India to Ramp Up Purchases of US Oil, Arms, Aircraft; Open Some Farm Access

FILE PHOTO: US President Donald Trump and Indian Prime Minister Narendra Modi shake hands, at the White House in Washington, D.C., US, February 13, 2025. REUTERS/Kevin Lamarque/File Photo/File Photo
FILE PHOTO: US President Donald Trump and Indian Prime Minister Narendra Modi shake hands, at the White House in Washington, D.C., US, February 13, 2025. REUTERS/Kevin Lamarque/File Photo/File Photo
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India to Ramp Up Purchases of US Oil, Arms, Aircraft; Open Some Farm Access

FILE PHOTO: US President Donald Trump and Indian Prime Minister Narendra Modi shake hands, at the White House in Washington, D.C., US, February 13, 2025. REUTERS/Kevin Lamarque/File Photo/File Photo
FILE PHOTO: US President Donald Trump and Indian Prime Minister Narendra Modi shake hands, at the White House in Washington, D.C., US, February 13, 2025. REUTERS/Kevin Lamarque/File Photo/File Photo

India has agreed to buy petroleum, defense goods, and aircraft from the US, while partly opening up its highly-guarded agriculture sector under a trade deal, according to a government official, as the two sides reconcile after months of tensions.

President Donald Trump announced a trade deal with India on Monday that slashes US tariffs on Indian goods to 18% from 50% in exchange for India halting Russian oil purchases and lowering trade barriers.

Trump said India agreed to buy more American goods with purchases rising to as much as $500 billion including energy, coal, technology, agricultural and other products.

The Indian government official, who ‌did not want ‌to be named, said India has agreed to ‌buy ⁠US goods including ‌telecom and pharmaceuticals and offered market access for some agricultural products, as part of New Delhi's commitments under the deal.

India recently offered select market access for agricultural products to the European Union under a trade deal.

The Asian nation has also lowered tariffs on imported cars to address Washington's immediate US demands to conclude the first tranche of the deal, the official added.

India's trade ministry did not ⁠immediately reply to an e-mail seeking comment.

India's exports to the US rose 15.88% year-on-year to $85.5 billion in ‌January-November, while imports stood at $46.08 billion, Indian government ‍data showed.

"The commitment to buy ‍US products covers sectors like pharmaceuticals, telecom, defense, petroleum and aircraft. It will ‍be done over the years," the official told Reuters.

The official said a more comprehensive pact with the US will be negotiated over coming months.

DEAL LIFTS SENTIMENT

The announcement of a trade deal between India and United States has reduced a great deal of global uncertainty, India's economic affairs secretary, Anuradha Thakur, said at an event in New Delhi on Tuesday.

It also lifted investor sentiment. ⁠India's benchmark stock index, the Nifty 50, was up nearly 3% and the rupee climbed over 1% to 90.40 per dollar in early trading.

The 18% tariff offered to India is lower than its Asian peers and comes right in time as exporters are still negotiating annual contracts with their US customers, the official said.

Among Asian nations, US tariffs on goods from Indonesia stand at 19% while the rate for Vietnam and Bangladesh stands at 20%.

"Lower tariffs will not only improve price competitiveness but also help Indian exporters integrate more deeply into US supply chains,” said S.C. Ralhan, president of the Federation of Indian Export Organizations.

Reduction in US ‌tariffs on most Indian goods will reinvigorate India's goods exports to the US, Moody's Ratings said in a statement on Tuesday.



Saudi Aramco Announces Completion of $4 Billion Bond Issuance

The Aramco tower in Riyadh, which is located within the King Abdullah Financial District (KAFD). AFP
The Aramco tower in Riyadh, which is located within the King Abdullah Financial District (KAFD). AFP
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Saudi Aramco Announces Completion of $4 Billion Bond Issuance

The Aramco tower in Riyadh, which is located within the King Abdullah Financial District (KAFD). AFP
The Aramco tower in Riyadh, which is located within the King Abdullah Financial District (KAFD). AFP

Saudi Aramco announced on Tuesday that it has successfully completed a $4 billion issuance of bonds across four tranches under its Global Medium Term Note Program.

The tranches include:
• $500 million senior notes maturing in 2029 with a coupon rate of 4.0%;
• $1.5 billion senior notes maturing in 2031 with a coupon rate of 4.375%;
• $1.25 billion senior notes maturing in 2036 with a coupon rate of 5.0%; and
• $750 million senior notes maturing in 2056 with a coupon rate of 6.0%.

The transaction was priced on January 26, 2026, and the notes were listed on the London Stock Exchange.

“This issuance is part of Aramco’s focused strategy to further optimize its capital structure and enhance shareholder value creation,” said Aramco’s Executive Vice President & Chief Financial Officer Ziad Al-Murshed.

“The attractive pricing achieved on the transaction reflects global investors’ continued confidence in Aramco’s financial strength and resilient balance sheet,” he said.

Al-Murshed added that Aramco remains firmly committed to maintaining disciplined capital management and delivering long-term value to its shareholders.


Türkiye Monthly Inflation Jumps to 4.84% in January, Exceeds Forecast

People walk past the counter of a traditional Turkish bagel "simit" street vendor, Eminönü, Istanbul, Türkiye, Dec. 27, 2025. (AFP)
People walk past the counter of a traditional Turkish bagel "simit" street vendor, Eminönü, Istanbul, Türkiye, Dec. 27, 2025. (AFP)
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Türkiye Monthly Inflation Jumps to 4.84% in January, Exceeds Forecast

People walk past the counter of a traditional Turkish bagel "simit" street vendor, Eminönü, Istanbul, Türkiye, Dec. 27, 2025. (AFP)
People walk past the counter of a traditional Turkish bagel "simit" street vendor, Eminönü, Istanbul, Türkiye, Dec. 27, 2025. (AFP)

Turkish consumer price inflation leapt to a higher-than-expected 4.84% month-on-month in January, Turkish Statistical ​Institute data showed on Tuesday, driven in part by a 6.59% jump in food and non-alcoholic drinks prices.

Annual inflation dipped to 30.65% in January, with price rises driven by the annual hike in the minimum wage and ‌various new year price ‌adjustments.

In a Reuters ‌poll, ⁠monthly ​inflation ‌was forecast to be 4.32% with the annual rate seen at 30.00%.

In December, monthly consumer price inflation edged up to 0.89% while the annual rate slipped to 30.89%.

According to the poll's median estimate, annual ⁠inflation is expected to slow to 23% by ‌year-end, remaining above the central bank's ‍forecast of 16%.

In ‍January, the central bank lowered its ‍key interest rate by a less-than-expected 100 basis points to 37%, citing firming inflation, and pricing behavior and expectations that threaten the disinflation ​process.

After a brief policy reversal early last year due to political turmoil, ⁠the central bank's rate-cutting cycle resumed in July with a 300-basis-point move, followed by cuts of 250 points and then 100 in October amid rising food prices, before the last two cuts of 150 in December then 100 points in January.

The data also showed the domestic producer price index rose 2.67% month-on-month in January ‌for an annual increase of 27.17%.


Gold, Silver Stage Comeback after Two-session Rout

FILE PHOTO: A one-kilogram gold bar and a sealed gold coin are displayed at a jewelry store, in Dubai, United Arab Emirates, January 20, 2026. REUTERS/Amr Alfiky/File Photo
FILE PHOTO: A one-kilogram gold bar and a sealed gold coin are displayed at a jewelry store, in Dubai, United Arab Emirates, January 20, 2026. REUTERS/Amr Alfiky/File Photo
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Gold, Silver Stage Comeback after Two-session Rout

FILE PHOTO: A one-kilogram gold bar and a sealed gold coin are displayed at a jewelry store, in Dubai, United Arab Emirates, January 20, 2026. REUTERS/Amr Alfiky/File Photo
FILE PHOTO: A one-kilogram gold bar and a sealed gold coin are displayed at a jewelry store, in Dubai, United Arab Emirates, January 20, 2026. REUTERS/Amr Alfiky/File Photo

Gold and silver rose on Tuesday, rebounding from their steepest two-day drop in decades after Kevin Warsh was nominated as the next US Federal Reserve chair and a hike in CME margin requirements put the brakes on the metals' record rally.

Spot gold climbed 4.1% to $4,854.56 an ounce by 0623 GMT. On Monday, it had hit a low of $4,403.24 an ounce, ‌two sessions after peaking ‌at $5,594.82.

US gold futures for April delivery ‌rose ⁠4.8% to $4,838.10 per ‌ounce.

"It's a reasonable call that this is somewhere around fair value potentially, if you consider that we saw a market behaving fairly irrationally for a few weeks there," said Kyle Rodda, a senior market analyst at Capital.com.

"The current prices take gold and silver back to where they were, early in the second half of January."

Gold's parabolic rise saw it smash ⁠multiple peaks and log a nearly 13% gain in January, its biggest monthly gain since November ‌2009, while silver touched an all-time ‍high of $121.64 on Thursday.

Silver gained ‍6.2% to $84.34 an ounce on Tuesday, after posting its biggest one-day loss ‍on record on Friday with a 27% slump. It fell by another 6% in the last session and hit a low of $71.33 an ounce. "The markets endorsed Warsh's nomination by US President Donald Trump as someone relatively credible, and so we saw the dollar move on that basis, and again, that was kind of like the pin that popped ⁠the big precious metals," Rodda said. CME Group also raised margin requirements on precious metal futures, fueling last week's sharp selloff that was triggered after Kevin Warsh's nomination to head the central bank. Despite the historic pullback in gold and silver prices, analysts see the metals' bull run continuing and expect it to notch fresh record highs later this year. Meanwhile, the US Bureau of Labor Statistics said on Monday the closely watched employment report for January would not be released this Friday because of a partial shutdown of the federal government.

In other metals, spot platinum climbed 2.9% to $2,183.38 per ‌ounce after hitting a record high of $2,918.80 on January 26, while palladium was up 2.8% at $1,766.02.