WORLD
A trader’s guide to navigating signals from the Joe Biden-Xi Jinping meeting
Wednesday’s meeting in San Francisco will mark a crucial moment in what is Xi’s first visit to the US since 2017, when he met with the then-President Donald Trump.
WORLD
Fake BlackRock fund filing triggers a brief rally in XRP cryptocurrency
The Delaware Department of State’s Division of Corporations website — which lists some other trusts the asset manager has applied for previously — showed details for something called the “iShares XRP Trust” registered to BlackRock on Monday.
BUSINESS
India weighs five-year tax cuts on EV imports to woo Tesla
The Indian government is working on an electric vehicle policy that would allow international car manufacturers to import battery-powered vehicles on concessional duty rates if they commit to eventually building them in India, people familiar with the matter said.
WORLD
Joe Biden, Xi Jinping to announce deal for China to crack down on fentanyl
Under the deal — which is still being finalized — China would go after chemical companies to stem the flow of both fentanyl and the source material used to make the deadly synthetic opioid, according to the people, who spoke on condition of anonymity to discuss the agreement.
BUSINESS
India to seek bids for $960 million battery production program
The program will require winning bidders to set up advanced chemistry battery plants with a total output of 20 gigawatt hour, said the people, declining to be named as the plans are private. The government will seek bids from potential investors next month, they said.
ASSEMBLY-ELECTIONS
Polls to disrupt India stocks calm in 2024, Morgan Stanley says
While the Wall Street bank expects stocks to rise leading to the vote in keeping with recent history, any outcome outside of investors’ expectations could spark a slump of as much as 30% in India’s equity benchmarks.
BUSINESS
Gold sales in India aided by easing prices on festive weekend
Jewelers feared hesitancy among buyers during the festival season after bullion prices jumped due to the Israel-Hamas war in early October.
INDIA
Indian students flock to US colleges, offsetting drop from China
The number of foreign students at US schools rose 12% in the 2022-2023 academic year to nearly 1.06 million students, within striking distance of 2019, according to Open Doors data from the Institute of International Education.
BUSINESS
In the Market: Inside Wall Street's scramble after ICBC hack
The blackout left the brokerage temporarily owing BNY Mellon $9 billion, an amount many times larger than its net capital, a measure of resources at hand to promptly satisfy claims.
WORLD
Hyundai breaks ground on plant to build 200,000 EVs a year
The carmaker held a groundbreaking ceremony Monday in Ulsan, where the company built its first auto plant in 1968.
BUSINESS
Goldman downgrades Hong Kong-traded China stocks, raises India
The Wall Street bank has downgraded its views on China equities several times this year amid pessimism in the country’s stock market.
WORLD
Morgan Stanley sees bullish opportunities for US assets in 2024
Morgan Stanley recommends a “barbell of defensive growth and late-cycle cyclicals” and sees the S&P 500 Index at 4,500 at the end of next year.
BUSINESS
Adani plots expansion of overseas port empire after US funding
The announcement marked a welcome reprieve for India’s Adani Group following a damaging short-seller attack and a number of corporate fraud allegations leveled against it this year.
WORLD
Nike hires Amazon Fashion executive Muge Erdirik Dogan as new tech chief
Muge Erdirik Dogan spent 16 years at Amazon, during which she held roles in various consumer categories and delivery operations before she became president of Amazon Fashion in 2021.
WORLD
Boeing closes in on major deal with Emirates for 777X jets
Already the biggest buyer of the 777X, Emirates is poised to order a high double-digit number of the widebody, said the people, asking not to be identified discussing private negotiations.
WORLD
Goldman Sachs, Morgan Stanley diverge on Fed rate-cut forecasts
Goldman Sachs, meanwhile, sees the first 25-basis-point reduction in the fourth quarter of 2024, followed by one cut per quarter through mid-2026 — a total of 175 basis points, with rates settling at a 3.5%-3.75% target range. That’s according to a 2024 outlook from economist David Mericle, also published Sunday.
BUSINESS
Apple’s top iPhone supplier goes to outer space with new satellites
The satellites, co-developed with Taiwan’s National Central University, are the size of a backpack, weigh about 9 kilograms each and carry cameras, communication devices and other equipment. They are designed to orbit Earth every 96 minutes at an altitude of 520 kilometers.
INDIA
What is a smog tower and do they work? How India is fighting air pollution
The tower, equipped with thousands of filters and can be as high as twenty meters (66 feet), is designed to capture pollution particles and improve air quality in densely populated areas.
BUSINESS
India needs 8-8.5% growth to create enough jobs: Former RBI Guv Raghuram Rajan
HSBC estimates the nation will need to create 70 million new jobs over the next 10 years, and with growth of 7.5 percent, only two-thirds of the jobs problem will be solved. High joblessness is also a concern for Prime Minister Narendra Modi as he seeks a third term in office in elections next year.
BUSINESS
Mark Mobius plans to step back from Mobius Capital Partners
Mobius Investment Trust will continue to be managed by Mobius Capital Partners, which is led by Founding Partner Carlos Hardenberg, according to a statement from the trust.
BUSINESS
Derivatives boom helps BSE stock trounce global peers
The rally was partly driven by BSE relaunching derivative contracts on the benchmark Sensex and the banking sector gauge in May this year, attracting investors with reduced lot sizes and a new expiry cycle.
BUSINESS
India needs 8%-8.5% growth to create enough jobs: Former RBI Governor Raghuram Rajan
While India’s expansion has outpaced that of other major economies, the country isn’t creating enough jobs for the millions of people joining the workforce every year.
INDIA
US to press India on countering China more in Asian waterways
The US wants India to share some of its burden in the Indo-Pacific by increasing its diplomatic and military presence in the region, Indian officials aware of the details said, asking not to be named since discussions are private.
BUSINESS
Rupee green bond sale in India to test demand amid higher rates
The Reserve Bank of India will auction 50 billion rupees ($600 million) of five-year notes Friday. The debut sale in January raised 80 billion rupees, garnering a so-called greenium — higher valuation because of its environmentally beneficial characteristics — of six basis points over the benchmark yield.
