BUSINESS
Treasuries surge as traders bet on emergency Fed rate cut
Previous worries about the risk of elevated inflation have virtually disappeared, swiftly giving way to speculation that growth will stall unless the central bank starts pulling interest rates down from a more than two-decade high. Traders now see a roughly 60% chance of an emergency quarter-point cut within one week.
BUSINESS
Gold whipsaws after global equity mayhem sets traders on edge
Spot bullion — which rallied close to a record last week — initially sank more than 1% before rebounding to trade little changed near $2,440 an ounce.
WORLD
Bitcoin plunges, Ether has worst drop since 2021 as crypto sinks
Top token Bitcoin’s retreat to $50,900 as of 7:20 a.m. in London added to a 13.1% drop last week that was the worst since the period when the FTX exchange imploded.
BUSINESS
Grim milestones flash across Asian stocks as risk-off takes hold
The MSCI Asia Pacific Index plunged as much as 4.3%, on track for a technical correction and poised to erase all its gains for the year.
BUSINESS
Treasuries surge as traders bet big on a Fed rescue mode
Previous worries about the risk of elevated inflation have virtually disappeared, swiftly giving way to speculation that growth will stall unless the central bank starts pulling interest rates down from a more than two-decade high.
WORLD
Goldman economists lift ‘limited’ US recession risk to 25%
The economy continues to look “fine overall,” there are no major financial imbalances and the Federal Reserve has a lot of room to cut interest rates and can do so quickly if needed, they said.
BUSINESS
India Inc. braces for buyback rush ahead of changes to tax rules
At least 11 firms, including Indus Towers Ltd., have or are set to approve share buybacks shortly after the new regime was proposed in the budget on July 23. This is a jump from the average of about four transactions per month in 2023, data from primeinfobase.com show.
MARKETS
Indian rupee set to keep tiptoeing to new lows as policy pivot in focus
The currency tested successive lows in recent days amid outflows from local stocks following a hike in equity taxes and dollar demand from importers. Any indication of a dovish shift in the central bank’s Aug. 8 policy may further push the rupee lower.
BUSINESS
Israel stocks plunge on global market selloff and Iran threat
The benchmark TA-35 stock index fell as much as 2.7%, the most in a week, before slightly paring losses to be down about 2.5% at shortly before 1 p.m. local time. The Tel Aviv Stock Exchange is closed Friday and Saturday.
BUSINESS
Warren Buffett’s Berkshire Hathaway cuts Apple stake by almost 50% in selling spree
Berkshire sold $75.5 billion worth of stock during the second quarter on a net basis, the Omaha, Nebraska-based conglomerate reported
BUSINESS
A $1 trillion time bomb is ticking in the housing market
More than 17 million homes, representing nearly 19% of total US home value, are at risk of suffering what could total $1.2 trillion in value destruction
BUSINESS
JPMorgan to monitor Indian bond liquidity after investor curbs
The index-provider will also keep close tabs on notes with a maturity at issue of 14 years and 30 years, the person also said.
WORLD
Apple predicts boost from AI features after uneven third quarter
Chief Executive Officer Tim Cook, speaking on a conference call Thursday to discuss third-quarter results, said that upcoming Apple Intelligence features will provide a fresh reason for customers to buy new phones.
WORLD
US reporter Evan Gershkovich released by Russia in multi-country prisoner swap
The men, jailed in Russia on espionage charges they and the US deny, are en route to destinations outside of Russia
WORLD
ArcelorMittal cries foul on steel exports from China
Steel producers in the US and Europe are being squeezed between a fresh wave of cheap imports and anemic demand that’s pushing prices lower. The company cut its forecast for apparent consumption of steel outside of China — a key barometer of the world economy.
WORLD
China’s factory activity dips for first time in nine months
The Caixin manufacturing purchasing managers index fell to 49.8 last month from 51.8 in June, according to a statement released by Caixin and S&P Global Thursday.
BUSINESS
Byju’s ex-director fined $10,000 a day over missing $533 million
Riju Ravindran, brother of Byju’s founder, has been at the center of a nearly two-year-old fight over the missing cash, which lenders say should be returned to them after the company defaulted.
BUSINESS
Quant funds face profit risk as India moves to curb options boom
The securities regulator Tuesday proposed measures that could shrink liquidity in the $4 trillion futures and options market and cut into margins for market makers and traders.
WORLD
Fed on course for September rate cut as risks to job market grow
Powell said policymakers are moving closer to lowering borrowing costs from a more than two-decade high, highlighting a growing confidence at the Fed to dial back its restraints on the economy. He was careful, however, not to wed officials to a rate reduction should price data prove disappointing in the coming months.
BUSINESS
Emerging assets climb as traders expect Fed to signal rate cuts
MSCI’s index for stocks in developing nations rose the most in three weeks, partially buoyed by earnings and a rally in Chinese shares as weak data fueled hopes for stimulus. Still, the gauge is set to post its first monthly losses since January
WORLD
Ukraine gets first delivery of F-16 fighter jets after long wait
The deadline for the transfer of the US-made warplanes was the end of this month and it has been respected, according to people familiar with the matter, who spoke under condition of anonymity. The number of jets is small, they said
BUSINESS
Treasuries rally into Fed meeting with a September cut at stake
The advances sent benchmark yields tumbling on Wednesday, with two-year yields down by as much as 4 basis points to 4.32%, the lowest since February
WORLD
China factory activity shrinks for third month in setback
The official manufacturing purchasing managers’ index hit 49.4, compared with 49.5 in June, the National Bureau of Statistics said on Wednesday.
BUSINESS
Akasa Air eyes flights to Asia’s tourist hotspots
The Mumbai-based budget carrier is gearing up to start flights to Kathmandu in Nepal and Bangladesh’s capital Dhaka, Praveen Iyer, chief commercial officer at Akasa’s parent SNV Aviation Pvt, said in an interview. Other travel hotspots such as Thailand, Vietnam, Malaysia and Indonesia are also on the airline’s radar, he said.
