Bessent Warns Iran Money Launderers Will Be Cut Off From U.S. Dollar System
- U.S. Treasury Secretary Scott Bessent announced an unprecedented economic offensive aimed at severing Iran’s links to the global economy, warning entities laundering money for Iran will be removed from the U.S. dollar system.
- The campaign will target five Iranian “lifelines”: digital assets, technology, gold, aviation and shipping.
- Countries continuing commercial ties with Iran could face secondary sanctions, with Washington warning it will act unilaterally if foreign governments do not comply.
🔴 Breaking
Trump Warns Canada Of “More Serious Consequences,” Slams Ontario Premier Ford
- President Donald Trump called Ontario Premier Doug Ford’s remarks “grandstanding” and accused Canada of decades of dependence on the United States.
- Trump said the U.S. “will always be bigger, richer, stronger”, while claiming Canadian power, oil and gas depend on transit through the U.S.
- He accused PM Mark Carney and Ford of driving corporate outflows, claimed Canadian unemployment has risen to 10%, and warned Canada would face “more serious consequences” if it does not “play by the rules.”
🔴 Breaking
US Treasury May Use $950 Billion TGA To Fund Bond Buybacks
- The U.S. Treasury could use its nearly $1 trillion General Account (TGA) to help fund its expanded government bond buyback programme, according to two senior Treasury officials.
- Treasury Secretary Scott Bessent has built the TGA to around $950 billion, giving the department significant potential firepower to support long-term Treasury markets.
- The Treasury recently doubled its long-end off-the-run bond buybacks from $2 billion to at least $4 billion, with Bessent saying operations could be even larger.
- The initial impact on Treasury yields was short-lived as markets questioned whether the Treasury had enough firepower to materially influence long-term borrowing costs.
IOC Signs 5-Year Mauritius Deal To Supply 100% Of MS, HSD & ATF Imports
- Indian Oil Corporation (IOC) has signed a five-year agreement with Mauritius’ State Trading Corporation (STC) to meet the country’s entire import requirement of motor spirit, high-speed diesel and aviation turbine fuel.
- The deal makes India the anchor fuel supplier to Mauritius, strengthening its strategic and economic footprint in the Indian Ocean region.
- The agreement provides Mauritius with long-term supply security and protection from price volatility, while marking one of the first major long-term overseas supply commitments by an Indian PSU oil marketing company in recent years.
- India currently produces around 267 MMT of refined petroleum products annually across 23 refineries and remains a net exporter of refined products.
Securities Transaction Services PPI Falls To 89.9; Air Passenger PPI Surges 18.3%
- India’s Q1 FY27 Service Producer Price Index showed Securities Transaction Services falling to 89.9 from 91.7 in Q4 FY26.
- Meanwhile, Air Passenger Services jumped to 126.4 from 106.9, while Management of Pension Funds rose to 113.3 from 103.8.
- Banking Service PPI edged up to 100.9 from 100.5, while the Banking Contribution Index rose to 134.8 from 131.5.
- Insurance remained at 102.9, Telecom at 112.2, Railway Passenger at 103.5, and Railway Freight at 103.3.
🔴 Breaking
India’s NEET Crisis: 8.7 Crore Young Indians Neither Study Nor Work
- A NITI Aayog report estimates 8.7 crore Indians aged 15–29 are Not in Education, Employment or Training (NEET), based on 2021 National Sample Survey data.
- Around 88% of this group are engaged in domestic duties, highlighting barriers to education, employment and skills training, particularly for women.
- Only 8.25% of graduates work in jobs matching their qualifications, while graduate unemployment stands at 13% and rises to 20.4% among female graduates.
- NITI Aayog recommends expanding vocational education, apprenticeships, affordable training and entrepreneurship skills from Class 6 to improve employability.
SEBI Rejects Settlement Of 13 Adani-Linked FPIs, Legal Action To Continue
- SEBI rejected settlement applications from 13 foreign portfolio investors (FPIs) with significant stakes in Adani Group companies, according to The Economic Times.
- The FPIs reportedly refused to fully disclose information or pay amounts running into hundreds of crores demanded by SEBI as settlement conditions.
- SEBI will now continue legal proceedings, reviving its probe into whether the FPIs were fronts for Adani Group promoters.
- Proposed rule changes could allow the FPIs to reapply at a 20% premium.
🔴 Breaking
Sitharaman Says Rupee Weakness Driven By Global Volatility, Not India
- Finance Minister Nirmala Sitharaman said the rupee’s depreciation is being driven by global volatility rather than domestic weakness, with external pressures intensifying.
- Brent crude near $95/bbl amid U.S.-Iran tensions and the Iranian rial at a record low are adding pressure to India’s import-heavy economy.
- Sitharaman pointed to GDP growth above 7%, low inflation and a current account deficit below 1% as evidence of domestic resilience.
- Markets are now watching Fed Chair Kevin Warsh’s Jackson Hole keynote this week for signals on U.S. interest rates.
India’s Q1 FY27 GDP growth is expected to stay near 7%
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Trump’s 1,051 Trades Include Meta, Motorola, Visa, Mastercard, Berkshire
- President Donald Trump’s June disclosure showed 1,051 securities transactions involving stocks, bonds and ETFs, with total transaction values ranging from $78.1 million to $263.1 million.
- His purchases exceeded $49 million, while sales totalled at least $28.5 million.
- Key moves included selling $5 million–$25 million of Vanguard Dividend Appreciation ETF and buying Fidelity National Information Services and Home Depot on June 22.
- On June 18, Trump sold Meta and Motorola while buying Berkshire Hathaway, Cintas, Visa and Mastercard, with each transaction in the $1 million–$5 million range.
Nvidia AI Server Prices Set To Rise Over 15% As Memory Costs Surge
- Some of Nvidia’s biggest customers have been told that prices for AI servers containing Nvidia chips will rise more than 15% in many cases, driven by soaring memory-chip costs.
- The increases are expected to take effect for systems shipped from early 2027, affecting servers using Nvidia’s flagship Vera Rubin and Grace Blackwell platforms.
- The size of the increase will vary depending on the Nvidia chip generation and memory configuration, potentially raising costs across the AI infrastructure supply chain.
🔴 Breaking
Bessent To Announce Sweeping New Iran Sanctions, Targeting China
- U.S. Treasury Secretary Bessent plans to announce sweeping new sanctions on Monday targeting Iran’s trading partners, including China, which buys more than 80% of Iran’s exported oil.
- Iranian President Pezeshkian acknowledged “numerous challenges” from the sanctions campaign, while Tehran’s security chief warned neighbouring countries against joining the economic pressure.
- The move signals a shift from military strikes toward full economic isolation, nearly six months into the U.S.-Iran war. Iran warned countries supporting the new sanctions would be considered an “act of war.”
- Diplomatic efforts continue as the June ceasefire framework has collapsed, with Pakistan’s army chief expected in Tehran and Saudi-French talks underway in Paris.
🔴 Breaking
8.3 Million BPD Of Gulf Oil Output Still Shut In Despite Hormuz Reopening
- Petroleum geologist Art Berman told Fox News Digital that around 8 million bpd of Gulf production remains shut in, warning some output “will never come back.”
- The IEA estimates Gulf production remains 8.3 million bpd below pre-war levels, while the EIA does not expect a return to pre-conflict conditions until early 2027.
- Wood Mackenzie expects affected fields to recover to 90% of previous output within six months, but the final 1 million bpd could take considerably longer, potentially reshaping global oil markets.
Goldman Sachs Sees China GDP Growth Slowing To 4% In Q3
- Goldman Sachs estimates China’s GDP growth slowed to around 4% early in Q3, down from 4.3% and below Beijing’s 4.5%–5% target.
- July data showed retail sales +0.6%, fixed-asset investment -6.7% and property investment -19.2%, while youth unemployment hit an 11-month high.
- BNP Paribas warned China may need fresh stimulus by late September if growth remains near 4%, highlighting broad weakness in spending, investment and property.
India’s Q1 FY27 GDP growth is expected to stay near 7%
- CareEdge Ratings forecast Q1 FY27 GDP growth at 7.3% and raised its full year projection to 7%, supported by strong manufacturing and construction activity.
- RBI Deputy Governor Poonam Gupta said growth could approach 7%, above the RBI’s 6.7% forecast, while describing 7.5% growth as a long term “given.”
- Bank of Baroda Research expects Q1 growth at 7% to 7.2%, but warned that higher crude oil prices and a delayed monsoon remain key risks.
- The official Q1 FY27 GDP data is due on August 31, with multiple forecasters now expecting growth at or near 7%.
🔴 Breaking
Russia’s Share Of India’s Crude Imports Hits Record 50.83%
- Russia accounted for a record 50.83% of India’s crude imports in July, averaging 2.8 million bpd, as the West Asia conflict disrupts Gulf supply routes.
- India’s crude import bill surged 56%+ to $63.4 billion in April–July despite largely flat import volumes, driven by higher global prices and Strait of Hormuz disruption fears.
- The supply squeeze is making it harder for New Delhi to diversify away from discounted Russian crude, increasing India’s dependence on Moscow.
🚨 India’s oil and gas import bill jumps 43% to $57.8 billion
- India’s net oil and gas import bill surged 43.4% to $57.8 billion in April to July 2026, from $40.3 billion a year earlier, as crude prices remained above $100 a barrel.
- Crude import volumes were almost unchanged at 81.9 million tonnes, showing that the sharp increase in the bill was driven mainly by higher global prices rather than stronger demand.
- The Strait of Hormuz deadlock has kept energy prices elevated and increased pressure on India’s foreign exchange outflows.
- PM Modi had urged citizens in May to reduce fuel consumption, limit gold purchases and revive work from home practices to conserve foreign exchange amid the crisis.
🔴 Breaking
Nomura Warns “Bessent Put” On Yen Could Backfire
- Nomura warned the market’s assumption that U.S. intervention will backstop the yen could fail, triggering destabilising capital outflows.
- Citi called the recent coordinated intervention an informal “currency alliance” linking FX policy with the broader U.S.-Japan economic and security relationship, including Japan’s $550 billion U.S. investment programme.
- Senator Elizabeth Warren questioned Treasury Secretary Bessent over taxpayer exposure, while Bank of America expects the yen to strengthen roughly 6% by year-end.
🔴 Breaking
U.S. Imposes 50% Tariffs On $20 Billion Of Canadian Goods As Talks Collapse
- The U.S. imposed 50% tariffs on around $20 billion worth of Canadian goods after last-minute trade negotiations failed to reach an agreement.
- Canadian PM Mark Carney suspended further talks and said Canada would retaliate “dollar for dollar”, accusing Washington of imposing unfair last-minute terms.
- The collapse came despite both sides previously nearing a deal that could have reduced U.S. tariffs on Canadian steel, aluminum and automobiles.
🔴 Breaking
Only 7 Ships Cross Hormuz As Oil And Gas Supply Risks Intensify
- Only 7 commodity ships transited the Strait of Hormuz on Thursday, half the previous day’s tally, with no large crude or LNG tankers among them, Reuters reported.
- European natural gas futures hit their highest since March, with storage levels about 17 percentage points below seasonal norms, raising winter supply concerns.
- Oil rose for a second straight week, while analysts at StoneX said markets are pricing a binary outcome: full U.S.-Iran escalation or a lasting resolution, with little room for a middle ground.
India Plans $1.2 Billion Incentive Scheme To Cut Reliance On Chinese Machinery
- India is set to approve a $1.2 billion incentive scheme for domestic manufacturing of tunnel boring machines, lifts and firefighting equipment, Reuters reported.
- The seven-year programme aims to attract $1.8 billion in investment and reduce India’s heavy dependence on Chinese construction machinery, following export restrictions since 2024.
- Potential beneficiaries include BEML, L&T and Johnson Lifts, as the government seeks to build domestic manufacturing capacity for critical construction equipment.
