From US-China discussions on the Strait of Hormuz and global energy security, to India’s wholesale inflation hitting a 42-month high, Inox Clean Energy’s $750 million US solar manufacturing expansion, and the government’s immediate sugar export ban amid tightening domestic supply—here are today’s key business, energy, trade, and macroeconomic updates.
Trump and Xi discuss Iran and reopening Strait of Hormuz
Let’s start with developments around the Strait of Hormuz. According to a White House readout, US President Donald Trump and Chinese President Xi Jinping agreed on the need to keep the key energy shipping route open and opposed tolls on vessels amid global energy concerns. They also discussed curbing fentanyl precursor flows into the US and increasing China’s purchases of American oil and agricultural products.
Wholesale inflation jumps to 42-month high of 8.3% in April on sharp spike in fuel prices
Next up, wholesale inflation in India surged to a 42-month high of 8.3 per cent in April, driven by a sharp spike in fuel and energy prices amid global oil shocks linked to the West Asia crisis and disruptions around the Strait of Hormuz. Fuel and power inflation jumped to 24.71 per cent, with crude oil inflation surging 88.06 per cent, even as food inflation stayed relatively stable. Despite the spike, retail fuel prices were largely held steady to shield consumers, though economists warn WPI inflation could rise further above 9 per cent in May as energy costs and currency pressures continue to feed through.
