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US President Donald Trump announced that he agreed to a trade deal with India's Prime Minister Narendra Modi, where the US will lower tariffs on goods from India to 18% from 25%, BBC reported. 

In a post on Truth Social, Trump said India will reduce trade barriers to zero and will also stop buying Russian oil. An additional 25% tariff penalty imposed for Delhi's refusal to stop buying oil from Russia will be dropped. 

The announcement comes less than a week after India and the European Union announced a landmark trade deal that capped nearly two decades of on-off talks, according to BBC. 

Israel was expected to reopen the border between Gaza and Egypt on Monday for people on foot, a move that would allow Palestinians to leave the enclave and let back in those who want to return after fleeing Israel's war in the enclave, Reuters reported. 

The reopening of the Rafah border crossing will be limited, with Israel demanding security checks for Palestinians entering and exiting. Israel and Egypt were expected to impose caps on the number of travellers. 

Israel seized the border crossing in May 2024, about nine months into the Gaza war that was brought to a tenuous halt by an October ceasefire brokered by U.S. President Donald Trump. Rafah's reopening was an important requirement under the first phase of Trump's broader plan to stop fighting between Israel and Hamas militants, according to Reuters. 

Japanese Prime Minister Sanae Takaichi's party is likely to score a landslide victory in next week's lower house election, a survey by the Asahi newspaper showed, heightening the chance the country will continue to pursue big spending and tax cuts, Reuters reported. 

A strong showing in Sunday's election would solidify Takaichi's grip on her party and give a mandate for her expansionary fiscal policy, which could heighten concerns about Japan's finances and push bond yields higher.

"Implementing expansionary fiscal policy at a time the economy is at near full employment would heighten inflationary pressure" and weaken the yen, said Ryutaro Kono, chief Japan economist at BNP Paribas, according to Reuters. 

Iran's supreme leader Ayatollah Ali Khamenei has warned that any attack on his country would spark a regional conflict, as the US continues to build up its forces nearby, BBC reported. 

"The Americans should know that if they start a war, this time it will be a regional war," Khamenei was quoted as saying by the semi-official Tasnim news agency.

Donald Trump earlier said Iran was in "serious discussions" and he hoped they would lead to something "acceptable", while Iran's Foreign Minister Abbas Araghchi told CNN he was "confident that we can achieve a deal" on Tehran's nuclear programme, according to BBC.