The Strait of Hormuz is back in the spotlight, with a decline in vessels navigating the vital passage as tensions between the US and Iran escalate. The economic implications are significant, with the IMF indicating that the safety nets that previously helped mitigate the last oil crisis are beginning to diminish.
At home, markets have their own dynamics to consider. HSBC has revised its outlook on Indian equities to ‘neutral’, just three months following a downgrade. ICICI Lombard, on the other hand, saw its shares tumble 14% after its first-quarter results led to several brokerage downgrades. Additionally, the government has updated export duties on diesel, aviation turbine fuel, and petrol. Stay tuned for live, real-time updates throughout this earnings season.
Beyond market trends, there are noteworthy developments. Indian MPs have been advised to leave smart watches, glasses, and pens behind for the upcoming Parliament Monsoon Session, while Tirupati has reported an impressive ₹96.98 crore in donations in a single day.
From global affairs and oil dynamics to markets, policy, and finance, here are 11 stories to catch you up.
Decline in vessels through Hormuz as US, Iran intensify conflicts
On Wednesday, fewer vessels traversed the Strait of Hormuz, marking the first day after the US reinstated its naval blockade on Iranian ports, amid escalating hostilities between the two nations. Shipping data revealed that only seven vessels made the crossing, primarily along the Iranian route, down from the previous day’s 13.
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Majority of US House Democrats support cutting aid to Israel amid increasing division
A significant majority of House Democrats voted on Wednesday to eliminate $3.3 billion in US aid to Israel, reflecting a growing fracture in the formerly unwavering bipartisan support for the nation following the deadly conflict in Gaza.
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IMF cautions that global safeguards against potential oil shocks are diminishing as tensions rise in Hormuz
The world managed to weather the oil supply crisis triggered by the US-Israel strikes on Iran on February 28 due to demand compression, supply diversification, and inventory drawdowns. However, the IMF warns these buffers are now depleting.
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HSBC shifts Indian equities outlook to ‘neutral’ after three months of downturn; here’s its analysis
Brokerage HSBC has revised its stance on Indian equity markets back to “neutral,” just three months post-downgrade, responding to higher energy costs it believes could adversely affect the markets and economy.
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ICICI Lombard shares drop 14% following Q1 results leading to multiple downgrades
ICICI Lombard General Insurance Ltd. experienced a 14% decline in its shares on Thursday, July 16, following the release of its first-quarter results late Wednesday, prompting numerous brokerage downgrades.
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India revises export duties on diesel and ATF; cuts petrol levy starting July 16
The government has raised export duties on diesel and aviation turbine fuel (ATF) while decreasing the levy on petrol exports in its latest review of fuel export taxes. These changes were announced by the Department of Revenue on Wednesday (July 15) and will take effect on July 16.
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Current trends in gold and silver prices: What’s behind the drop in bullion
Gold and silver prices saw a dip in early trading on Wednesday (July 16) as investors weighed the implications of lower-than-anticipated US inflation data against rising geopolitical tensions in West Asia.
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Rupee slightly declines against dollar as global oil prices fall
The Indian rupee opened slightly weaker at 94.69 against the US dollar on Tuesday (June 23), down from 94.68 at the previous market close, as global currency markets remained wary amid expectations of further rate hikes by the US Federal Reserve.
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UK suggests ‘No Gain, No Loss’ tax approach for selected crypto transactions
The UK government has proposed alterations to the taxation of certain cryptoasset lending and decentralized finance (DeFi) transactions, aiming to ensure that investors are not taxed merely for moving crypto into qualifying lending or liquidity pool arrangements.
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MPs instructed to leave smart watches, glasses, and pens for the upcoming Parliament Monsoon Session
For the forthcoming Monsoon Session of Parliament, scheduled from July 20 to August 13, MPs will be prohibited from using smart watches, smart glasses, and smart pens within the House. This advisory is part of the preparations for the session.
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Tirupati temple garners ₹96.98 crore in donations in a single day ahead of new donor policies
The Tirumala Tirupati Devasthanams (TTD) achieved a record ₹96.98 crore in donations in one day on Tuesday, just prior to implementing its revised donor privileges policy starting Wednesday.
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