India’s banks spent most of the last decade out in the wilderness, as a punishment for the lax underwriting standards on their corporate loans. Now they have regained their health, restored profitability and reestablished investors’ trust. The benchmark Nifty Bank Index is close to an all-time high. With everything going well, the lenders should be turning cautious. But recent full-year results show an opposite trend: Provisions for future loan losses are beginning to decline. This may not be prudent.
Asia
Red Alert – Gold Rocket Above $1,600 as Iran Attacks Spark Flight to Havens
Spot Gold (Bullion) climbed as much as 2.4% to $1,611.42 an ounce, the highest level since 2013, and traded at $1,609.28 at 8:32 a.m. in Singapore.
China – Its Demands for a Trade-Deal With the U.S. Haven’t Changed
There’s no change to China’s conditions for making a trade deal with the U.S. as the two nations’ leaders prepare to meet this weekend, a government spokesman said.
Oil Hits 2019 High as OPEC+ Re-Commits to Cuts in the Near Term
Crude Oil closed at its highest yet this year as OPEC and its partners committed to continuing production cuts until at least June, when they will meet to discuss an extension.
Washington and Beijing Are Near Deal That Could End Most U.S. Tariffs on China
The U.S. and China are close to a trade deal that could lift most or all U.S. tariffs as long as Beijing follows through on pledges ranging from better protecting intellectual-property rights to buying a significant amount of American products, two people familiar with the discussions said.
Trump-Kim Summit – live Reports: US President Blames Failure of Talks on North Korea’s Demand for Sanctions to be Dropped
Gold Silver Reports (GSR) – Donald Trump and Kim Jong-un have cut short their talks in Hanoi, Vietnam and skipped a scheduled lunch event.
Goldman Sounds the China Alarm and Cuts Metals Outlook
Goldman Sachs Group Inc. chopped back its near-term metals forecasts as China’s economy has “decelerated notably,” while balancing that outlook with a prediction mainland policy makers will respond by stoking expansion in the second half, aiding a revival in copper and aluminum.