Business
Jerome Powell: World central bank chiefs declare support for US Fed chair
Central banks across the world have joined together to declare that they stand in “full solidarity” with the Federal Reserve’s chair after the US launched a criminal investigation into Jerome Powell.
The heads of the Bank of England, the European Central Bank and the Bank of Canada are among 11 senior bankers who have signed a statement highlighting the importance of independence in setting interest rates.
“Chair Powell has served with integrity, focused on his mandate and an unwavering commitment to the public interest,” they said.
The Department of Justice is conducting the probe. President Donald Trump has said he did not “know anything” about the investigation.
The probe is linked to testimony Powell gave to a Senate committee about renovations to Federal Reserve buildings.
It follows a year of relentless attacks on the Fed chair by Trump.
As well as criticising Powell’s decisions on interest rates, Trump has made personal comments, calling the Fed chair a “major loser” and a “numbskull”.
Commenting on the Fed chair, the global central bankers said in their joint statement: “To us, he is a respected colleague who is held in the highest regard by all who have worked with him.”
Until the weekend, Powell had stayed largely silent in the face of Trump’s attacks but on Sunday, he publicly pushed back and warned that the independence of the US central bank was at stake.
“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation,” Powell said.
In their joint statement on Tuesday, the senior financial institutions said: “The independence of central banks is a cornerstone of price, financial and economic stability in the interest of the citizens that we serve.
“It is therefore critical to preserve that independence, with full respect for the rule of law and democratic accountability.”
Powell, who Trump nominated as Fed chair in 2017 during his first term in the White House, is set to step down in May.
Trump is expected to name his successor in the coming weeks.
North Carolina Senator Thom Tillis, a Republican who is a member of the Senate Banking Committee, said he would oppose the nomination of Powell’s replacement by Trump, and any other Fed Board nominee, until the matter was “fully resolved”.
Powell has also been backed by three former chairs of the Fed – Janet Yellen, Ben Bernanke and Alan Greenspan. A number of other eminent former officials have publicly declared their support for him and the bank’s independence.
Yellen, who was Powell’s immediate predecessor, said the criminal investigation was “extremely chilling”, adding that investors should be concerned.
“You have a president that says the Fed should be cutting rates to lower rate payments on the federal debt… It is the road to banana republic,” she told CNBC.
The signatories in full are:
- Andrew Bailey, governor of the Bank of England
- Christine Lagarde, president of the European Central Bank
- Erik Thedéen, governor of Sveriges Riksbank
- Christian Kettel Thomsen, chairman of the Danmarks Nationalbank
- Martin Schlegel, chairman of the Swiss National Bank
- Michele Bullock, governor of the Reserve Bank of Australia
- Tiff Macklem, governor of the Bank of Canada
- Chang Yong Rhee, governor of the Bank of Korea
- Gabriel Galípolo, governor of the Banco Central do Brasil
- François Villeroy de Galhau, chair of the Bank for International Settlements
- Pablo Hernández de Cos, general manager of the Bank for International Settlements
Business
US sanctions Iran: Additional 25% tariffs to have minimal impact on India, say government sources – here’s why – The Times of India
India is unlikely to face any major impact from the 25 per cent tariff announced by the US President Donald Trump on countries doing business with Iran, as per government sources cited by news agency ANI, who pointed to India’s limited trade exposure with Tehran.Newly announced US tariffs are ‘likely to have minimal impact on India’ as Iran does not feature among the nation’s top 50 trading partners, the government sources said. India’s total trade with Iran stood at around $1.6 billion last year, accounting for just 0.15 per cent of India’s overall trade. This figure is expected to decline further in the current financial year due to broader external economic factors. Of Iran’s total imports of about $68 billion in 2024, the UAE, China, Turkiye and the European Union together accounted for the bulk, while India’s share was only $1.2 billion, or 2.3 per cent.Exporters have also downplayed concerns. Ajay Sahai, director general of the Federation of Indian Export Organisations (FIEO), said Indian companies and banks remain fully compliant with US Office of Foreign Assets Control norms and engage only in permitted humanitarian trade, mainly food items and pharmaceuticals, reported news agency PTI.“There is, therefore, no basis to anticipate any adverse impact on India,” Sahai said.He noted that India’s trade with Iran largely falls outside the scope of sanctions due to its humanitarian nature. In 2024-25, India’s total trade with Iran was $1.68 billion, including $1.24 billion in exports, primarily from the farm and pharmaceutical sectors, as per PTI.Industry representatives, however, flagged other challenges. Sahai said the sharp depreciation of the Iranian currency is a bigger concern for exporters, as it weakens consumer purchasing power and raises risks of cancelled contracts. Rice exporters also said their current exposure to Iran is limited and increasingly routed through the UAE to manage risks, reported ANI.Overall, exporters remain cautious but believe the proposed US tariff will have little direct effect on India, given the small trade volumes and the humanitarian nature of most shipments.
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Indian benchmark indices, BSE Sensex and NSE Nifty, were higher at the open as investors have their eyes peeled for the US-India trade talks
Stock Market Today
Sensex Today: Indian benchmark indices — the BSE Sensex and NSE Nifty — extended their decline on Tuesday as investors stayed cautious ahead of the much-awaited US–India trade talks. On Monday, US Ambassador to India Sergio Gor had said that the two countries would engage in discussions today.
At 1:00 PM, the Sensex was trading at 83,428, down 450 points or 0.54 per cent, while the Nifty 50 slipped 128 points, or 0.50 per cent, to 25,661.
Eternal, Tech Mahindra, SBI, BEL, HDFC Bank, Maruti Suzuki, HUL, Titan Company, ICICI Bank, ITC and Axis Bank were among the top gainers, rising up to 3 per cent.
On the other hand, L&T, Reliance Industries, Tata Steel, M&M, Trent, TCS, IndiGo, Bharti Airtel and Sun Pharma were trading in the red.
In the broader market, the Nifty Midcap index declined 0.76 per cent, while the Nifty Smallcap index bucked the trend to trade 0.24 per cent higher.
Among sectoral indices, Nifty Media, IT and select financial stocks led the gains. However, most other sectors were under pressure, with Nifty Realty, Pharma and Consumer Durables emerging as the top laggards, each down over 1 per cent.
Global Cues
Asian markets were trading in the green as investors looked past geopolitical tensions in Iran and Venezuela, as well as the criminal investigation into US Federal Reserve Chair Jerome Powell. Mainland China’s CSI 300 gained 0.54 per cent, Hong Kong’s Hang Seng advanced 1.32 per cent, and South Korea’s KOSPI rose 1.04 per cent.
Japan’s Nikkei surged 3.22 per cent amid reports that the ruling Liberal Democratic Party may dissolve the Lower House this month for a snap election in February.
On Wall Street, the S&P 500 and the Dow Jones closed at fresh record highs overnight. The S&P 500 edged up 0.16 per cent, the Dow gained 0.17 per cent, and the Nasdaq climbed 0.26 per cent. Investors are now awaiting the US Consumer Price Index (CPI) for December, scheduled for release later today.
Separately, US President Donald Trump stated on Monday evening that any country doing business with Iran will face a 25 per cent US tariff.
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January 13, 2026, 09:02 IST
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Investors returned to buying mode, signalling a turnaround after recent corrective sessions.
The Pakistan Stock Exchange (PSX) witnessed a strong rebound on Tuesday, marking a clear reversal after recent corrective sessions as investors returned to buying mode. The benchmark KSE-100 index recovered sharply to finish near the 184,000 level, advancing by 1,567.36 points, or 0.86%, to close at 183,951.51.
Trading opened on a cautious note, with the index edging up briefly before coming under selling pressure. Profit-taking pushed the benchmark down to an intra-day low of 180,589.95, keeping market sentiment mixed during the early hours.
Momentum improved in the latter half of the session as buying interest strengthened across the board. The index then moved steadily higher, touching an intra-day high of 184,304.87, before settling slightly lower by the close.
Market Snapshot – January 13th, 2026
Unlock today’s market moves and stay one step ahead.
Here’s what’s making waves:
• ETFs (Exchange Traded Funds): Most active in today’s market
Market Indices – At a Glance:
• KSE-100: Pullers & Draggers
• KMI-30: Pullers & Draggers pic.twitter.com/dSVj7EY1UW— PSX (@pakstockexgltd) January 13, 2026
KTrade Securities mentioned that PSX staged a strong rebound, with the KSE-100 index closing at 183,951, up 1,567 points (+0.86% DoD), marking a clear reversal after recent corrective sessions. Early-session selling pressure was effectively absorbed by retail and selective institutional buying, allowing momentum to build decisively in the second half.
The index traded within a range, hitting an intra-day low near 180,589 and a high of 184,304, while volumes were clocked at 437 million shares. Sector-wise, the rally was broad-based, led overwhelmingly by commercial banks, which contributed most points to the index.
Support also came from oil & gas, cement, and technology stocks, reinforcing the strength of the move. On a stock-level, United Bank, National Bank, MCB Bank, Lucky Cement, Meezan Bank, Pakistan Telecommunication, Oil and Gas Development Company, and Pakistan Petroleum were the major point-gainers.
Momentum is expected to continue, subject to developments on the geopolitical front, particularly Iran–US tensions. Barring any external shocks, the outlook for PSX remains positive, with dips likely to be viewed as buying opportunities, KTrade predicted.
Overall trading volume decreased to 1.03 billion from Monday’s tally of 1.05 billion. Value of traded shares stood at Rs62.7 billion. Shares of 480 companies were traded. Of these, 177 closed higher, 265 fell, and 38 remained unchanged. The Bank of Punjab stood as volume leader with trading in 73.9 million shares, gaining Rs0.3 to close at Rs41.65.
US sanctions Iran: Additional 25% tariffs to have minimal impact on India, say government sources – here’s why – The Times of India
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