. plugged well on the home, a separate old dripping well less. than 1,000 feet (300 m) from her home and animal pens unexpectedly. had an explosive blowout of produced water. Briggs' gas screen. revealed high levels of poisonous hydrogen sulfide.
It's been leaking for a year. I've reported it to the. commission several times, she said. However it has to leakage like. this before the Railway Commission will respond.
In early August, a vacuum truck reached the cattle ranch to. begin transporting away the fluid streaming out of the well as it. pooled up near her animals.
It's going to draw up what's coming out of that well, she. said about the truck. Then he's going to take it off and dump. it into a saltwater disposal well, which is why these wells are. dripping..
(source: Reuters)