Safe-haven gold slips as trade optimism lifts risk appetite

Gold prices fell for a second straight session on Thursday, as signs of easing global trade tensions dampened demand for safe-haven assets.

Spot gold was down 0.5% at USD 3,370.69 per ounce, by 01:45 p.m. ET (1745 GMT). US gold futures settled 0.7% lower at USD 3,373.5.

The market is optimistic about trade deals — first with the US and Japan, and now possibly the EU, said Aakash Doshi of State Street Investment Management, adding that strong equities and low volatility have weighed on gold’s upside.

The US and European Union were making progress toward a trade deal that may include a 15% baseline US tariff on EU goods, with potential exemptions. The move comes shortly after Washington unveiled a separate agreement with Japan.

Meanwhile, US President Donald Trump’s surprise move to visit the Federal Reserve later in the day added a layer of uncertainty to the policy outlook. It comes amid Trump’s repeated criticism of Fed Chair Jerome Powell for not cutting rates more aggressively.

“Any potential interference with Fed independence is supportive for gold over the medium to long term,” Doshi said.

The Fed is widely expected to leave rates unchanged at its July 29–30 meeting, but markets continue to price in a potential rate cut in September.

A safe-haven asset during times of economic uncertainties, gold also tends to do well in a low-interest rate environment.

On the data front, US jobless claims unexpectedly fell last week, signalling a steady labour market despite sluggish hiring making it harder for the unemployed to find work.

Spot silver slipped 0.7% to USD 39.02 per ounce, palladium dropped 3.5% to USD 1,234 and platinum lost 0.5% to USD 1,405.15.

(Reporting by Sherin Elizabeth Varghese in Bengaluru; Additional reporting by Sarah Qureshi in Bengaluru; Editing by Susan Fenton and Shailesh Kuber)

Asian shares, Aussie dollar climb on trade, earnings optimism

Shares in Asia rallied and the Australian dollar hit an eight-month high on Thursday as optimism over earnings and trade supported demand for higher yielding assets.

Tokyo’s broad Topix gauge of shares hit an all-time high, following new records on Wall Street overnight, after a trade pact between Japan and the US stoked speculation more deals would appear soon to head off sweeping tariffs. Nasdaq and S&P futures rose after results by Google parent Alphabet beat estimates to kick off the “Magnificent Seven” earnings season.

The US has also reached deals with the Philippines and Indonesia and an agreement with the European Union is also expected.

“Worst case concerns about tariffs in the US are probably dissipating to some degree at the moment, but nonetheless, tariffs are going up and that is a hurdle for consumers,” Brian Martin, ANZ’s head of G3 economics, said in a podcast.

The EU and US are closing in a trade deal that would impose 15% tariffs on European imports, while waiving duties on some items, according to officials from the European Commission. Meanwhile, Treasury Secretary Scott Bessent said US and Chinese officials will meet in Stockholm next week.

Second-quarter earnings season is underway in the US, with 23% of the companies in the S&P 500 having reported. Of those, 85% have beaten Wall Street expectations, according to LSEG data.

Results from Magnificent Seven members, whose results have powered indexes to previous peaks, are in the spotlight for guidance on spending and returns surrounding artificial intelligence (AI).

Alphabet strongly beat estimates and cited massive demand for its cloud computing services as it hiked its capital spending plans. But electric car maker Tesla posted its worst quarterly sales decline in more than a decade and profit that trailed analyst targets.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3%. Japan’s Topix surged for a second day, rising 1.4% to surpass its previous all-time high reached last year.

The Australian dollar, a common proxy for risk sentiment, fetched USD 0.66, just off USD 0.6604 hit earlier, which was the highest since November 2024. The US dollar dropped 0.1% to 146.38.

US crude CLc1 climbed 0.4% to USD 65.5 a barrel. Spot gold was traded at USD 3,390.84 per ounce, up 0.1%.

In early trades, pan-region Euro Stoxx 50 futures shot up 1.3% at 5,435, while German DAX futures were up 1.3%.

US stock futures, the S&P 500, were up 0.13% and Nasdaq contracts climbed 0.4%.

(By Rocky Swift, Editing by Sam Holmes)

Oil prices climb on US trade optimism, drop in crude stockpiles

Oil prices rose on Thursday, buoyed by optimism over US trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in US crude inventories.

Brent crude futures gained 24 cents, or 0.4%, to USD 68.75 a barrel by 0032 GMT. US West Texas Intermediate crude futures climbed 25 cents, or 0.4%, to USD 65.50 per barrel.

Both benchmarks were little changed on Wednesday as markets monitored developments in US-European Union trade talks, following President Donald Trump’s tariff deal with Japan. The agreement lowers duties on auto imports and spares Tokyo from new levies in exchange for a USD 550 billion package of US-bound investment and loans.

“Buying was driven by optimism that progress in tariff negotiations with the US would help avoid a worst-case scenario,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities.

“Still, uncertainty over US-China trade talks and peace negotiations between Ukraine and Russia is limiting further gains,” he added, predicting WTI will likely remain range-bound between USD 60 and USD 70.

Two European diplomats said on Wednesday that the EU and the US are moving toward a trade deal that could include a 15% US baseline tariff on EU goods and possible exemptions, potentially paving the way for another major trade agreement following the Japan deal.

On the supply side, US Energy Information Administration data showed US crude inventories fell last week by 3.2 million barrels to 419 million barrels, exceeding analysts’ expectations in a Reuters poll for a 1.6 million-barrel draw.

Geopolitical tensions remained in focus.

Russia and Ukraine held peace talks in Istanbul on Wednesday, discussing further prisoner swaps, though the two sides remain far apart on ceasefire terms and a possible meeting of their leaders.

Separately, foreign oil tankers were temporarily barred from loading at Russia’s main Black Sea ports due to new regulations, two industry sources said on Wednesday, effectively halting exports from Kazakhstan through a consortium partly owned by US energy majors.

The US energy secretary said on Tuesday that the US would consider sanctioning Russian oil to end the war in Ukraine. Meanwhile, the EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude.

(Reporting by Yuka Obayashi; Editing by Jacqueline Wong)

Japan stocks jump, bonds slide after Trump says trade deal reached

TOKYO – Japanese automaker shares led the Nikkei share average higher on Wednesday, while bonds slid after US President Donald Trump said he had reached a trade deal with Tokyo.

The Nikkei leapt 2% in early trading, with the Tokyo Stock Exchange’s transport equipment index surging 7%. Toyota Motor soared 10%.

Benchmark 10-year Japanese bond futures 2JGBv1 tumbled as much as 0.92 yen to 137.68 yen, the lowest since March 28.

Trump on Tuesday said the US and Japan had struck a trade deal that includes a 15% tariff that will be levied on US imports from the Asian country.

(Reporting by Kevin Buckland; Editing by Himani Sarkar)

US government bonds extend rally as Trump keeps blasting Fed

NEW YORK – US Treasury yields slipped on Tuesday as President Donald Trump continued to lash out at Federal Reserve Chair Jerome Powell for not cutting interest rates ahead of the central bank’s policy meeting next week.

Tuesday’s price moves extended Monday’s bond rally, which was driven by technical demand and renewed investor worries over the economic impact of US tariffs. Those concerns continued to loom over the bond market, particularly given the limited amount of economic data releases on Tuesday and as Federal Reserve officials were in quiet mode ahead of the central bank’s rate-setting meeting next week.

“There’s not a lot of economic news coming out and we have the Fed meeting next week … so it feels like we’re in this very tight trading range where maybe some headline news may jolt the market a little bit,” said Douglas Gimple, senior portfolio specialist at Diamond Hill.

“I think everyone’s in wait-and-see (mode),” he said.

Yields, which move inversely to prices, were flat in early morning trade but declined later in the day.

Fed Chair Jerome Powell spoke at a Fed banking conference on Tuesday but did not comment on the economic outlook and on monetary policy. In a CNBC interview ahead of the conference, Fed Vice Chair for Supervision Michelle Bowman said the central bank’s ability to set monetary policy without political interference was “very important.”

Those remarks follow a recent escalation of US President Donald Trump’s criticism of the Fed and Powell for not lowering interest rates. At a news conference on Tuesday, Trump once again blasted Powell for keeping rates too high. “I think he’s done a bad job, but he’s going to be out pretty soon,” he said.

US Treasury Secretary Scott Bessent, who on Monday called for a review of the central bank’s operations outside of its core monetary policy mandate, said in an interview on Tuesday that there was no need for Powell to immediately step down.

Mark Hackett, chief market strategist at Nationwide, said Tuesday’s move lower in yields likely reflected some expectations that the US administration could “jawbone” monetary policy outcomes. The market is also assuming that the new Fed chair, after Powell’s term ends in May 2026, will probably be more dovish, Hackett added.

Investors do not expect the Fed to cut rates at the end of the Federal Open Market Committee (FOMC) meeting next week, but will be watching closely for any sign on when the central bank may shift to a more accommodative stance.

Next week will also be key because of an August 1 deadline on US tariffs that could see import duties rise significantly on a number of goods from US trade partners in the absence of trade deals over the coming days.

“Both of these issues are intimately tied together, of course, insofar as the Fed would likely be more inclined to delay a rate cut, perhaps to December, if the FOMC felt that uncertainty about the tariff outlook were growing, all else equal,” Thierry Wizman, global currency and rates strategist at Macquarie Group said in a note on Tuesday.

Benchmark 10-year yields declined by about three basis points to 4.338%, and two-year yields were down two bps to 3.833%.

On the supply side, the Treasury Department will sell 20-year bonds worth USD 13 billion on Wednesday and 10-year Treasury Inflation-Protected Securities worth USD 21 billion on Thursday.

(Reporting by Davide Barbuscia; Editing by Tomasz Janowski and Daniel Wallis)

S&P 500 notches record-high close; GM slumps as tariffs bite

The S&P 500 eked out a record-high close on Tuesday, following steep losses in General Motors and a gain in Tesla as investors focused on recent and upcoming quarterly reports and watched for signs of progress in US trade discussions.

GM tumbled 8.1% after the automaker reported a USD 1 billion hit from tariffs to its quarterly results, adding more fuel to investor concerns about US President Donald Trump’s global trade policy. Shares of Ford Motor fell about 1%.

Tesla climbed 1.1% a day before its quarterly report, while Alphabet, also reporting on Wednesday, rose 0.65%.

Optimism about heavy spending on artificial intelligence has underpinned a rally in Wall Street’s most valuable companies, with the S&P 500 trading around record highs.

“The market is consolidating recent gains and is in a bit of a holding pattern with some huge catalysts over the next week or two, including the August 1 tariff deadline and a lot of important Magnificent Seven earnings,” said Ross Mayfield, an investment strategy analyst at Baird.

Other Big Tech stocks lost ground, with Meta Platforms and Microsoft both losing about 1%.

Shares of RTX dropped 1.6% after the aerospace and defense giant took a hit from Trump’s trade war despite strong demand for its engines and aftermarket services.

Lockheed Martin tumbled almost 11% after its quarterly profit plunged by about 80%.

US trade policy remains a major point of uncertainty for investors and companies as Trump’s self-imposed August 1 deadline for many countries to reach agreements with the White House approaches.

US Treasury Secretary Scott Bessent said he would meet his Chinese counterpart next week to discuss an extension to the August 12 deadline set for tariffs on imports from China.

Other trade negotiations appeared stalled, with optimism for a breakthrough deal with India waning and EU officials weighing countermeasures against the United States.

The S&P 500 climbed 0.06% to end the session at 6,309.62 points.

The Nasdaq declined 0.39% to 20,892.69 points, while the Dow Jones Industrial Average rose 0.40% to 44,502.44 points.

Nine of the 11 S&P 500 sector indexes rose, led by healthcare, up 1.9%, followed by a 1.78% gain in real estate.

Volume on US exchanges was relatively heavy, with 18.8 billion shares traded, compared with an average of 17.7 billion shares over the previous 20 sessions.

Philip Morris slumped 8.43% after reporting second-quarter revenue below expectations, as shipments of its ZYN nicotine pouches disappointed investors.

Analysts on average expected S&P 500 companies to report a 7% increase in earnings for the second quarter, with technology heavyweights driving much of that gain, according to LSEG.

After last week’s mixed economic data, traders have all but ruled out an interest-rate cut from the US Federal Reserve at next week’s policy meeting. They now see about a 60% chance of a reduction in September, according to the CME’s FedWatch tool.

Advancing issues outnumbered falling ones within the S&P 500 by a 4.3-to-1 ratio.

The S&P 500 posted 21 new highs and 1 new low; the Nasdaq recorded 73 new highs and 41 new lows.

(Reporting by Nikhil Sharma and Pranav Kashyap in Bengaluru, and by Noel Randewich in San Francisco; Editing by Pooja Desai and Matthew Lewis)

De-risking mood adds more demand for US corporate bonds

Investors have begun to de-risk their equity portfolios and buy more investment-grade corporate bonds as US stock indices near new record highs, in turn pushing corporate borrowing costs to their tightest levels since 1998 for the second time in eight months.

Credit spreads have recovered since they were forced sharply wider on April 2, or ‘Liberation Day’, when President Donald Trump announced trade tariffs and the market became uneasy about corporate fundamentals in a potential environment made susceptible to inflationary pressures and slower economic growth.

The average investment-grade bond spread last stood at 80 basis points (bps), which is just 3 bps away from its lowest point of 77 hit in 1998 and had previously touched last November, according to ICE BAML data. It had touched 121 bps, or its highest since November 2023, in the days after Liberation Day.

The recovery has come on the back of optimism, confirmed by recent corporate earnings, that the highest-rated companies had used the past year to reform balance sheets by paying down debt, avoiding costly acquisitions, and were prepared for an economy impacted by the inflationary impulse of tariffs or a trade war.

“The sharp tightening of credit spreads seen since Liberation Day is based on perception that trade and tariff risks have peaked. . .it also can be attributed to investors’ confidence in US corporate fundamentals,” said Edward Marrinan, credit strategist at SMBC Nikko Securities.

The Federal Reserve’s reluctance to cut interest rates substantially, with inflation still stubbornly above preset targets, has also kept corporate bond yields high enough to attract strong demand from yield-focused investors like insurance companies and pension funds.

But worries that corporate valuations are nearing a peak have also prompted some investors to shift money from equities to investment-grade corporate bonds, adding an extra level of pressure on credit spreads, said bankers.

This heightened investor demand coupled with an overall market shift out of equities into debt could push spreads tighter in the coming months, said Michael Levitin, managing director and co-head of liquid credit at asset management firm MidOcean Partners.

“For the first time that I can think of in my career, we’re seeing a shift out of equities into debt,” he added, noting it was driven by those beginning to realize they may not get the same return out of equities as they did before.

“We have had more conversations, interest in credit strategies and investment-grade fixed income given the run-up in equities,” said Nick Elfner, co-head of research at Breckinridge Capital Advisors.

About USD 10 billion has moved out of domestic equity funds and ETFs since the beginning of 2025, at the same time as over USD 180 billion has flowed into taxable bond funds and ETFs, according to data from the Investment Company Institute. This reflects the added demand for fixed income, Elfner noted.

Companies in the meantime are taking full advantage of this rush of demand for their bonds and raising new debt, while paying little to no new-issue premium as order books are heavily oversubscribed.

The average new issue concession on nearly USD 51 billion of corporate bonds issued in July was a measly 2 bps with order books covered by over four times, according to Informa Global Markets data.

To be sure, analysts and strategists expect this dream run in spreads to reverse, albeit gradually, in the second half, especially if the current optimism about the tariff impact on credit fundamentals is found to be misplaced.

“Our base case for (investment grade) credit spreads is widening, not tightening, as we have a forecast of 110 bps through year-end, but that number is still well within the long-term median level for spreads (of) 130 bps,” said Winnie Cisar, global head of strategy at CreditSights.

Companies have had a lot of power to push through pricing to consumers and maintain strong margins despite these macroeconomic headwinds – yet a period of rising interest rates means interest coverage has come down from record highs in 2021 and created a mixed picture for credit fundamentals, Cisar added.

“If interest expense is somewhat elevated and concerns grow around the trajectory for growth and profit margins, that could act as a catalyst for a widening in spreads.”

(Reporting by Shankar Ramakrishnan and Matt Tracy; Editing by Alexandra Hudson)

Dollar indecisive as investors await more tariff clarity

SINGAPORE – The dollar traded in a tight range on Tuesday after a brief fall at the start of the week, as investors watched out for any progress on trade talks ahead of an August 1 deadline for countries to strike deals with the US or face steep tariffs.

The yen mostly held to gains from the previous session following results from a weekend upper house election in Japan that proved no worse than what had already been priced in, as focus now turns to how quickly Tokyo can strike a trade deal with Washington and Prime Minister Shigeru Ishiba’s future at the helm.

The Japanese currency was last a touch weaker at 147.65 in early Asia trade, after rising 1% on Monday in the wake of the election outcome.

The bruising defeat suffered by Ishiba and his ruling coalition also drew just a modest response in the broader Japanese market, which returned from a holiday in the previous session. JP/ .T

“The initial relief for the yen that the ruling coalition did not lose even more seats and that Prime Minister Ishiba plans to hang on to power is likely to prove short-lived,” said MUFG senior currency analyst Lee Hardman.

“The pick-up in political uncertainty in Japan could complicate reaching a timely trade deal with the US, posing downside risks for Japan’s economy and the yen.”

With just slightly over a week to go before an August 1 deadline on tariffs, US Treasury Secretary Scott Bessent said on Monday that the administration is more concerned with the quality of trade agreements than their timing.

Asked whether the deadline could be extended for countries engaged in productive talks with Washington, Bessent said President Donald Trump would make that decision.

Uncertainty over the eventual state of tariffs globally has been a huge overhang for the foreign exchange market, leaving currencies trading in a tight range for the most part, even as stocks on Wall Street have scaled fresh highs.

“Nothing that happens on August 1 is necessarily permanent, so long as the US administration remains willing to talk, as was indicated in Trump’s letters from two weeks ago,” said Thierry Wizman, global FX and rates strategist at Macquarie Group.

The dollar was last steady after slipping in the previous session due in part to the yen’s rise and a dip in US Treasury yields, leaving sterling trading 0.03% lower at USD 1.3488.

The euro fell 0.12% to USD 1.1684, with focus also on a rate decision by the European Central Bank later this week, where expectations are for policymakers to stand pat on rates.

The European Union is exploring a broader set of possible counter measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats.

Against a basket of currencies, the dollar rose slightly to 97.94, after having fallen 0.6% on Monday.

Also weighing on investors’ minds has been worries about the Federal Reserve’s independence, given Trump has railed repeatedly against Chair Jerome Powell and urged him to resign because of the central bank’s reluctance to cut interest rates.

“Our base case remains that solid US data and a tariff driven rebound in inflation will keep the FOMC on hold into 2026, and that the resulting shift in interest rate differentials will drive a continued rebound in the dollar in the next few months,” said Jonas Goltermann, deputy chief markets economist at Capital Economics.

“But that view is clearly at the mercy of the White House’s whims.”

Elsewhere, the Australian dollar eased 0.05% to USD 0.6522, while the New Zealand dollar fell 0.14% to USD 0.5960.

(Reporting by Rae Wee; Editing by Shri Navaratnam)

S&P 500 and Nasdaq notch record high closes, lifted by Alphabet

The S&P 500 and the Nasdaq notched record high closes on Monday, lifted by Alphabet and other megacaps ahead of several earnings reports this week, while investors bet on potential trade deals to blunt economic damage from the Trump administration’s global tariffs.

Google-parent Alphabet rallied 2.7% ahead of its quarterly report on Wednesday. It and Tesla, also reporting on Wednesday, kick off earnings from the so-called “Magnificent Seven”, and their results may set the tone for other heavyweight companies reporting in the next several days.

Tesla dipped 0.35%, while Apple gained 0.62% and Amazon rose 1.43%, both lifting the S&P 500 and Nasdaq.

Verizon rallied over 4% after the telecommunications company boosted its annual profit forecast.

Analysts on average expected S&P 500 companies to report a 6.7% increase in earnings for the second quarter, with Big Tech driving much of that gain, according to LSEG.

“So far, companies that have reported have, in general, met or beat guidance from the prior quarter, and we haven’t seen any degradation either in corporate profits or consumer spending,” said Tom Hainlin, national investment strategist at US Bank Wealth Management in Minneapolis.

With US President Donald Trump’s August 1 tariff deadline approaching, the S&P 500 is up about 8% year to date, with investors betting the economic damage from tariffs will be less than feared.

US Commerce Secretary Howard Lutnick said on Sunday he was confident the United States could secure a trade deal with the European Union, even as EU members explored possible countermeasures against the United States.

Trump has threatened 30% tariffs on imports from Mexico and the EU, and sent letters to other trading partners, including Canada, Japan and Brazil, setting tariffs ranging from 20% to 50%.

The S&P 500 climbed 0.14% to end the session at 6,305.60 points.

The Nasdaq gained 0.38% to 20,974.18 points, while the Dow Jones Industrial Average declined 0.04% to 44,323.07 points.

Seven of the 11 S&P 500 sector indexes rose, led by communication services, up 1.9%, followed by a 0.6% gain in consumer discretionary.

Volume on US exchanges was relatively heavy, with 19.7 billion shares traded, compared to an average of 17.7 billion shares over the previous 20 sessions.

The S&P 500 has gained about 7% in 2025, while the Nasdaq has climbed almost 9%.

Investors focused on how tariff uncertainty is impacting the US economy will scrutinize jobless claims data and the July business activity report, expected on Thursday.

They will also watch a speech by Federal Reserve Chair Jerome Powell on Tuesday for clues about when the Fed might cut interest rates, especially after mixed inflation signals last week.

Traders have largely ruled out a July rate cut, and they now see a greater than 50% chance the Fed will cut by its September meeting, according to CME Group’s FedWatch tool.

Declining stocks outnumbered rising ones within the S&P 500 by a 1.7-to-one ratio.

The S&P 500 posted 17 new highs and 9 new lows; the Nasdaq recorded 97 new highs and 56 new lows.

(Reporting by Nikhil Sharma and Pranav Kashyap in Bengaluru, and by Noel Randewich in San Francisco; Editing by Maju Samuel, Shinjini Ganguli, and Aurora Ellis)

European shares end lower as investors assess mixed earnings; focus on trade talks

European shares ended a choppy session in the red on Monday, as investors weighed a mixed bag of corporate earnings and keenly awaited the outcome of ongoing trade negotiations between the US and the European Union.

The pan-European STOXX 600 index closed 0.1% lower, as a drop in healthcare stocks such as Roche and Novonordisk offset gains in mining companies.

Traders were gearing up for a week filled with corporate updates in both Europe and the US, and will scrutinize company reports for any clues on the impact trade uncertainty has had on profitability and consumer demand.

On Monday, Stellantis said it expects a net loss of 2.3 billion euros (USD 2.68 billion) for the first half of 2025 as the automaker faced the dual challenge of revamping its product ranges while also dealing with the impact of US tariffs.

Shares of the automaker were volatile throughout the day and settled about 1.5% higher.

Ryanair jumped 5.7% after Europe’s largest low-cost carrier reported that its quarterly profit more than doubled. Other airline stocks such as Lufthansa and EasyJet gained about 1% each.

Meanwhile, trade negotiations were high on the radar as diplomats said that the EU is exploring wide-ranging “anti-coercion” measures which would let the bloc target US services or curb access to public tenders in the absence of a deal.

US President Donald Trump has threatened 30% duties on imports from Europe if no agreement is signed before the August 1 deadline.

“The question ultimately boils down to whether the EU can swallow an unbalanced outcome which is tilted in favour of the US, or whether Trump would accept some form of EU countermeasures without ratcheting up tariffs further,” said Henry Cook, senior economist at MUFG bank.

“The landing ground for a deal still looks small, and there is plenty of risk that things could go south.”

The benchmark STOXX 600 has recovered all its losses from the April selloff when Trump slapped tariffs on world economies. However, trade ambiguities and their impact on corporates have kept investors wary.

The prevailing uncertainty had investors also flocking to safe-havens, including gold XAU= and European sovereign bonds on Monday.

Among stocks, Delivery Hero logged its biggest one-day jump of over 16% in more than a year. On Friday, Prosus had offered to slash its stake in the German company and give up its board seat to address EU concerns over its 4.1 billion euro (USD 4.78 billion) Just Eat Takeaway deal, according to sources.

Miners Glencore, Anglo American, and Antofagasta rose between 3% and 5%, tracking a rise in industrial metal prices after China vowed to stabilize its industrial growth, and on hopes for more stimulus.

Markets also await the ECB’s policy decision later this week, with traders pricing in no change in interest rates.

(Reporting by Sanchayaita Roy, Ragini Mathur, Twesha Dikshit, and Johann M Cherian in Bengaluru; Editing by Eileen Soreng and Maju Samuel)

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