WORLD
Saudi Arabia extends 1 million-barrel oil cut till Sept, says it can be deepened
The kingdom’s hawkish approach has drawn criticism from major importing nations, which fear that rising fuel costs may inflict another inflationary spike on consumers
WORLD
Bill Ackman says he’s short 30-year treasuries as supply ramps up
Bill Ackman also sees the short as a “high probability” standalone play, the Pershing Square Capital Management founder said in a post on X, the platform formerly known as Twitter.
WORLD
China rally is just an opportunity to sell for many global funds
The FTSE China A50 Index is the only one of 10 major global equity benchmarks tracked by Citigroup Inc. on which investors had a short position as of end-July.
WORLD
Morgan Stanley says take profits on China, downgrades shares
Chinese assets have gotten a boost in recent days amid a slew of promises from Beijing to spur growth and revitalize the nation’s flagging private sector.
INDIA
Iraqi Government recalls tainted Cold medicine made in India
It’s the fifth time in a year that testing has found an Indian exporter’s drugs to contain excessive levels of ethylene glycol.
INDIA
India considers allowing private firms to develop nuclear plants
The country is reviewing its six-decade-old atomic energy law to allow more involvement from non-state companies, federal atomic energy minister Jitendra Singh said Wednesday in a written reply to questions in parliament.
WORLD
Here are the 78 charges Donald Trump now faces, and all the prison time
There’s almost no chance of that though, as judges rarely impose maximum sentences and frequently allow defendants to serve sentences for multiple counts concurrently.
WORLD
Dollar’s drop on Fitch downgrade unlikely to persist: Analysts
Fitch cut the US one level from AAA to AA+, echoing a move made more than a decade ago by S&P Global Ratings.
BUSINESS
Battery firm plans $1 billion Lithium-Ion plant in India
The privately owned company, which is making some initial batches of its prismatic or rectangular cells in South Korea, will acquire 100 acres of land close to the technology hub of Bangalore to build its plant.
WORLD
US credit rating downgraded from AAA by Fitch
The credit grader cut the US one level from AAA to AA+, echoing a move made more than a decade ago by S&P Global Ratings.
BUSINESS
Uber swings to surprise profit as ridership reaches new record
Uber Technologies Inc. reported better-than-expected net income, boosted by record ridership volumes, offering evidence the ride-hailing giant is officially moving beyond its cash-burning startup past and making progress on its profitability goals.
INDIA
Standard Chartered’s Manish Jain set to join Yes Bank
In June, Ankur Khurana took over as Standard Chartered’s head of corporate, commercial and institutional banking head after Ashish Vijayakar left the firm after 24 years, Bloomberg News reported.
TECHNOLOGY
Investor doubles down on Indian drone startups after IdeaForge bet soars
The largest single investor in IdeaForge Technology Ltd. is doubling down on India’s drone-making sector after an early bet on the Mumbai-listed company generated a return of almost 600%.
BUSINESS
Franklin Templeton plans foray into private credit in India
The firm hired Rahul Goswami from ICICI Prudential Asset Management Co. to replace Kamath as CIO and lead its fixed income business, the people said.
BUSINESS
World’s biggest market for sub-$100 million IPOs booms in India
From finance startup Paytm to the nation’s largest insurer, investors have lost money from those IPOs in the past two years. They’ve turned to companies offering up to just $100 million in stock sales, as India hosted 92 such listings this year, the most in the world, according to data compiled by Bloomberg.
BUSINESS
Hedge Funds ‘throwing in towel’ on stocks as rally forces unwind
The rush to tweak positions was frantic enough to push total client stock flows to the highest level since the retail-fomented short squeeze in 2021.
BUSINESS
Oil steadies after biggest monthly advance since early 2022
West Texas Intermediate was little changed below $82 a barrel after surging 16% in July.
BUSINESS
Apple Supplier Foxconn plans $500 million component plants in India
A formal announcement is expected as early as this week, the people said, declining to be named as the matter is not public.
WORLD
The sorry state of search is an ominous sign for the AI era
Search engine marketers—sometimes with the help of ChatGPT and similar services—have filled up results pages in certain categories with junky, self-promotional websites that are often devoid of anything useful.
WORLD
Miami’s overflowing septic tanks and trash piles test appeal to rich
Miami wants to attract even more out-of-state workers and wealthy newcomers like hedge fund tycoon Ken Griffin. But first, County Mayor Daniella Levine Cava faces a huge environmental problem: overflowing garbage heaps and septic tanks.
BUSINESS
Adani Group in talks to raise $1.8 billion from India bond sales
Adani’s plans are aimed at shoring up investor confidence after months of damage control following Hindenburg Research’s January report detailing alleged years-long corporate malfeasance, which sent the group’s stocks and bonds tumbling.
BUSINESS
Forget China, the hot money in mining is suddenly Saudi
China has for years been the dominant buyer and a key source of funding, as it sought to secure supply for its rapid industrialization. But as tensions with the West have mounted, the mining industry is now facing increased pressure to look elsewhere.
WORLD
UBS sees exits of Credit Suisse wealth veterans in Hong Kong
In Hong Kong, at least six bankers on the Credit Suisse side have left, including Martin Loh, a market group head for China and Joe Lau, said the people who asked not to be named as the matter is confidential.
MARKETS
US stocks are in a 2019-like rally, say Morgan Stanley strategists
“The data we have today suggests to us that we are in a policy-driven, late-cycle rally,” Wilson wrote in a note. The latest example of such a period occurred in 2019 when the Federal Reserve paused and then cut rates and its balance sheet expanded toward the end of the year.
