Eforex India

22/05/2019

INTERNATIONAL NEWS
• UNITED STATES
U.S. President Donald Trump told Democratic leaders on Tuesday to pass the United States-Mexico-Canada trade pact before working on an infrastructure bill, a sign that crumbling roads and bridges are unlikely to get significant federal funding for repairs this year.The dollar hovered near a four-week high on Wednesday, supported by higher U.S. yields after the United States eased trade restrictions on Chinese telecommunications equipment maker Huawei Technologies.

• CHINA
US-China trade woes on the fresh reports that the US is considering blacklisting up to 5 Chinese surveillance companies. The news overshadowed the optimism fuelled by Huawei’s reprieve.

• BRITAIN
Members of the parliament (MPs) reacted negatively to the Prime Minister Theresa May’s incentive to vote for her Brexit proposal. Those included promise to have a right to conduct another referendum and also have a say on the customs union issue.PM May will present statement providing details of her 10-point Brexit proposal during the Wednesday’s parliament session.

• JAPAN
Japan’s exports fell 2.4% in April from a year earlier, down for a fifth straight month and imports rose 6.4%, leading to a surplus of ¥60.4 billion.Japanese exports contracted for the fifth month in April due to a slump in shipments of chip-making equipment to China, underlining the growing threat to the world’s third-biggest economy from a bruising Sino-U.S. trade war.Data also showed Japan’s trade surplus with the United States rose for a second month as auto exports accelerated, which could draw U.S. President Donald Trump’s ire before U.S.-Japan trade negotiations begin this week followed by a leaders’ summit a few days later.

• YEMEN
Yemen’s Iran-aligned Houthi movement launched a drone attack on Saudi Arabia’s Najran airport.It said it targeted hangars containing war planes. There were no immediate reports of damage or casualties. There was also no immediate comment from Saudi Arabia or the Saudi-led coalition.
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The US is preparing to slap new tariffs on remaining Chinese imports worth roughly $300 billion. -US Trade Representative.

21/05/2019

INTERNATIONAL NEWS 21/05/2019

GLOBAL NEWS-

• UNITED STATES
The dollar was steady near a 2-1/2-week high on Tuesday, supported by higher U.S.-yields and its safe-haven status, with growing worries that the U.S.-China trade war could worsen following Washington’s crackdown on China’s Huawei Technologies. Federal Reserve Chair Jerome Powell said on Monday that it was premature to make a judgment about the impact trade and tariff issues could have on monetary policy.

• JAPAN
Japan’s government is already planning to take sufficient steps to mitigate the pain a scheduled sales tax hike in October could inflict on the economy, its top spokesman said on Tuesday. Prime Minister Shinzo Abe has repeatedly said he would proceed with the tax hike in October. But some lawmakers have called for postponing it, or ramping up fiscal spending to ease the pain on concern that the higher levy could cool consumption and push the economy into recession.
• BRITAIN
The latest polling for the European Parliament elections shows that Nigel Farage's brexit's party is likely to gain the most votes in the UK, as establishment parties are forecast to lose their majority across the European Union.The vote takes place in the UK this week, on Thursday 23 May, with the Europe-wide results expected on the evening of Sunday 26 May.These are expected to see establishment parties across the continent suffer, both at the hands of the populist-Right as well as resurgent liberal parties.The result is likely to be a more fragmented European parliment , with the centre Right EPP and centre-Left S&D forecast to lose their combined majority.

• SINGAPORE
Singapore’s annual economic growth slipped to the lowest in nearly a decade in the first quarter as manufacturing contracted in the wake of a protracted Sino-U.S. trade war, prompting a downgrade to the city-state’s full-year growth forecast.Gross domestic product (GDP) expanded 1.2% year-on-year in the three months ended March 31, final official data showed on Tuesday, down slightly from the 1.3% seen in the government’s advance estimate and the fourth quarter’s revised 1.3% pace.

• YEMEN
Yemen’s Iran-aligned Houthi movement tried to target a civilian facility in Saudi Arabia’s province of Najran with a drone carrying explosives, the Saudi Press Agency (SPA) quoted the Saudi-led military coalition as saying early on Tuesday.It did not mention casualties.

• AUSTRALIA
Australia’s central bank is set to cut interest rates if the labour market fails to improve further, an outcome brought closer by recent disappointing data on unemployment.Minutes of the Reserve Bank of Australia’s (RBA) May policy meeting out on Tuesday dropped an oft-repeated sentence that ‘there was no strong case for a near-term adjustment to rates’, suggesting a cut might be close.Markets are wagering an easing, the first since mid-2016, could come as soon as June. The timing could be clearer once RBA Governor Philip Lowe gives a highly anticipated speech later on Tuesday.

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The US is preparing to slap new tariffs on remaining Chinese imports worth roughly $300 billion. -US Trade Representative.

17/05/2019

INTERNATIONAL NEWS 17/05/2019

• UNITED STATES
Helicopters ferried U.S. staff from the American embassy in Baghdad on Wednesday out of apparent concern about perceived threats from Iran, which U.S. sources believe encouraged Sunday’s attacks on four oil tankers in the Gulf.

• CHINA
China may have no interest in continuing trade negotiations with the U.S. now, as it sees little “sincerity” in U.S. President Donald Trump’s recent approach.If the U.S. doesn’t make any new moves that truly show sincerity, then it is meaningless for its officials to come to China and have trade talks, according to state-run Xinhua News Agency.The U.S. has been talking about wanting to continue the negotiations, but in the meantime it has been playing “little tricks to disrupt the atmosphere,” it wrote, citing Trumps steps this week to curb Chinese telecom giant Huawei Technologies Co.

• TURKEY
The U.S. announced a rollback of steel tariffs against Turkey that it originally levied in August as trade and diplomatic relations deteriorated because of Turkey’s economic crisis and a row over the Turkish government’s detention of an American pastor.

• JAPAN
Japanese Economy Minister Toshimitsu Motegi said U.S. Trade Representative Robert Lighthizer had assured him Washington won’t seek restrictions on auto exports -- a nearly $50 billion trade sector that could cloud a state visit next week by President Donald Trump.Trump is expected to sign this week. Under the proposed deal, the U.S. would give the EU and Japan 180 days to agree to limit auto imports into the U.S. in return for delaying new auto tariffs.

• ENGLAND
The Bank of England, preparing for a possible no-deal Brexit, is trying to harness reams of real-time digital data on traffic jams, card payments and shipping in case it has to make a snap decision to raise or cut interest rates.

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President Donald Trump is expected to delay a decision to impose auto tariffs by up to six months to avoid blowing up negotiations with the EU and Japan.

15/05/2019

INTERNATIONAL NEWS 15/05/2019

• UNITED STATES
U.S. President Donald Trump on Tuesday defended his trade war with China as tensions escalated and markets extended their losses, promising a deal with Chinese President Xi Jinping soon, even as fears escalated about a protracted battle. In a string of early-morning tweets, Trump kept up his “America First” agenda in support of hefty tariffs and called on U.S. companies to back him by shifting their businesses away from China. When the time is right we will make a deal with China,” Trump said. “It will all happen, and much faster than people think!”.

• CHINA
China on Wednesday reported surprisingly weaker growth in retail sales and industrial output for April.Overall retail sales rose 7.2% in April from a year earlier, the slowest pace since May 2003, data from the National Bureau of Statistics (NBS) showed. That undershot March’s 8.7% and forecasts of 8.6%.

• BRITAIN
British Prime Minister Theresa May will launch another push next month to approve Britain’s exit from the European Union before the summer break, setting a new deadline for her Brexit plan and a potential timetable for her own departure.

• JAPAN
Japan has complained at the World Trade Organization about India’s duties on mobile phones, base stations and routers, and the circuit boards and other components that go into them, a WTO filing showed on Tuesday.

• MAXICO
Mexico is closing in on a deal to repeal U.S. President Donald Trump’s punitive tariffs on steel and aluminum, a senior Mexican official said on Tuesday, potentially moving a step nearer to the ratification of a major trade deal struck last year. We are, I think, close to negotiating the lifting of the tariffs,” Mexican Economy Minister Graciela Marquez after meeting with Canadian Foreign Minister Chrystia Freeland in Toronto.“We’re having very fruitful conversations on lifting the tariffs not only in the U.S. but also here in Toronto.”
• GOLD
Gold prices edged lower on Wednesday, retreating from a one-month peak hit in the previous session as optimism surrounding trade talks between Washington and Beijing soothed investor concerns, boosting global stocks and the dollar.Spot gold fell 0.1% to $1,295.54 per ounce by 0313 GMT.

• OIL
Oil prices fell on Wednesday after data showed a surprise rise in U.S. crude stockpiles and Chinese industrial output for April grew less than expected, but prices were supported by mounting tensions in the Middle East.Brent crude futures were at $71.04 a barrel at 0358 GMT, down 20 cents, or 0.3%, from their last close.

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The US is preparing to slap new tariffs on remaining Chinese imports worth roughly $300 billion. -US Trade Representative.

14/05/2019

INTERNATIONAL NEWS ON 14/05/2019

• UNITED STATES
The US is preparing to slap new tariffs on remaining Chinese imports, which could add levies on goods worth roughly $300 billion thus expanding US tariffs to cover all $540 billion in Chinese imports, Cellphones and laptops would be included in that list but pharmaceuticals would be excluded. according to a May 13 release by the Office of the US Trade Representative. With hopes fading for an early resolution of the year-long US-China trade dispute, President Trump said he would meet Chinese President Xi Jinping at the G20 leaders' summit in Osaka, Japan, on June 28-29.
• CHINA
Chinaannounced it would impose higher tariffs on $60 billion of U.S. goods following Washington's decision last week to hike its own levies on $200 billion in Chinese imports.“Now that China has started retaliating, the tension seems escalating.
• AUSTRALIA
Australian dollar found their footing again on Tuesday as broader sentiment stabilized after U.S. President Donald Trump said he expected Sino-U.S. trade negotiations to be successful.

• INDIA
Indian sugar production in 2019/20 is expected to decline 8.4% from the record-large 2018/19 crop to 30.3 million tonnes, the U.S. Department of Agriculture attache in New Delhi said in a report.
• ASIA
Fresh volleys in the U.S.-China tariff war pressured Asian shares on Tuesday, but comments from U.S. President Donald Trump that he expects trade negotiations to be successful eased some worries.

• BRITAIN
British Prime Minister Theresa May was under pressure from her own party on Tuesday to abandon a bid to find a Brexit compromise with the opposition Labour Party.Nearly three years since the United Kingdom voted 52% to 48% to leave the European Union, there is still no agreement among British politicians about when, how or even if the divorce should take place.

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Theresa May is targeting July 1 as the day Britain leaves the EU after abandoning a deadline for a Brexit agreement with Labour.

10/05/2019

INTERNATIONAL NEWS 10/05/2019
• UNITED STATES
Top U.S. and Chinese trade negotiators concluded the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China.Tension between Washington and Beijing has risen after a major setback in negotiations last week when China revised a draft deal and weakened commitments to meet U.S. demands for trade reform.
Chinese Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin talked for 90 minutes on Thursday and were expected to resume talks on Friday.Before they get back around the table on Friday, the United States will have increased duties on $200 billion of Chinese goods, to 25 percent from 10 percent. The duties apply to cargoes leaving China after 12:01 a.m. EDT (0401 GMT) Friday.
• CHINA
China on Friday said it “deeply regrets” the United States’ decision to increase tariffs on $200 billion worth of Chinese goods to 25% from 10%, adding without elaborating that it would take necessary countermeasures.
• JAPAN
Risks of a recession and heightening global uncertainties pushed Japan’s central bank to commit to keeping interest rates at super-low levels for at least one more year, a summary of discussions at the April policy review showed.
• INDIA
India and China have agreed to resolve market access issues “expeditiously” to promote a more balanced trade, the Indian government said in a statement on Friday. China is India’s second-biggest trading partner and a trade deficit has widened in favor of Beijing by nearly 75 percent to $63 billion since 2014.
• NORTH KOREA
The United States has for the first time seized a North Korean cargo ship it accused of illicit coal shipments in violation of U.S. and United Nations sanctions, the U.S. Justice Department announced on Thursday.The ship, known as the “Wise Honest,” was first detained by Indonesia in April 2018.
• BRITAIN
Theresa May is planning fresh indicative votes as the humiliated Prime Minister plots to reawaken her botched Brexit withdrawal agreement. Mrs May is under severe pressure from her party and Parliament to finally find a way through the EU negotiations. According to the Daily Telegraph, she is preparing to hold votes within two weeks if her controversial discussions with Labour breakdown.
• OIL
Oil prices pared earlier gains on Friday following U.S. President Donald Trump’s tariff increase on $200 billion worth of Chinese goods took effect, escalating the trade dispute between the world’s two biggest economies and oil consumers.Prices had risen more than 1 percent earlier in the day.

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Theresa May is targeting July 1 as the day Britain leaves the EU after abandoning a deadline for a Brexit agreement with Labour.

09/05/2019

GLOBAL FX-

• UNITED STATES
President Donald Trump said on Wednesday that China “broke the deal” in trade talks with Washington and would face stiff tariffs if no agreement is reached. “You see the tariffs we’re doing?” Trump told a rally with supporters in Florida. “Because they broke the deal. ... They broke the deal. So they’re flying in. The vice premier tomorrow is flying in, but they broke the deal. They can’t do that. So they’ll be paying. If we don’t make the deal, nothing wrong with taking in more than $100 billion a year.

• IRAN
U.S. President Donald Trump on Wednesday imposed new sanctions on Iran, targeting revenue from its exports of industrial metals, the latest salvo in tensions between Washington and Tehran over a 2015 international accord curbing the Islamic Republic’s nuclear program.Iran had announced hours earlier that it was relaxing some restrictions on its nuclear program, steps that stopped short of violating the deal with world powers for now, but threatening more action if countries do not shield it from U.S. sanctions

• CHINA
U.S. President Donald Trump said on Wednesday he would be happy to keep tariffs on Chinese imports as the two countries prepare for new talks to try to rescue a faltering trade deal amid a sharp increase in U.S. duties.Beijing announced it would retaliate if tariffs rise.“The Chinese side deeply regrets that if the U.S. tariff measures are implemented, China will have to take necessary countermeasures,” China’s Commerce Ministry said on its website, without elaborating.
China is fully prepared to defend its interests in its trade war with the United States, but hopes the United States can resolve problems through dialogue instead of unilateral steps, the Chinese commerce ministry said on Thursday.
• BRITAIN
The PM has rejected calls to quit over her handling of Brexit, saying it is "not an issue about me".Theresa May was replying to Tory Brexiteer Andrea Jenkyns, who said she had "failed to deliver on her promises" and had lost public trust.Calls have been growing for the prime minister to name an exit date.The PM's spokesman said she had already promised to leave after delivering the first stage of Brexit and was sticking to that "generous and bold offer".
OIL
Oil prices dropped on Thursday amid concerns over the escalating trade battle between the United States and China, despite a surprise fall in U.S. crude stockpiles.Brent crude oil futures were at $69.91 a barrel by 0600 GMT, down 46 cents, or 0.7 percent, from their previous settlement

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08/05/2019

GLOBAL FX-

• UNITED STATES
Any retaliatory tariff by India in response to the United States’ planned withdrawal of trade privileges will not be “appropriate” under WTO rules, U.S. Commerce Secretary Wilbur Ross warned on Tuesday. Indian officials have raised the prospect of higher import duties on more than 20 U.S. goods if President Donald Trump presses ahead with a plan announced in March to end the Generalized System of Preferences (GSP) for India.

• CHINA
China said on Tuesday Vice Premier Liu He would travel to Washington this week, setting up a last-ditch bid for a deal that would avoid a steep increase in tariffs ordered by U.S. President Donald Trump.
China’s exports unexpectedly shrank in April but imports surprised with their first increase in five months.Exports fell 2.7 percent from a year earlier, customs data showed on Wednesday.China’s crude oil imports in April unexpectedly surged to a record despite refinery maintenance outages and tepid domestic fuel demand, customs data showed.
• INDIA
Last month when New Delhi was allowed to load Iranian oil ahead of U.S. sanctions stopping purchases of oil from the OPEC member.India, Iran's top oil client after China, shipped in about 277,600 barrels per day (bpd) of oil from Tehran in April, down about 31.5 per cent from the previous month,
• GERMANY
The European Union’s industrial heartlands, its urban regions and Germany are the biggest beneficiaries of the bloc’s single market, according to a study that highlights the economic and social inequalities plaguing the bloc. does gain.

• BRITAIN
On Tuesday, the cross-party Brexit talks failed to deliver an agreement over the Brexit deal that the UK Prime Minister Theresa May could present in the parliament for voting. As a result, the UK government confirms Britain will take part in EU elections on 23 May. This weighed increasingly on the PM May’s reputation among Tories who have been trying to oust her off-late.After the failed negotiations, The Sun reported that PM May gave until 04:00 PM (GMT) today to set out a road map for her resignation otherwise she will have to accept whatever plans are being determined by the Tories.However, PM May responded actively to the ultimatum and presented plans to complete Brexit talks by September, which indirectly signals that Mrs. May will be in the office for at least four more months from now.

• OIL
Oil prices rose on Wednesday as U.S. sanctions against crude exporters Iran and Venezuela as well as ongoing supply cuts by producers have left markets relatively tight just as crude imports to China rose to a record for April.U.S. West Texas Intermediate (WTI) crude futures were at $61.90 per barrel at 0451 GMT on Wednesday, 80 cents, or 0.8 percent, above their last settlement.Brent crude oil futures were at $70.29 per barrel, 41 cents, or 0.6 percent, above their last close.With U.S. sanctions on Iran and Venezuela in place, analysts said global oil markets remained tight.

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Theresa May is targeting July 1 as the day Britain leaves the EU after abandoning a deadline for a Brexit agreement with Labour.

07/05/2019

INTERNATIONAL NEWS 07/05/2019

• UNITED STATES OF AMERICA
Trump tweeted that he would raise tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent by the end of the week, and would “soon” target the remaining Chinese imports with tariffs. Trump’s announcement abruptly ended a five-month truce in a trade war that has cost the two countries billions of dollars, slowed global growth and disrupted manufacturing supply chains and U.S. farm exports.

• CHINA
Chinese Vice Premier Liu He is expected to be in Washington on Thursday and Friday of this week for further talks.
China’s central bank said on Monday it will cut reserve requirement ratios (RRRs) to release about 280 billion yuan ($41 billion) for some small and medium-sized banks, in a targeted move to help companies struggling amid an economic slowdown.

• JAPAN
Japanese manufacturing activity expanded in April for the first time in three months as companies hired more workers and grew more optimistic about the business outlook, a preliminary survey showed on Tuesday.

• EUROPE
The euro zone economy limped into the second quarter with lackluster growth as weakness in the manufacturing sector is increasingly affecting the bloc’s dominant services industry.

• PAKISTAN
Pakistan on Monday appointed chartered accountant Syed Shabbar Zaidi the new chief of the Federal Board of Revenue after its top economic policy leadership was cleared out during bailout talks with the International Monetary Fund.

• ASIA
Asian shares staggered up from five-week lows on Tuesday but remained fragile after U.S. President Donald Trump’s latest threat to raise tariffs on Chinese goods shocked financial markets and fueled worries that trade talks may be derailed.

• OIL
Oil prices were under pressure on Tuesday from concerns the escalating Sino-U.S. trade dispute could slow the global economy, while U.S. sanctions on crude exporters Iran and Venezuela helped keep the market on edge.Brent crude oil futures were at $71.09 per barrel at 0341 GMT, 15 cents, or 0.2 percent, below their last close.U.S. West Texas Intermediate (WTI) crude futures were at $62.20 per barrel, 5 cents below their last settlement.

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Trump tweeted that he would raise tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent by the end of the week, and would “soon” target the remaining Chinese imports with tariffs, sending stocks and oil prices lower on Monday. U.S. Trade Representative Robert Lighthizer, ...

03/05/2019

TOP INTERNATIONAL NEWS 03/05/2019
• INDIA
India on Thursday further delayed implementation of its June 2018 order to impose retaliatory tariffs on 29 US products by 14 days till 16 May as it awaits a final word from the US on its decision to withdraw duty-free benefits to Indian exporters.
• UNITED STATES OF AMERICA
American negotiators locked in trade talks with China are likely to win more access to the country’s cloud computing market than initially expected, but Chinese commitments to curb industrial subsidies will probably fall short of U.S. demands.
• AUSTRALIA
The Reserve Bank of Australia (RBA) is all but certain to cut its benchmark interest rate—perhaps as early as Tuesday—amid a rapid decline in home prices, weak consumer inflation and insipid wage growth.Compared with previous cycles, however, the central bank has far less policy ammunition to stabilize the economy with only 150 basis points of easing left before it hits 0 percent. That rules out cuts of the magnitude used in past downturns.

• EUROPE
European Central Bank officials expressed confidence over the euro area’s brightening economic outlook, while hinting at differing preferences for the speed at which monetary policy should respond to recent improvements.
• JAPAN
Japan is on a 10-day holiday from April 27 to May 6 to celebrate the enthronement of the country’s Crown Prince Naruhito.Trading in Japan will resume next Tuesday while China will be back in action on Monday.

• CHINA
China is on four-day Labor Day national holiday began on May 1. China will be back in action on Monday.

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The Rs 250 billion rights issue of Bharti Airtel will open for subscription on Friday and close on May 17. Traders expect some FII inflows over the day due to the right issue. 

01/05/2019

TOP INTERNATIONAL NEWS 01/05/2019

• UNITED STATES OF AMERICA

The U.S. Federal Reserve, leaning back against pressure from President Donald Trump to slash interest rates, is expected to leave borrowing costs unchanged on Wednesday as it maintains a ‘patient’ monetary policy stance amid strong economic growth. Trump, who has accused the U.S.
U.S. Treasury Secretary Steven Mnuchin said on Tuesday that he hopes to make “substantial progress” with Chinese negotiators in the next two rounds of trade talks, as the world’s two largest economies look for ways to end their bruising trade war.

• INDIA
India raised the customs duty on wheat to 40 percent from 30 percent, as the country is set for a record rise in output for the third year in a row. The increase in the tax, announced by the Central Board of Indirect Taxes and Customs in a notification dated Friday, will support local farmers, by making imports of the grain costlier. Last year, the government had increased the import duty on wheat by 10 percentage points to 30 percent.

• NEW ZEALAND
New Zealand’s jobless rate edged lower in the first quarter, taking it close to the decade-low reached last year, but sluggish wage growth and a drop in employment indicated a softer growth outlook, sending the currency sliding. After Wednesday’s release of job market data, the New Zealand dollar dropped 0.5 percent to $0.6638 from around $0.6675, as some in the market factored in an increased probability of an interest rate cut.

• BRITAIN
London-Cross-party talks to resolve the Brexit crisis are reaching the end, Prime Minister Theresa May's government indicated Tuesday, with reports suggesting she wants a conclusion by the middle of next week. Ministers held their latest talks on Monday with senior members of the main opposition Labour party. They are seeking a way through the political deadlock over how to leave the European Union, which has forced Britain to twice delay its intended exit. There were serious and constructive discussions last night, and we will now look to hold further talks in the coming days," May's spokesman said. "Further talks will now be scheduled in order to bring the process toward a conclusion," he added. No announcements are expected this week due to local elections being held on Thursday, but the spokesman said progress must be made "as soon as possible”.

• CHINA
The latest round of China-U.S. trade talks began in Beijing on Wednesday, as both countries look to end their bitter trade war. Chinese Vice Premier Liu He greeted U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer as they arrived at a state guest house in Beijing.

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The U.S. Federal Reserve, leaning back against pressure from President Donald Trump to slash interest rates, is expected to leave borrowing costs unchanged on Wednesday as it maintains a ‘patient’ monetary policy stance amid strong economic growth.Trump, who has accused the U.S. central bank of ...

30/04/2019

TOP INTERNATIONAL NEWS FOR 30/04/2019

• UNITED STATES
The Federal Open Market Committee (FOMC) will kick off its two-day monetary policy meet later today with its policy statement release due on Wednesday. The market is keen to hear how Fed Chief Jerome Powell resolves the divergence between solid economic growth and slowing inflation. Investors expect no change in the policy, and no rate action is expected.
U.S. negotiators head to China on Tuesday to try to hammer out details to end the two countries’ trade war, including the shape of an enforcement mechanism, the success or failure of which could set the trajectory of ties for years to come.

• IRAN
Iran will continue to export oil despite U.S pressure, Iran President Hassan Rouhani said in a speech broadcast live on Iranian state TV on Tuesday. “America’s decision that Iran’s oil exports must reach zero is a wrong and mistaken decision, and we won’t let this decision be executed and operational” Rouhani said. “In future months, the Americans themselves will see that we will continue our oil exports.”

• INDIA
After raising the heat on India on high tariffs it charges on import of Harley-Davidson bikes, US president Donald Trump has now targeted India for its high import duties on paper and paper products. “We charge other countries zero tariffs on foreign paper products. When Wisconsin companies exported abroad … China charged us big tariffs, India charged as big tariffs.

• CHINA
Factory activity in China expanded for a second straight month in April but at a much slower pace than expected, an official survey showed on Tuesday, The official Purchasing Managers’ Index (PMI) for manufacturing fell to 50.1 in April from March’s reading of 50.5, which was the first expansion in four months, data from the statistics bureau showed. It hovered just above the neutral 50-point mark which separates expansion from contraction on a monthly basis. Analysts surveyed by Reuters had forecast the PMI to match March’s 50.5.

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The Federal Open Market Committee (FOMC) will kick off its two-day monetary policy meet later today with its policy statement release due on Wednesday.The market is keen to hear how Fed Chief Jerome Powell resolves the divergence between solid economic growth and slowing inflation. Investors expect...