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President Donald Trump’s threat to impose financial penalties on Russia has put the spotlight on the two biggest buyers of Moscow’s crude — India and China — but markets remain skeptical of disruption, for now.

India became a major importer of Russian oil since the invasion of Ukraine in early 2022. More than a third of overall purchases have been from the OPEC+ producer this year, compared with less than 1% prior to the war, according to data from Kpler. China’s imports have also climbed over the same period.

Still, the initial reaction from the market to Trump’s remarks was nonchalance. Global benchmark Brent fell almost 2% to close below $70 a barrel on Monday, suggesting little concern around the potential impact to crude flows.

European natural gas edged lower as traders digested US President Donald Trump’s threat to hit Russia with financial penalties if there’s no deal on peace in Ukraine.

Benchmark futures hovered near €35 a megawatt-hour after Trump threatened to impose “severe tariffs” of about 100% if Russia doesn’t strike an agreement to end hostilities within 50 days. For now, market participants don’t see the pressure posing a meaningful obstacle to Moscow’s energy exports.

European stocks edged up 0.2%, led by gains in the technology sector. Futures for the Nasdaq 100 rose 0.5% while those for the S&P 500 climbed 0.3% Asian equities were also higher. Bitcoin fell as traders took profit after a record-setting surge. US Treasuries nudged higher while the dollar fell.

China’s economic growth exceeded expectations in the second quarter, but strong exports to markets outside the US masked deepening pressure caused by weak consumer demand at home.

Gross domestic product expanded 5.2% in April-June from a year earlier, after a gain of 5.4% in the first quarter, according to data released Tuesday by the National Bureau of Statistics. That compares with a 5.1% median forecast from economists surveyed by Bloomberg.

Benchmark Chinese stock indexes in Hong Kong and on the mainland pared their early gains after the data. The yuan was steady while the yield on China’s 10-year government bond was little changed.

Nvidia Corp. plans to resume sales of its H20 artificial intelligence accelerator to China based on assurances from Washington that such shipments would be approved, a dramatic reversal from the Trump administration’s earlier stance.

US government officials have told Nvidia that they would green-light export licenses for the H20, the company said in a blog post on Monday. That China-specific variant of Nvidia’s AI chips was created to comply with earlier trade curbs, but has since April also been blocked from sale in China. A spokesperson for the Commerce Department, which oversees semiconductor export controls, did not immediately respond to a request for comment.

Nasdaq futures surged after Nvidia’s announcement, with Hong Kong and Chinese stocks also reacting positively. The Hang Seng Tech Index rose as much as 2.2%, while data center operators like Beijing Sinnet Technology Co. jumped as much as 7.6%.

Futures on Wall Street reversed early losses and are trading with gains, particularly those on the Nasdaq.

Futures on the Dow Jones are up 35 points, while those on the S&P 500 are currently above the flat line, having recovered losses of close to 70 points in early trading.

On the flip side, the Nasdaq futures are up over 110 points.

Futures on Wall Street are surging after reversing earlier losses.

Nasdaq futures are leading the surge.

All eyes are on big bank results and US CPI later this evening.

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