Reuters Financial News

Reserve Bank of India (RBI) could have fired a shot in India's war on international card networks. The Ukraine-Russia conflict has highlighted how a country can be economically damaged if it is cut off from international payment networks. India's efforts to become self-reliant in payments systems and networks predate the war.

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China's producer prices fell at their fastest pace in over seven years in June, while consumer prices teetered on the edge of deflation, adding to the case for policymakers to use more stimulus to revive sluggish demand. The worsening factory-gate price deflation and the move by consumer prices towards deflation for the first time since February 2021 bode ill for China's economic growth. Momentum in China's post-pandemic recovery has slowed from a brisk pickup seen in the first quarter with demand for industrial and consumer products weakening, raising concerns about the health of the world's second-largest economy. «We think the more challenging deflation environment and sharp slowdown in growth momentum support our view that the PBOC has entered a rate-cutting cycle,» said economists at Barclays in a research note. The producer price index (PPI) fell for a ninth consecutive month in June, down 5.4% from a year earlier, the National Bureau of Statistics (NBS) said on Monday, the steepest decline since December 2015. That compared with a 4.6% drop in the previous month and a 5.0% fall tipped in a Reuters poll of analysts.

Asset Management Study published on Monday, more than 85% of the 85 sovereign wealth funds and 57 central banks that took part in the annual survey believe that inflation will now be higher in the coming decade than in the last. A central bank in the West noted, “I think that inflation will not return to where it was in the last five years. The main question mark is how sticky it is.

Oil prices dipped in early Asian trade on Monday as investors tread cautiously ahead of fresh economic data from top consumers the United States and China this week, while expected crude supply cuts from Saudi Arabia and Russia supported the market. Brent crude futures fell 22 cents, or 0.3%, to $78.25 a barrel by 0107 GMT, and U.S. West Texas Intermediate crude was at $73.57 a barrel, down 29 cents, or 0.4%.

inflation data this week, including the US consumer price index, and the start of another corporate earnings season. Bond markets were volatile after a recent sell-off drove yields to multi-year highs in the US, making equities less attractive in comparison. In the US, the June CPI report is scheduled to be released on Wednesday, which is forecast to show headline inflation slowed to its lowest level since early 2021 at 3.1%, with the core easing to 5.0%, Reuters reported.

MADRID (Reuters) — At least 300 people who were travelling on three migrant boats from Senegal to Spain's Canary Islands have disappeared, migrant aid group Walking Borders said on Sunday.

Janet Yellen holds meeting in China

(Reuters) — The foreign ministers of Russia and Turkey spoke by telephone on Sunday, a day after Ankara angered Moscow by sending five Ukrainian commanders home with President Volodymyr Zelenskiy in what Russia called a violation of a prisoner exchange agreement.

A drone strike on July 7 killed an Islamic State (ISIS) group leader in Eastern Syria, the US Central Command said in a statement on Sunday.  The US Central Command said, it “conducted a strike in Syria that resulted in the death of Usamah al-Muhajir, an ISIS leader in eastern Syria," without giving any more details on al-Muhajir, the Reuters reported It used the same MQ-9 drones in the attack that had "earlier in the day been harassed by Russian aircraft in an encounter that lasted almost two hours", the statement added. "We have made it clear that we remain committed to the defeat of ISIS throughout the region," AFP reported quoting Centcom chief General Michael Kurilla as saying, using another acronym for the IS jihadist group.

Australia have squandered a perfect chance to ram home their advantage in the third Test at Headingley, letting England back into the Ashes after two poor sessions.

Brussels/London | European aluminium producers are warning that a loophole in the EU’s carbon border tax will lead heavily polluting exporters such as China to circumvent the rules and flood the bloc with low cost, emissions heavy metal.

Investing.com — U.S. inflation data for June will be in focus with the Federal Reserve all but certain to hike rates again later this month. Earnings season kicks off with results from big banks, while data out of China is expected to point to ongoing economic weakness. The Bank of Canada is expected to hike rates again and oil prices could be poised to break out to the upside.

HDFC Bank will announce its June quarter results on July 17, a first post the merger. «We wish to inform you that a meeting of the Board of Directors of HDFC Bank will be held on July 17 to consider the unaudited standalone and consolidated financial results for the first quarter ending June 30, 2023,» the company said in a filing. HDFC Bank had earlier said its merged loan book with HDFC stood at about $274 billion at the end of the June quarter.

Former Deputy Assistant Treasury Secretary Christine McDaniel discusses Janet Yellen's trip to China, the Biden administration's 'Bidenomics' tour and the UPS, Teamster labor talks.

The Wallabies have turned in a horror first Test under coach Eddie Jones, falling 43-12 to South Africa to continue their 60-year drought in Pretoria.

electric vehicle (EV) sector, Renault Chairman Jean-Dominique Senard told Reuters on Saturday, as Asia's superpower dominates key raw materials to make batteries for zero emission cars. China's recent decision to restrict exports of two metals — gallium and germanium — used in semiconductors and EVs should raise red flags for European leaders as it shows the continent's over-reliance on China and the need to build a costly supply chain, Senard said in an interview.

(Reuters) — Jack Sweeney, the creator of an account tracking Elon Musk's private jet in real time, has moved to Mark Zuckerberg's Twitter-rival Threads after being suspended from Twitter last year.

By Andrius Sytas

Shikhar Dhawan will lead the team as the captain, providing guidance and leadership to the young squad. By sending teams to the Asian Games, India aims to further strengthen their cricketing prowess on the international stage.

AI4Bharat are raising $12 million from venture capital firms Peak XV and Lightspeed Venture for an artificial intelligence startup, according to three people familiar with the matter. The larger-than-usual seed funding round underscores the growing interest in generative AI, after OpenAI's ChatGPT dazzled users with its ability to engage in human-like conversations. Most seed rounds are usually up to $1 million to $2 million.