Latest Developments

Asia-Pacific
The Straits Times

Gold edges up as traders weigh Middle East conflict

Bullion inched above US$4,060 an ounce, having fallen as much as 0.7 per cent earlier in the session and 2 per cent the day before. LONDON – Gold edged higher, holding firmly above the key resistance point of US$4,000 an ounce even as the widening conflict in the Middle East fuels expectations for tighter monetary policy. Bullion inched above US$4,060 an ounce, having fallen as much as 0.7 per cent earlier in the session and 2 per cent the day before. Prices are still up on the week. Oil prices retreated on July 24 after hitting US$100 a barrel in the previous session, with the Iran war in a new phase of escalation after the effective collapse of a truce. Crude’s recent rally has stoked inflationary pressures, which alongside a seemingly resilient US labor market increase the possibility of interest-rate hikes. Higher borrowing costs are a headwind for non-yielding bullion. Swap traders currently see a roughly 30 per cent chance the Fed will lift rates at a meeting next week. At least one hike is priced in by the end of the year. “Despite strongly rising oil prices and the resulting renewed concerns about interest rates, the price has held above US$4,000 per troy ounce,” analysts at Commerzbank AG wrote in a note. “Against this background, next week’s meeting of the US Federal Reserve is unlikely to move the gold price much.” Adding to the uncertainty, the US announced it will collect duties of 10 to 12.5 per cent on imports from most major trading partners, alleging forced labor in their supply chains. It is US President Donald Trump’s broadest move yet toward restoring his protectionist tariff regime since his earlier levies were struck down by the Supreme Court. Gold has largely hovered around US$4,000 since late June, which some traders see as a key support level. It’s down by roughly a quarter since the US and Israel launched strikes on Iran in late February, helping to end a multiyear bull run that had carried the metal to a record near US$5,600 the month before. Spot gold edged up 0.3 per cent to US$4,061.27 an ounce as of 12.23pm in London (7.23pm Singapore time). Silver was up 1.4 per cent at US$58.40 an ounce after falling 3.6 per cent in the prior session. Platinum rose 0.6 per cent, while palladium held steady. The Bloomberg Dollar Spot Index was little changed. BLOOMBERG

Gold edges up as traders weigh Middle East conflict
North America
CNBC Finance

'The Odyssey' is cleaning up for Imax. Expect the momentum to continue

Christopher Nolan's "The Odyssey" is racking up box office dollars for Imax and fueling investor confidence that the company will reach record ticket sales in 2026. Shares of Imax jumped more than 8% on Thursday after the company reported it was still on track to deliver a record $1.4 billion in global box office this year. Wall Street had worried that when Netflix and Greta Gerwig's "Narnia: The Magician's Nephew" was pushed from its November release date to February 2027, that Imax would not be able to reach that guidance. Universal's "The Odyssey" is easing those fears. Over its opening weekend, the film generated $52 million in global box office for Imax. The company's locations represented less than 1% of total screens but a whopping 20% of the film's worldwide debut. "The Odyssey" opening was 47% higher than Nolan's previous film, "Oppenheimer." The biopic hauled in more than $190 million via Imax throughout its run in 2023. And momentum for "The Odyssey" has showed few signs of slowing. The film secured another $11 million on Monday and $10.6 million on Tuesday — the best Tuesday performance of all time for the company, according to Imax CEO Rich Gelfond, who spoke to investors on an earnings call Thursday. "Our presales for the second weekend would qualify on its own as one of our biggest opening weekends ever," he said. "These numbers help prove that we're just getting warmed up." Still to come to global Imax screens this year is Sony and Marvel's "Spider-Man: Brand New Day;" Zach Cregger's take on "Resident Evil;" Tom Cruise's newest feature, "Digger;" "Godzilla Minus Zero;" David Fincher's "The Adventures of Cliff Booth," which stars Brad Pitt and is based on Quentin Tarantino's "Once Upon a Time in Hollywood;" and Paramount's "Street Fighter." Then Warner Bros. and Denis Villeneuve's "Dune: Part Three" will cap off the year. The first Dune film generated $61 million in Imax theaters during the tail end of the pandemic and "Dune: Part Two" secured $147 million globally. "Our momentum continues to translate into demand from our exhibition partners," Gelfond said. The company installed 38 Imax systems globally during the second quarter, up from 36 during the same period a year prior. This is the highest number of installations in the second quarter in a decade, Natasha Fernandes, Imax's chief financial officer, told investors during Thursday's earnings call. Nineteen systems were installed in the first quarter, and the company is on pace to have 160 to 175 installations by the end of 2026. "We continue to see tremendous runway for our global expansion, and we continue to innovate in ways that make Imax even more valuable to creators, studios, exhibitors and audiences alike," Gelfond said. "This is an incredibly exciting time for our business." Correction: This story has been revised to reflect that "Godzilla Minus Zero" is among the films coming to Imax screens this year. A previous version misstated the name of the movie.

'The Odyssey' is cleaning up for Imax. Expect the momentum to continue
Europe
BBC Business

Trump slaps 50% tariffs on Canada and Carney vows to 'intensify' trade talks

Image source, ReutersByNadine Yousif, Toronto, Francisco Velasquez and Peter Hoskins, Business reportersPublished20 July 2026Updated 17 minutes agoUS President Donald Trump has imposed a 50% tariff on a wide range of goods imported from Canada, in retaliation for what he called "unequal treatment" of US cars, dairy and alcohol. Everyday consumer items like wine and hockey sticks and industrial goods such as cement are among the goods targeted. However, several key exports will be spared, such as energy, potash, critical minerals and fish. Prime Minister Mark Carney responded by saying Canada stood ready to "intensify" trade talks with the US in the coming weeks. The White House said the duties would take effect in 30 days. It marks a major escalation in trade tensions between the North American neighbours. These tensions have been simmering since Trump returned to office in January 2025 and unleashed a wide-ranging global programme of tariffs, sometimes to pursue objectives not directly linked to trade. Tariffs are taxes on imported goods that are paid to the government by companies bringing in the foreign products. The US Supreme Court ruled earlier this year that many of Trump's tariffs imposed globally under emergency powers were illegally enacted. But Trump has recently sought other legal avenues through which to enact his agenda, and his latest action on Monday night uses a different, obscure law that is untested in court. Canada, which is one of the US's closest trading partners, was one of the few countries to retaliate last year against Trump's tariffs. It placed a 25% levy of its own on about C$30bn (£16bn; $21.7bn) worth of US goods being brought into Canada. Carney later dropped some of them. A White House fact sheet published on Monday discussing the new tariffs said they applied regardless of whether the product was included under the existing free trade agreement between Canada, the US and Mexico, known as the USMCA. The US has been maintaining active tariffs ranging from 15% to 50% on Canadian steel, aluminium and copper. It also charges a 35% tariff on Canadian softwood lumber, alongside a 25% tax on non-US parts in cars.

Trump slaps 50% tariffs on Canada and Carney vows to 'intensify' trade talks
North America
Yahoo Finance

S&P 500, Nasdaq close lower ahead of technology earnings

STORY: U.S. stocks ended lower on Wednesday, with Dow virtually flat, the S&P 500 dipping fractionally, while the Nasdaq lost more than half a percent. Investors eagerly awaited earnings results after the closing bell from Alphabet and Tesla, the first of the Magnificent Seven megacaps to report. Shares of Alphabet, down more than 1% at the close, dipped further in extended trading despite the Google parent topping Wall Street estimates for cloud revenue growth thanks to the AI boom. And shares of Tesla, which also closed lower, tumbled another 2.5% in extended trading after Elon Musk's EV maker reported negative free cash flow for the first time in more than two years due to accelerated spending on AI infrastructure, battery capacity, robotaxis and next-generation manufacturing. Bob Lang, founder and chief options analyst of Explosive Options, said that strong earnings are needed to keep the market moving higher. “The one thing that has been pretty constant here for the past 4 or 5 months for the stock market has been strong earnings and certainly a first quarter brought us about 26, 27% earnings growth. So far in the second quarter, we're seeing it at about 16 to 17%. And that's without some of the big names that have reported for the second quarter yet. We're going to have big names like, Nvidia. We're going to have big names like Micron reporting in September. That's a couple of months away, of course. But you know, we're going to have some of these companies out there that are probably going to report some stellar earnings. And, it's really been the linchpin for keeping the stock market afloat right now.” Shares of IBM rose in extended trading after the company cut its annual revenue growth forecast, days after shocking Wall Street with a warning that corporate spending was shifting toward AI-focused data-center gear at the expense of its software and mainframe computers. :: ServiceNow Handout And shares of ServiceNow, down about 6.5% at the close, rose more than 3% after hours as the company raised its forecast for annual subscription revenue for the second time after beating second-quarter revenue and profit estimates, driven by growing demand for its AI-powered software. Among other tech names, shares of Super Micro Computer rallied almost 20%, making it the S&P 500's biggest percentage gainer, a day after the server maker said it had secured more than $60 billion in new orders in its fiscal fourth quarter.

S&P 500, Nasdaq close lower ahead of technology earnings
North America
CNBC Finance

Jamie Dimon says markets underestimate risks and he wouldn't buy stocks or Treasurys at current prices

JPMorgan Chase CEO Jamie Dimon said investors are underestimating the risks facing the global economy and that he wouldn't buy either equities or long-dated U.S. Treasurys at their current prices. In an hourlong interview with Wilfred Frost released late Monday, Dimon said markets aren't fully accounting for a growing list of geopolitical and fiscal threats. "I do think those risks are probably bigger than other people think," Dimon said, pointing to wars in Ukraine and the Middle East, tensions between the U.S. and China, and rising military spending in a time of mounting government deficits. Asked whether markets are underpricing the chance of a major shock, Dimon said it's difficult to know exactly what risks are already reflected in asset prices. "It's possible something's baked in, but what's not baked in is what actually happens," he said. Dimon, who leads the world's largest bank by market cap, often warns the public about the economic risks he sees. His latest comments contrast with investors' recent willingness to look past wars, tariffs and other shocks. The S&P 500 has returned nearly 10% this year as consumers continue to spend, inflation has moderated and investors have embraced the artificial intelligence trade. Last week, JPMorgan Chase and its peers posted blockbuster quarterly results powered by surging trading and investment banking revenue, reinforcing the view that the U.S. economy has weathered recent geopolitical turmoil better than many expected. Dimon acknowledged in the interview with "The Master Investor Podcast" that the global economy has become more resilient because of a lower energy dependence than in previous decades, but warned that doesn't eliminate the possibility of a sudden inflection point. "You may need more straws in the camel's back to cause that tipping point," he said. "Even this current war starting up again, maybe that's not enough to do it." Persistent U.S. budget deficits will eventually force a reckoning, potentially driving interest rates higher, Dimon said. "My view is it will become a problem," he said, predicting higher interest rates as so-called bond vigilantes demand greater compensation to finance the government's debt.

Jamie Dimon says markets underestimate risks and he wouldn't buy stocks or Treasurys at current prices
North America
CNBC Finance

Cyclospora outbreak tests RFK Jr.'s promise to overhaul food system, rebuild trust in CDC

Robert F. Kennedy Jr. took the helm of the U.S. Department of Health and Human Services last year promising to overhaul the U.S. food system and restore confidence in the agencies that oversee it. The secretary of the Department of Health and Human Services now faces one of his biggest tests yet, as the country tries to contain an outbreak – or potentially multiple outbreaks – of foodborne illness. Two months and thousands of cases of cyclosporiasis later, it looks like the nation's already fragile system is faltering. Experts have long said the U.S. is underprepared to rein in foodborne outbreaks. But after the Trump administration slashed key officials — from federal employees who investigate the source of illnesses to those who share information with the public — Kennedy appears to face an even more daunting task to contain the parasite and build trust in the administration's response. "It is difficult to quantify precisely, but it is clear that the cuts to federal funding over the past year or so have reduced our capacity to respond to outbreaks like this," said Craig Hedberg, co-director of the Minnesota Integrated Food Safety Center of Excellence. Kennedy earlier this week defended the handling of an outbreak of cyclosporiasis that has sickened at least 7,000 people in Michigan alone. (The official count from the Centers for Disease Control and Prevention, which has lagged behind state tallies, sits at nearly 4,200 cases). Kennedy said the ongoing outbreak of cyclosporiasis is "under control," contending criticisms that agency cuts have hampered the investigation are "invalid." The U.S. Food and Drug Administration and the Centers for Disease Control and Prevention have narrowed their focus to shredded iceberg lettuce from Taylor Farms, a produce supplier for a range of restaurants and grocers. The FDA over the weekend said lettuce from the company tested positive for cyclospora, the parasite that causes the explosive diarrhea. The agency later walked that back, saying it was a false positive. Donald Schaffner, chair of food science at Rutgers University, said he's never seen such a reversal before and called it a "pretty big screw up." Still, one former senior FDA food official said the agency was right to publicize the positive test because if it turned out to be a true positive, delaying the announcement could have caused more people to fall ill. And regardless of the test result, the agencies still see the lettuce as a likely culprit. The about face, and the confusion it created over whether regulators still suspected the Taylor Farms lettuce was tied to the outbreak, underscored the difficulty Kennedy faces in trying to restore public confidence. HHS spokesperson Emily Hilliard in a statement to CNBC said the FDA has been transparent with Taylor Farms throughout the investigation and the corrected lab result doesn't change the agency's findings. Former federal health officials and independent food safety experts say they see the cyclospora response as a prime example of a system that's long been underfunded and overstrained, leaving the U.S. vulnerable to these kinds of outbreaks. And they fear budget cuts, policy delays and personnel turnover are exacerbating an already delicate situation. In response, Hilliard said regulators have "mounted a robust, science-based response to this outbreak, working closely with health departments in all 50 states, rapidly identifying known sources, and ensuring Americans have the information they need to protect themselves." She added, "FDA and CDC continue working together to use every available public health tool to identify additional sources of the outbreak and inform swift public health action." Cyclospora is a parasite that's trickier to track than some other pathogens. Parasites don't grow outside the human body, making it harder to test for them and link cases to each other. Cyclospora tests are prone to false positives because the process for conducting them can sometimes make it look like there's a parasite in the sample when there's not, Schaffner said.

Cyclospora outbreak tests RFK Jr.'s promise to overhaul food system, rebuild trust in CDC
Asia
The Hindu BusinessLine

Q1 Results Today Live: Tata Consumer con. PAT up 28.4%, ACC PAT declines 61.5%, Shriram Finance, Hindustan Zinc, SBI Life, SBI Cards, Laurus Labs Q1 profit rise, BoB, NTPC, SAIL, KFin Tech to announce Q1 results

Q1 Results Today, July 24, 2026, Live Updates: Get real-time Q1 FY27 earnings updates, profit growth, revenue numbers and management outlook of NTPC, Shriram Finance, Hindustan Zinc, SBI Life Insurance Company, CG Power and Industrial Solutions, Bank of Baroda, Lodha Developers, Tata Consumer Products, Jindal Steel & more. “We delivered yet another quarter of double-digit topline growth, backed by volume growth. Importantly, this translated to a consolidated net profit growth of 29%. The India branded business delivered robust underlying volume growth reflecting continued focus on execution, category expansion and innovation. Our ‘Growth’ businesses performed very well and have scaled their overall contribution to the India business. Tata Sampann continued to record exceptional growth driven by performance across multiple categories- dry fruits, cold-pressed oils as well as core pulses and spices. The Ready-To-Drink business delivered a strong quarter with strong performance across core brands as well as new launches. The International business continued to deliver steady performance with margins being accretive to the overall company margins. Our innovation momentum continues with 14 new launches in Q1 and a roadmap in place to fuel our growth agenda this year. We remain focused on delivering sustainable profitable growth by strengthening and scaling our core and growth businesses and building a future ready portfolio.” Shriram Finance reports a 60% net profit rise in Q1, driven by strong NII growth and MUFG Bank's strategic investment. Welspun Corp invests 26% in GGBS venture and achieves 199% profit growth, reporting ₹1,046 crore in Q1 FY27. 2) Advances growth year-on-year was at 17% and Deposits growth year-on-year was at 20%. 4) Capital Adequacy continues to be strong and as on June 30, 2026, the Capital Adequacy Ratio was at 17.03% (with Tier I at 14.90% and Tier II at 2.13% as per Basel III norms). Sensex shed 331.62 pts or 0.43% to end at 76,059.77; Nifty 50 fell 102.15 pts or 0.43% to 23,767.45. Greenply Industries Limited has announced its financial results for the first quarter ended June 30, 2026, reporting a 20.7% year-on-year growth in consolidated revenue to Rs 724.9 crore and a 27.1% increase in Core EBITDA to Rs 78.3 crore, with a Core EBITDA margin of 10.8%. Laurus Labs reports a 126% rise in Q1 net profit to ₹368 crore, driven by strong revenue growth and R&D investments. “We have commenced FY’27 with a resilient performance, driven by a higher share of trade volumes and continued premiumization. During the quarter, profitability reflected the impact of planned maintenance of larger Integrated Units, higher MSA with parent Ambuja Cements, even as we continued to prioritize value-led growth and quality earnings. Our journey towards building a simpler, stronger and more integrated business continues through the proposed One Cement Platform. Combined with strategic capacity expansions at Salai Banwa and Kalamboli, CiNOC-enabled operational excellence and customer-focused solutions, we have a good visibility of improved performance in the coming quarters. Leveraging the strength of our integrated business model and group synergies, Adani Cement at consolidated level remains committed to delivering approximately Rs 250 PMT cost reductions in FY’27.” • One Cement Platform: SEBI NOC for the proposed amalgamation of ACC with Ambuja was received on 4 June 2026, and an application has been filed with the NCLT on 29 June 2026. The transaction is expected to be completed during FY’27, subject to regulatory approvals. SBI Life continued its growth trajectory from FY 2026 into the first quarter of FY 2027, delivering a 14% increase in Individual Rated Premium, supported by a favourable shift in product mix. All product segments recorded growth on an Individual Rated Premium basis, and all key distribution channels achieved double-digit expansion. The increasing contribution from protection solutions and guaranteed non-par savings products reflects evolving customer preferences and our strategic focus. Renewal premium growth, along with improvements in the 13th- and 49th-month persistency ratios, underscores the strengthening of our customer relationships and the overall quality of our business. With its strong brand, diversified distribution network, superior service standards, and technology-led capabilities, the Company remains well-positioned to meet increasing demand across protection, savings, and retirement solutions. Our ability to consistently generate profitable new business over the years continues to support sustainable value creation for our shareholders.

Q1 Results Today Live: Tata Consumer con. PAT up 28.4%, ACC PAT declines 61.5%, Shriram Finance, Hindustan Zinc, SBI Life, SBI Cards, Laurus Labs Q1 profit rise, BoB, NTPC, SAIL, KFin Tech to announce Q1 results
Asia
The Hindu BusinessLine

How scrap is at the centre of India’s changing metals growth story

The report said the metal industry’s competitive advantage is changing, with access to scrap becoming more valuable than processing capacity alone. | Photo Credit: DANISH SIDDIQUI India's next metals growth cycle will be driven by recycling rather than mining, with scrap emerging as the industry's most strategic resource, according to a thematic report by Ashika Institutional Equities, which says the country's organised non-ferrous recycling industry is entering a multi-year structural growth phase. In its thematic report titled "Recycling: The New Ore", Ashika said the global metals industry is undergoing a structural shift as rising demand from electrification, renewable energy and infrastructure collides with resource constraints and stricter environmental regulations. "We believe that the next phase of value creation in the metals industry will be driven less by ownership of mines and more by access to scrap, sourcing networks and processing technology. This structural shift forms the foundation of our investment thesis on India's organised non-ferrous recyclers," the report said. The report said India's metals story is "shifting from mining to recycling," with rising metal consumption, resource constraints and sustainability requirements making recycled lead, copper and aluminium an increasingly important source of supply. According to the report, regulatory measures such as the Battery Waste Management Rules (BMWR) and Extended Producer Responsibility (EPR) framework are accelerating the shift from informal scrap processing to organised recycling, creating "a long term structural growth opportunity for compliant players." The report said the industry's competitive advantage is also changing, with access to scrap becoming more valuable than processing capacity alone. "Access to scrap is emerging as the most valuable asset," the report said, adding that "sourcing networks, collection capabilities and regulatory compliance will become more critical than installed capacity in determining long-term industry leadership." The report noted that companies are increasingly moving beyond basic metal recovery into value-added products such as alloys, conductors, busbars and specialty products, which could support higher margins and stronger customer relationships. "Value addition is becoming more important than metals recovery," it said, adding that the next earnings cycle will be driven by increasing the value extracted from every tonne of scrap processed rather than simply expanding recycling volumes. Among individual metals, the report said lead offers the strongest earnings visibility due to predictable battery replacement demand and regulatory support, while copper represents the biggest long-term opportunity because of widening domestic supply deficits and demand from electrification. Aluminium, meanwhile, is emerging as a key decarbonisation opportunity as recycled aluminium requires significantly less energy than primary production.

How scrap is at the centre of India’s changing metals growth story
Asia-Pacific
The Straits Times

Singtel supports potential listing of its data centre business in India, it tells shareholders

Singtel’s data centres in India are part of STT GDC, which it acquired as part of a consortium with global investment firm KKR for $13.8 billion in February. SINGAPORE – Singtel said it is “supportive” of a potential listing of its data centre business in India to fund further expansion of its digital infrastructure business. The telco was responding to questions from shareholders and the Securities Investors Association (Singapore), or SIAS, ahead of its annual general meeting on July 29. In a filing with the Singapore Exchange on July 24, Singtel also answered questions on its capital management strategy and other matters. In response to a question on the strategy and potential returns from Singtel’s 25 per cent stake in ST Telemedia Global Data Centres (STT GDC), the telco said it views the data centre giant as a strategic investment rather than a passive financial holding, and its minority stake is a “strategic choice”. Singtel’s data centres in India are part of the STT GDC business, which the telco acquired as part of a consortium with global investment firm KKR for $13.8 billion in February. The transaction is expected to close in the early part of the second half of 2026. By investing in STT GDC, Singtel gains exposure to the digital infrastructure sector both regionally and globally. As the investment will be equity-accounted, Singtel can benefit from STT GDC’s growth without including the company’s debt or financial results in its own consolidated accounts, it said. Singtel added that this structure limits the impact on its earnings per share while retaining its growth potential, and also allows the telco to execute strategic actions in the future as the data centre sector continues to evolve. This could entail a potential listing of STT GDC’s India business, which Singtel said would capitalise on “strong public market demand” for digital infrastructure and increase its valuation. On its subsidiary Digital InfraCo’s data centre business Nxera, Singtel said it expects earnings to continue growing in financial year (FY) 2027 as its data centre in Tuas ramps up, with customers progressively starting operations.

Singtel supports potential listing of its data centre business in India, it tells shareholders