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Jim O’Neill said India’s surprise tariff shock will test markets, but its domestic-driven economy remains resilient. He warned of inflation and interest rate risks globally, while noting AI-driven optimism in equities. O’Neill expects US underperformance this decade, sees India’s correction as healthy, and highlights long-term strength in domestic demand.

Gold and silver prices surged as investors sought safe-haven assets amid dollar index weakness and global uncertainties. MCX gold October futures hit Rs 1,02,226/10g on Friday. Strong demand, geopolitical risks, and tariff concerns continue to support bullion’s upward momentum.

India’s markets remain range-bound as tariffs hit select sectors, though services exports stay resilient. Anurag Singh advises defensive positioning, cutting exposure to overheated themes like defence, EMS, and solar, while favouring consumption, private banks, and healthcare. Balanced portfolios with debt allocation are key as valuations remain stretched across equities.

HDFC Bank has doubled its equity base by allotting 767.7 crore bonus shares, increasing paid-up capital to Rs 1,535.40 crore. Shares experienced a brief dip following a block deal involving 1.56 million shares. The stock began trading ex-bonus, adjusting to the 1:1 ratio, reflecting management s confidence and aiming to enhance stock liquidity.

The National Stock Exchange (NSE) will hold a mock trading session this Saturday across various segments, including equities and derivatives. This exercise allows brokers to test their systems before a mandatory software migration on September 6. The session aims to identify potential glitches and strengthen market resilience. Participants must upgrade to NEAT+ version 7.8.

In June, the Reserve Bank of India sold $3.6 billion to curb the Indian rupee s depreciation. The rupee strengthened slightly, closing at 85.47 per dollar, a marginal gain from the month s start. July saw the real effective exchange rate (REER) remain steady at 98.35. A REER below 100 suggests the rupee is undervalued, potentially boosting India s export competitiveness.

Data shows outward remittances under the Liberalised Remittance Scheme fell in June. The Reserve Bank of India bulletin revealed an 8% month-on-month drop to $2.13 billion. However, investments in equity and debt abroad nearly doubled. Travel spending decreased to $1.2 billion. Overseas education expenditure also saw a slight dip to $138 million.

The S&P 500 and Dow reached record highs, fueled by strong AI demand despite Nvidia s slightly underwhelming forecast due to Sino-U.S. trade concerns. Investors interpreted Nvidia s revenue surge as confirmation of robust AI spending, boosting other AI stocks.

The dollar is poised for a 2% August drop against major currencies amid rising expectations of a Federal Reserve rate cut next month. President Trump s efforts to influence monetary policy, including a legal battle with Fed Governor Lisa Cook, have weighed on the dollar.