BUSINESS
India’s first AI unicorn Fractal said to weigh $500 million IPO
Fractal, known as India’s first AI unicorn, may seek a valuation of at least $3.5 billion in the share sale, the people said, asking not to be identified because the deliberations are private
BUSINESS
JPMorgan eyes more growth in India amid flurry of activity
There is a substantial opportunity for India from the shift in supply chains from China, though the transition will take years as firms navigate the complexities of relocating operations, JPMorgan’s Chief Executive Officer Jamie Dimon said in a separate interview with CNBC-TV18
BUSINESS
Top takeaways as China unveils stimulus to boost economy
Stocks in Hong Kong and China rose on the announcements, while the 10-year yield on Chinese bonds fell to 2% for the first time on record. The offshore yuan was little changed.
WORLD
China mulls stock stability fund, unlocks $113 billion from PBOC
The People’s Bank of China will set up a swap facility allowing securities firms, funds and insurance companies to tap liquidity from the central bank to purchase equities, Governor Pan Gongsheng said at a briefing on Tuesday
MARKETS
High-speed traders made $7 billion in India’s options market
The bulk of the gains came at the expense of individual traders and others, who lost a combined Rs 61,000 crore dabbling in futures and options in the financial year ended March, according to the study published Monday
WORLD
China to add capital at big banks for first time in a decade
At a rare press conference on Tuesday, authorities flagged they will increase the core tier 1 capital at its six major commercial banks, along with a slew of other measures to shore up the real estate market and the economy
BUSINESS
Foreign investors’ derivatives bets at record $124 billion in India
The Nifty has rallied 18% from a low that month to become one of Asia’s top performers. It hit a fresh peak Monday amid a risk-on sentiment in global markets following the Federal Reserve’s jumbo rate cut last week.
BUSINESS
China unveils biggest package yet to boost property market
The People’s Bank of China will cut outstanding mortgage rates for individual borrowers by an average of 0.5 percentage point, Governor Pan Gongsheng said at a press conference on Tuesday
BUSINESS
China unleashes stimulus blitz in push to hit annual growth goal
China will also lower the mortgage rate for existing housing loans amid a property crisis
WORLD
Asian stocks rise on hopes of China stimulus, Fed's more rate cuts
Speculation has surged that Beijing will ramp up efforts to revive growth after authorities announced that top financial regulators will hold a press conference Tuesday on support for economic development
BUSINESS
Foreigners’ derivatives bets hit record $116 billion in India
Global funds have plowed a net $8.5 billion into local shares since July 1, set for the biggest quarterly inflow in over a year.
BUSINESS
JPMorgan says global companies keen to grow in India via M&A, IPOs
Financial services, including insurance and banking, are attracting a lot of interest, according to JPMorgan’s head of investment banking in India Navin Wadhwani.
WORLD
China announces another rate cut as growth slowdown worsens
The People’s Bank of China on Monday lowered the 14-day reverse repurchase rate to 1.85% from 1.95% previously. The central bank also injected 74.5 billion yuan ($10.6 billion) of liquidity into the banking system via the tool, it said in a statement
WORLD
Apollo to offer multibillion-dollar investment in Intel
The alternative asset manager has indicated in recent days it would be willing to make an equity-like investment of as much as $5 billion in Intel, said one of the people, who asked not to be identified discussing confidential information. Intel executives have been weighing Apollo’s proposal, the people said
WORLD
London’s mansions are struggling to sell
There were just 10 sales above £30 million, compared with 38 in the previous period. In total, super prime sales volume in London came in at £2.77 billion in the 12 months through July, down from £4.3 billion in the period ending in July 2023
WORLD
Zelenskiy will pitch ‘Victory Plan’ to Biden, meet with Trump
“The Victory Plan, this bridge to strengthening Ukraine, can contribute to more productive future diplomatic meetings with Russia,” Zelenskiy told reporters in a briefing on Friday. “Russia should see it.”
BUSINESS
Global money is chasing Indian stocks again as bull run extends
Frequent interventions by the nation’s central bank have transformed the rupee from Asia’s most volatile currency to one of the least.
BUSINESS
Boeing faces long strike as gig economy gives workers clout
Striking employees received their final Boeing paycheck on Thursday, and the company stops paying for their health insurance on Sept. 30.
WORLD
FTC sues drug middlemen over manipulating insulin market
The agency said it filed a complaint in its administrative court alleging that CVS’s Caremark, Cigna’s Express Scripts and UnitedHealth’s Optum Rx accepted money from drugmakers in exchange for keeping lower-cost insulin off their lists of approved drugs
BUSINESS
OpenAI to decide which backers to let into $6.5 billion funding
The deal is set to value OpenAI at $150 billion, a total that does not include the new investment, sources familiar with the matter told Bloomberg. The company was last valued at $86 billion in an earlier financing deal.
BUSINESS
China weighs removing major homebuying curbs to boost demand
The government may also end distinctions between first- and second-home purchases, paving the way for smaller down payments and lower mortgage rates on second residences, the people added.
BUSINESS
Shaktikanta Das tames volatile Rupee with $689 billion in forex reserves
Clamping down on volatility and building up a stockpile of foreign exchange holdings to safeguard the economy in the event of skittish overseas investors pulling funds has been a key plank of the RBI governor’s tenure.
MARKETS
S&P 500 hits all-time high on Wall Street investors soft-landing hopes
Almost every major group in the S&P 500 gained, with the benchmark up 1.7% and poised for its 39th record this year. The Nasdaq 100 climbed 2.9% and the Russell 2000 of small caps extended its advance into a seventh straight session. Bitcoin jumped 5%. Bonds and the dollar fell
BUSINESS
Wall Street’s $5.1 trillion triple-witching is the next market test
The quarterly “triple-witching” will see some $5.1 trillion worth of options tied to individual stocks, indexes and exchange-traded funds fall off the board, according to an estimate from derivatives analytical firm Asym 500.
