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Market trade slips lower after early gains amid tensions in Middle East.
- Global markets initially rise but quickly lose momentum as Middle East tensions escalate.
- Investors shift to caution, causing stock indices across Europe, Asia, and the US to fall.
- Rising geopolitical risks prompt a move from equities to safe-haven assets like gold.
- Oil prices surge near two-month highs as Iran threatens US bases if talks fail.
- Dollar weakens, euro and yen strengthen as market sentiment turns negative and risk-averse.
Utah Carnival Shooting: Three, Including Infant, Killed; 16-Year-Old Suspect in Custody
- Three people, including an eight-month-old baby and a 41-year-old woman, were killed at WestFest carnival in West Valley City, Utah.
- The shooting occurred after a confrontation between two groups, escalating when a 16-year-old boy opened fire.
- Two teenagers, a 17-year-old girl and a 15-year-old boy, were injured with gunshot wounds to their arms.
- The suspect, a 16-year-old male, was apprehended by police shortly after the incident and is now in custody.
- The deceased woman and infant were bystanders, not involved in the altercation; police are investigating and seeking witnesses.
PM Modi’s Historic Visit to Cyprus Signals Strategic Shift, Deepens India-EU Ties
- PM Modi arrived in Cyprus for a two-day visit, the first by an Indian PM in 23 years.
- The visit aims to strengthen cooperation in trade, investment, security, technology, and people-to-people ties.
- Modi’s trip is seen as a diplomatic signal to Turkey, which supports Pakistan and disputes Cyprus’s north.
- Cyprus will chair the EU Council in 2026; Modi’s visit seeks to bolster India-EU collaboration.
- Both countries plan to sign multi-level cooperation agreements and discuss the India-Middle East-Europe Economic Corridor (IMEC).
Israel’s ‘Iron Shield’ Faces Massive Missile Barrage: How Effective Is Its Defense Today?
- Israel’s multi-layered air defense, including Iron Dome and Arrow, intercepted most Iranian missiles in recent attacks.
- Iron Dome, operational since 2011, boasts an 80–90% success rate against short-range rockets and drones.
- No defense system is 100% impenetrable; some missiles hit Israeli targets despite high interception rates.
- Israel’s new Iron Beam laser system is in development, aiming for cheaper, faster interceptions in the future.
- Experts warn that large-scale, simultaneous missile barrages can challenge and potentially saturate Israel’s defenses.
Wholesale Inflation Drops to 14-Month Low of 0.39% in May
- Wholesale price inflation (WPI) fell to 0.39% in May, the lowest in 14 months.
- The decline was driven by easing prices in food, fuel, and manufactured products.
- Vegetable prices dropped sharply, with a deflation of 21.62% in May.
- Retail inflation also eased, reaching a six-year low of 2.82% during the same period.
- The sustained decline in inflation allowed the RBI to cut interest rates to 5.5%.
India vs Pakistan to Clash in Women's ODI World Cup 2025
- India and Pakistan women's teams will play on October 5, 2025, in Colombo during the ODI World Cup.
- This will be their first cricket encounter since the military tensions and Operation Sindoor in May 2025.
- All Pakistan matches, including the India clash, will be held at a neutral venue (Colombo) under a hybrid hosting model.
- The tournament, jointly hosted by India and Sri Lanka, starts September 30 and features eight teams in a round-robin format.
- ICC announced that semifinals and final venues depend on Pakistan's progress, with the full schedule released today.