Jefferies trims India weight in key portfolio on US 'secondary tariff' risk
U.S. President Donald Trump threatens "secondary tariffs" on countries buying Russian exports after a 50-day deadline
Jefferies' global head of equity strategy, Chris Wood, says this could escalate trade tensions with China and India, both major Russian crude buyers
In weekly GREED & fear note, Wood warns Russian oil makes up 25% of global oil exports, posing a major risk to trade flows
Jefferies cuts India's weight in its GREED & fear long-only portfolio by 1 pct point, and raises South Korea
Move follows Citi's downgrade of Indian equities to "neutral" on stretched valuations
India's oil minister Hardeep Singh Puri says the country can meet energy needs from other sources if Russian supply hit
Markets remain cautious amid growing geopolitical friction; the Nifty 50 .NSEI is down 0.7% this week, set for its third straight weekly loss
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