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🌍 Global Trade Truce — Or Just a Timeout?

In a dramatic turn, US President Donald Trump announced a 90-day pause on new tariffs and rolled back the “reciprocal tariff” rate to 10% for most non-China trade partners. “No other president would’ve done what I did,” Trump declared, defending his hardline strategy that’s rocked global markets.

But China wasn’t spared — tariffs on Beijing were jacked up to 125%, with Trump accusing China of “disrespecting” world markets. China retaliated swiftly, slapping 84% tariffs on US goods. The EU and Canada also joined the tit-for-tat, announcing new levies.

Markets cheered the truce — or at least the pause. Wall Street roared:

• S&P 500 jumped 9.5%

• Nasdaq surged 12%

• Dow climbed nearly 3,000 points

Over 30 billion shares changed hands, making it the busiest trading day ever. Still, with talks expected to drag and China still targeted, this could just be the eye of the storm.

🏦 RBI Cuts Rates as Growth Wobbles

Amid the global chaos, the Reserve Bank of India cut the repo rate by 25 bps to 6%, the second such move this year. More notably, it shifted its policy stance to “accommodative”, signaling further support if the economy slows.

RBI Governor Sanjay Malhotra warned of mounting uncertainties, with India’s FY26 growth forecast cut to 6.5% from 6.7%.

Why now? Trump’s tariff war threatens global demand. While India’s inflation is cooling (below 4%), the rupee faces pressure as China devalues the yuan, risking India’s export competitiveness. Oil prices have dropped to $60 per barrel, but a currency war could be next. RBI’s “managed float” strategy may soon be tested like never before.

📈 BlackRock Bets Big on Adani

In a bold endorsement, BlackRock — the world’s largest asset manager — picked up nearly one-third of a $1 billion bond issue by Adani Group’s promoter firm, Renew Exim.

Despite a lingering US bribery case involving Adani promoters, BlackRock’s entry signals investor confidence. Most of the proceeds will fund Adani’s ₹5,000 crore acquisition of ITD Cementation, with the rest going toward a ₹5 trillion capex spree across green energy, ports, airports, and more.

On Wednesday, Adani closed its open offer for ITD, acquiring 21% from the public. Post-deal, Renew Exim will control 67.45% of the company.

Meanwhile, Adani Green Energy refinanced $1 billion in debt — its first major capital move since the DoJ allegations, proving the group is not just navigating headwinds but accelerating through them.

⚡ JSW Powers Up with O2 Deal

JSW Neo Energy, a subsidiary of JSW Energy, has completed its largest-ever green acquisition, buying O2 Power for ₹12,468 crore.

Backed by EQT (51%) and Temasek (49%), O2 Power brings 4.7 GW of renewable capacity, including 1.3 GW of operational assets and a robust project pipeline.

This deal takes JSW’s total installed capacity to 12.2 GW, with renewables now forming 54%. CEO Sharad Mahendra said this move puts them “significantly ahead” of their 2030 targets.

O2’s portfolio includes 3,722 MW tied up under high-credit PPAs, with another 974 MW awaiting contracts. JSW expects strong operational synergies and a solid value payoff from the acquisition.

📉 Market Holiday

A reminder: Indian stock markets are closed today, April 10, for Mahavir Jayanti. Trading resumes tomorrow.

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