BUSINESS
India bankers brace for IPO surge as election uncertainty lifts
With the end of elections lifting any potential uncertainty around policy, companies are poised to seize on India’s strong prospects and capitalize on the window of opportunity.
WORLD
Wall Street tests market fallout of a Trump-Biden rematch
Futures on the VIX Index — known as the fear gauge — show traders are already preparing for the risk of stock-market swings around the November vote.
BUSINESS
Hedging costs for Indian stocks advance by most in four years
The NSE India Volatility Index has risen 88% in May, the most since March 2020. In an unusual occurrence, the gauge of options prices kept creeping up even as stocks reached record highs last week.
WORLD
Wall Street billionaires are rushing to back Donald Trump, verdict be damned
Even if the courtroom jury found him guilty as charged, the wealthy Wall Streeters at the Pierre concluded, he’d still be their choice for the White House.
WORLD
China factory activity shrinks in surprise hit to growth outlook
The official manufacturing purchasing manager index fell to 49.5 in May, the National Bureau of Statistics said on Friday.
WORLD
Apple plans AI-based Siri overhaul to control individual app functions
The new system will allow Siri to take command of all the features within apps for the first time, said the people, who asked not to be identified because the initiative isn’t public.
BUSINESS
India inflows set to cool following China’s bond index playbook
Indian government bonds have beaten all of their emerging market peers except Argentina so far this year. While prudent government borrowing and the benchmark interest rate at a six-year high are helping, the market is also buoyed by expectations of as much as $40 billion of inflows from index inclusion.
BUSINESS
Jindal Power is said to join Venezuelan state oil venture
Jindal executives agreed to partner with Petroleos de Venezuela SA in the oil-rich Orinoco Belt, the people said, asking not be named discussing non-public information.
WORLD
OpenAI CTO says generative AI’s economic impact only starting
OpenAI’s latest GPT-4o model, which helps users generate content such as text, presentations and videos, is becoming more intuitive to use and that’s spurring its adoption, Murati told Singapore’s Asia Tech X conference via video on Thursday.
INDIA
India needs a broad range of suppliers to succeed in chips
Governments around the world are investing aggressively to build domestic supplies of semiconductors, the foundation of everything from smartphones to artificial intelligence.
BUSINESS
Goldman sees India’s stocks, bonds and rupee as top emerging market picks
Strong earnings growth is supporting the share market, while the country’s inclusion in international indexes, stronger government finances, and slowing inflation favor fixed income, analysts led by Kamakshya Trivedi, Danny Suwanapruti and Sunil Koul wrote in a note. Ample foreign exchange reserves mean the rupee is a top choice for carry, they said.
WORLD
Europe’s travel hotspots are changing this summer
Fresh data shared with Bloomberg by Chase Travel shows that cities with the biggest year-on-year tourism increases this summer include such off-the-beaten-track destinations as Brussels, Munich, Zurich and Warsaw.
BUSINESS
India inflows set to cool following China’s bond index playbook
Indian government bonds have beaten all of their emerging market peers except Argentina so far this year. While prudent government borrowing and the benchmark interest rate at a six-year high are helping, the market is also buoyed by expectations of as much as $40 billion of inflows from index inclusion.
WORLD
Saudi Arabia set to launch $10 billion Aramco offer on Sunday
The government plans to run a book-building process to take orders until next Thursday, people familiar with the matter said, asking not to be identified as the information is private.
INDIA
Extreme heat helps push India’s power demand to new record
The nation reported maximum demand of 246 gigawatts on May 29, according to data published Thursday by state-run Grid Controller Of India Ltd. That tops a previous high of 243.3 gigawatts reached last September.
BUSINESS
Foreign funds return to Indian bonds as JPMorgan inclusion nears
Overseas investors bought about $358 million of bonds on Monday, the most in two months and a seventh successive day of purchases, data compiled by Bloomberg show.
BUSINESS
Mirae Asset says India may cut borrowing on less spending time
India’s seven-phase election that started in April is nearing an end, with results due on June 4.
WORLD
China’s Xi Pledges to Make Youth Employment a Top Priority
Unemployment among 16- to 24-year-olds hit a record high last summer, before Beijing changed the counting method to exclude students, which it said reflected a more accurate picture of unemployment.
BUSINESS
India to stick to policy path even if PM Modi loses: Raghuram Rajan
India’s six-week elections comes to end on June 1, with results expected on June 4.
BUSINESS
India’s top EV ride-hailer seeks $300 million to expand car fleet
The company will increase its Indian fleet of electric vehicles — supplied by Tata Motors Ltd., BYD Co., SAIC Motor Corp.’s MG Motor and Stellantis NV’s Citroën — to 13,000 by March from 7,500 currently, Punit Goyal, co-founder of the BP Ventures-backed startup, said in an interview. In three years, it aims to have 25,000 cars, he said.
WORLD
Wall Street returns to T+1 stock trading after a century
That was the last time share trades in New York settled in a single day, as they will from Tuesday under new Securities and Exchange Commission rules.
WORLD
China chipmakers are catching up fast in AI, SenseTime’s Xu says
Asia has a shortage of computation power for artificial intelligence, lagging significantly behind the US, but China has the talent and data to make up lost ground, Xu said in an interview at the UBS Asian Investment Conference in Hong Kong.
BUSINESS
Citi sees rupee a favorite in Asia as India joins key bond index
The currency’s strong fundamentals, a narrowing current account deficit, and growing expectations on inflows around India’s inclusion into a global bond index are adding to its appeal, said Nathan Venkat Swami, head of foreign exchange trading in Asia Pacific.
BUSINESS
Vedanta is said to weigh $1 billion share sale as soon as June
Vedanta may raise the funds through a type of share sale known as a qualified institutional placement, once approved to do so by shareholders, the people said
