Oil prices surged over 2% due to IEA's report of a potentially tighter global market driven by strong summer demand. Concerns about new US tariffs and potential sanctions on Russia further fueled the price increase. Despite near-term constraints, IEA increased supply growth predictions while reducing demand forecasts, suggesting a possible future surplus.

Switzerland has ratified the India-EFTA Trade and Economic Partnership Agreement, set to take effect in October. This landmark deal, signed after 16 years of negotiations, aims to boost trade and investment between India and EFTA nations. Swiss Ambassador Maya Tissafi anticipates $100 billion in investments and 10 lakh jobs in India over 15 years.

India's foreign exchange reserves experienced a decline of $3.049 billion, reaching $699.736 billion for the week ending July 4, as per RBI data. This decrease was primarily driven by a significant drop in foreign currency assets, although gold reserves and SDRs saw increases. The reserves are crucial for managing external vulnerabilities and maintaining financial stability.

A preliminary report on the Air India Flight AI171 crash revealed a catastrophic engine failure just seconds after takeoff from Ahmedabad. Both engines of the Boeing 787-8 Dreamliner lost power due to a sudden fuel supply cutoff, leading to the fatal accident. Investigators are probing the cause, focusing on fuel control switches and a prior FAA warning.

The government introduces a scheme to promote electric trucks. It is under the PM E-DRIVE initiative. The scheme offers incentives up to Rs 9.6 lakh per vehicle. A total of Rs 500 crore is allocated for e-truck incentives. The aim is to support adoption of electric trucks in various industries. Scrapping old trucks is mandatory for availing the benefits.

To enhance toll plaza efficiency and prepare for digital upgrades, NHAI is cracking down on 'loose FASTags'. This move aims to ensure FASTag authenticity and ETC system integrity before implementing annual passes and multi-lane free flow tolling. NHAI will blacklist reported 'tag-in-hand' violations, addressing issues like false chargebacks and congestion.

Indian defence stocks experienced a downturn on Thursday as investors engaged in profit booking after a robust three-month rally. The Nifty India Defence Index declined by 2%, with Bharat Dynamics leading the losses after a 'neutral' rating from Motilal Oswal. Analysts attribute the correction to stretched valuations and easing geopolitical tensions, despite long-term growth optimism and buy-on-dips recommendations.

Following the Air India Flight AI171 crash in Ahmedabad, Boeing has pledged its support to the ongoing investigation led by the Aircraft Accident Investigation Bureau. The preliminary report reveals a dual engine failure shortly after takeoff, leading to the tragic crash that claimed 260 lives.

Reliance Infrastructure sees its credit rating soar. India Ratings and Research elevates the company's rating significantly. This follows Reliance Infra's successful debt reduction. The company now boasts net zero debt. Timely debt servicing and settlements with subsidiary lenders also contributed. However, risks related to liabilities and arbitration remain. A recovery is expected in the engineering and construction business.

Tesla has officially entered the Indian market, securing a trade certificate from the Maharashtra transport department. This allows the EV giant to commence sales, display vehicles, and offer test drives, with the inaugural showroom slated to open in Mumbai on July 15. The company plans to launch its Model Y initially, marking a significant step in India's growing EV market.

India's net direct tax collections experienced a slight decrease of 1.34% year-on-year, totaling Rs 5.63 lakh crore between April 1 and July 10 of FY26, primarily due to a significant surge in refunds issued. Gross direct tax collections, before refunds, saw a modest rise of 3.17%, reaching Rs 6.65 lakh crore. The government aims for Rs 25.

The United States is considering an interim trade agreement with India, potentially setting tariffs below 20%, a more favorable position than other regional nations. While many countries face tariff hikes, India may avoid a formal notice.

Silver prices in India soared to a record high, surpassing Rs 1.11 lakh per kilogram, driven by global trade tensions and expectations of a dovish US Federal Reserve. This surge mirrored international trends, with spot silver climbing to $37.19 an ounce. Investors sought safe-haven assets amid geopolitical risks and tariff-related uncertainties, further fueled by Trump's aggressive trade policies.