ET NEWS

A highly anticipated summit between U.S. President Donald Trump and Russian President Vladimir Putin on Friday yielded no agreement to resolve or pause Moscow's war in Ukraine, despite both leaders describing the talks in Alaska as productive.During a brief appearance before the media following the nearly three-hour talks, the two leaders said they had made progress on unspecified issues. But they offered no details and took no questions, with the normally loquacious Trump ignoring shouted questions from reporters."There were many, many points that we agreed on. I would say a couple of big ones that we haven't quite got there, but we've made some headway," Trump said, standing in front of a backdrop that read, "Pursuing Peace."COMMENTS:HELIMA CROFT, GLOBAL HEAD OF COMMODITY STRATEGY AT RBC CAPITAL MARKETS, NEW YORK:"It seems to be the scenario that we anticipated in our note. Soundbites signaling diplomatic progress but few concrete deal specifics. We will be watching to see whether the 'too be continued' outcome is enough to table the secondary sanctions on India for continuing to import Russian oil. Certainly will fall short of anything that will convince the Europeans to consider vacating their Russian energy sanctions."CAROL SCHLEIF, CHIEF MARKET STRATEGIST, BMO PRIVATE WEALTH, MINNEAPOLIS:"The only news was absolutely no news out of it. Not sure there will be any market impactful portions - geopolitical issues in general do not tend to preoccupy market attention for very long if at all.""Markets are at new highs despite this conflict going on for three years. Markets care more about consumers, inflation and commentary from Wyoming next week."ERIC TEAL, CHIEF INVESTMENT OFFICER, COMERICA, CHARLOTTE, NORTH CAROLINA:"The fact that there were no economic sanctions is a positive and markets should breathe a sigh of relief, but it doesn't appear as though a deal is in hand.""If anything, we see opportunity in the energy sector, as oil prices are at pretty low levels here and the prospect of sanctions on oil did not bear out. There could be a relief rally and that would be an opportunity to invest in energy as we head into higher seasonal demands and economic growth beginning to re-accelerate.""Gold and precious metals are likely to sell off because of being an asset class good for safety. Given concerns about inflation, they are a good buying point as well if any weakness."EUGENE EPSTEIN, HEAD OF TRADING AND STRUCTURED PRODUCTS, NORTH AMERICA, MONEYCORP, NEW JERSEY:"I don't think anybody expected it to be particularly specific or substantive. It's essentially a first step towards potentially something more. They both kind of said everything diplomatically. But it's more about the significance of the meeting as a whole, as opposed to the content of what they're saying.""Again, I don't think anybody really expected them to suddenly within a couple of hours come up with a very specific set of plans or any kind of blueprint to something. It basically was just showing their willingness to have continued talks to arrive at a conclusion that is beneficial for all parties. And I think this is just the first steps, and many more to come."TOM DI GALOMA, MANAGING DIRECTOR OF RATES AND TRADING AT MISCHLER FINANCIAL IN PARK CITY, UTAH"Basically, President Trump needs to go back to the European Union and relay what Putin has said. And then he's got to negotiate with Zelenskiy. For the most part, I think they've laid the groundwork for a deal. And my feeling is that it will probably get done, but there's probably a couple more steps. I'm thinking one of those steps will be Trump, Putin and Zelenskiy all meeting in the next month.""They will probably reach a deal in 30 days. I was kind of surprised that they didn't take any questions. So there's a little bit of disappointment in that, but until a deal is done, you can't really take any questions.""Overall, the markets will like it marginally because I think they've made some progress. But I don't think we will be up 400 points in Dow futures on Sunday night."MICHAEL ASHLEY SCHULMAN, CHIEF INVESTMENT OFFICER, RUNNING POINT, EL SEGUNDO, CALIFORNIA:"At this point, it has been three years into the war, so it really shouldn't have much effect. I think markets will take it as status quo, but I think there's only upside from here."JAMIE COX, MANAGING PARTNER, HARRIS FINANCIAL GROUP, RICHMOND, VIRGINIA:"Without Ukraine at the table, there was little chance for a peace accord. That Putin attended at all was significant, but he can't be seen ending the conflict while on American soil meeting with Trump."

India's foreign exchange reserves rose by $4.7 billion in the week ending August 8, taking the total to $693.6 billion, the RBI data released on Friday showed.In the previous week ending August 1, foreign exchange reserves had fallen by $9.3 billion, mainly because the central bank likely intensified efforts to curb the rupee's slide against the dollar."The rise in reserves is mainly on account of revaluation gains to the tune of around $10 billion due to a weaker dollar and rise in gold prices during the week under review. The gains were partially offset by RBI's likely market intervention, including delivery of $5 billion of FX swaps," said Gaura Sengupta, chief economist at IDFC First Bank.Foreign currency assets, which form over 84% of the total reserves, rose by $2.4 billion during the week to August 8. These assets are maintained as a multi-currency portfolio comprising major currencies such as the US dollar, euro, British pound, and Japanese yen, but expressed in dollar terms.Meanwhile, gold reserves, which are also part of the overall foreign exchange kitty, rose by $2.2 billion to $86.2 billion.The RBI's stated stance has been that it intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate.

US President Donald Trump on Friday (local time) said that he and Russian President Vladimir Putin had a "productive" meeting aimed at reducing the human toll of the Russia-Ukraine conflict. Speaking at a joint press conference in Anchorage, Alaska, Trump claimed that thousands of lives could be saved weekly if both sides acted, adding that Putin shared the same goal. "We're going to stop, 5,000, 6,000, 7,000 people a week from being killed, and President Putin wants to see that as much as I do," Trump said. He added that several points were agreed upon during the discussion, a few key issues remain unresolved. "I believe we had a very productive meeting. There were many, many points that we agreed on. Most were a couple of big ones that we haven't quite got there, but we had some headway. There's no deal until we have a deal. I will call up NATO in a little while. I will call up the various people that I think are appropriate. And I'll, of course, call up President [Volodymyr] Zelenskyy and tell him about today's meeting. It's ultimately up to them," he said. Trump praised the work of officials from both sides, including US and Russian representatives, saying that their efforts contributed to progress."They'll have to agree with what Marco and Steve and some of the great people from the Trump administration who've come here, and Scott and John and our greater leaders have done a phenomenal job, and have tremendous Russian business representatives here, and I think everybody wants to deal with us. We've become the hottest country anywhere in the world in a short period of time. We look forward to that and try to get this over with. We really made some great progress today," he said. He also highlighted his longstanding rapport with Putin. "I've always had a fantastic relationship with President Putin, with Vladimir. We had many, many tough meetings," Trump said. Trump further noted that the 'Russia hoax' had previously complicated US-Russia relations, but said both leaders recognised it as a hindrance. "We were interfered with the Russia, Russia, Russia hoax, but he understood it, and I think he's seen things in the course of his career. He's seen it all but had to put up with the Russia, Russia, Russia hoax. He knew it was a hoax, I knew it was a hoax, but what was done was very criminal. It made it harder to deal with as a country in terms of the business that with the things we had to deal with. We will have a good chance once this is over," he said. Concluding, Trump expressed optimism about reaching a meaningful decision. "Some points are not that significant. One is probably the most significant but we have a very good chance of getting there. We didn't get there, but we have a very good chance of getting there. I would like to thank President Putin and his entire team. We have had good, productive meetings over the years and hope to have that in the future. Let's do the most productive one right now," he said.

U.S. President Donald Trump said on Friday he does not need to immediately impose retaliatory tariffs on countries such as China for buying Russian oil, though he may revisit the issue “in two or three weeks”, reported Reuters quoting Fox News.Trump has threatened fresh sanctions on Moscow and secondary penalties on nations purchasing its crude if no steps are taken to end the war in Ukraine. India and China remain Russia’s two largest oil buyers.Last week, Trump announced an additional 25% tariff on Indian exports, citing New Delhi’s continued oil imports from Russia. But he has not yet taken similar action against Beijing.Asked by Fox News whether such measures were under consideration after his Alaska summit with Russian President Vladimir Putin yielded no deal on Ukraine, Trump replied: “Well, because of what happened today, I think I don’t have to think about that. Now, I may have to think about it in two weeks or three weeks or something, but we don’t have to think about that right now. I think, you know, the meeting went very well.”At the same time, Xi and Trump are negotiating a potential trade deal aimed at easing tensions and reducing import taxes between the world’s two largest economies. Still, if Washington escalates punitive measures, China could emerge as the biggest target after Russia.Trump tariffs and Russian oilEarlier, Trump claimed that the tariffs imposed on India for purchasing oil from Russia have influenced Moscow's decision to seek a meeting with Washington, as the country was losing its “second largest customer”.In an interview with Fox News on Thursday, Trump said, "I think everything has an impact," and claimed that when he told India that "we're going to charge you, because you're dealing with Russia and oil purchases", it "essentially took them out of buying oil from Russia"."And then they (Russia) called, and they wanted to meet. We're going to see what the meeting means. But certainly, when you lose your second largest customer, and you're probably going to lose your first largest customer, I think that probably has a role."India was the second largest, and getting pretty close to China. China is the largest (purchaser of Russian oil)," the US president said.No pause on Russian oilIndia on Thursday said it has not halted oil purchases from Russia in response to the US President's tariff threat and continues to buy based solely on economic considerations.Trump last week announced an additional 25 per cent tariff on US imports from India -- raising the overall duty to 50 per cent -- as a penalty for the country's continued imports of Russian oil. The tariffs will come into effect from August 27.Since the steep tariffs are likely to hit the USD 40 billion of non-exempt exports that India does to the US, there has been chatter around stopping or curtailing oil imports from Russia.However, AS Sahney, Chairman of Indian Oil Corporation (IOC), the country's largest oil firm, has clarified that there is "no pause" on Russian oil imports, and India's intent to continue buying Russian oil remains unchanged.Responding to the US tariffs, the Ministry of External Affairs had said that the targeting of India is unjustified and unreasonable.“Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,” it said.Trump has said that India’s purchasing of Russian oil is “fuelling” the war machine.

Two people lost their lives and two others sustained injuries after a landslide struck Jankalyan Society in Mumbai’s Vikhroli (West) on Saturday, officials confirmed. The incident occurred in Varsha Nagar, Vikhroli Park Site, according to the Brihanmumbai Municipal Corporation (BMC). The city woke up to relentless downpours, leading to widespread waterlogging in several areas including Gandhi Market, Kings Circle, Andheri Subway, Kurla, Chembur, Milan Subway, and the SCLR Bridge, visuals shared by ANI showed. Severe inundation was also reported at Sion Railway Station, disrupting movement in the affected pockets.— ANI (@ANI) The India Meteorological Department (IMD) has issued a red alert for Mumbai and Raigad, warning of heavy to very heavy rainfall, while an orange alert has been sounded for Thane on August 16–17. Fishermen have been strictly advised to stay ashore, with IMD warning of squally winds reaching 40–50 kmph, gusting up to 60 kmph, along the North Konkan coast. Wind speeds are expected to intensify to 45–55 kmph with gusts up to 65 kmph from August 17–19.— ANI (@ANI) As per IMD’s Colaba and Santacruz observatories, Mumbai has recorded 1,119.2 mm and 1,435.7 mm of rainfall respectively since the monsoon season began. The city also witnessed intense showers on Independence Day. IMD Mumbai chief Shubhangi Bhute explained that the rainfall activity is being driven by an east-west trough extending from southern Gangetic West Bengal to the east-central Arabian Sea, influenced by a low-pressure area over south Odisha and adjoining regions. Rainfall across Maharashtra is expected to intensify between August 15–20.— ANI (@ANI) Meanwhile, in Himachal Pradesh, the monsoon death toll has climbed to 257, including 133 rain-related fatalities caused by landslides, flash floods, and house collapses, while 124 deaths were linked to road accidents. As of Friday evening, 406 roads, including two national highways, remained blocked. Over 450 power transformers and 222 water supply schemes were also disrupted, according to the Himachal Pradesh State Disaster Management Authority (HPSDMA).Connectivity remains worst-hit in Mandi (174 roads blocked), Kullu (79), Shimla (59), and Kinnaur (48), with landslides and falling debris continuing to hamper key routes like NH-305 in Kullu’s Khanag area and NH-05 in Kinnaur. Power outages were widespread across Lahaul-Spiti, Kullu, Mandi, and Shimla, while several water supply schemes in Mandi, Shimla, and Sirmaur districts remain non-functional. Restoration work is underway, with authorities prioritising the reopening of highways and restoring electricity and water supply. Officials have urged residents to avoid unnecessary travel as heavy rainfall is expected to persist in the coming days.