BUSINESS
Investors are unwinding the ‘buy India, sell China’ stocks trade
Lazard Asset Management, Manulife Investment Management and Candriam Belgium NV are paring exposure to India after a record-breaking rally. They’re pivoting to former favorite China, as Beijing’s support for its economy spurs a recovery in industrial profit and manufacturing.
WORLD
The US can’t let China dominate the small-drone market
A new law and Pentagon procurement program should help tilt the playing field back to level for domestic manufacturers
BUSINESS
Investors favor Japan during earnings, shunning China and India
This week’s earnings highlights include South Korean giant Samsung Electronics Co., Chinese spirits maker Kweichow Moutai Co. and Yaskawa Electric Corp., the Japanese manufacturer of industrial robots.
BUSINESS
Foreigners flocking to Indian bonds make a splash across markets
Foreign investors have pumped roughly 780 billion rupees ($9.4 billion) into eligible sovereign bonds since JPMorgan Chase & Co.’s landmark announcement in September and are beginning to climb up the ownership list.
WORLD
Iron ore sinks to 10-month low on gloom over China construction
The steelmaking material fell as much as 3.9% to $96.25 a ton in early trading on the Singapore Exchange. Prices have floundered since early January as investors adjust to weaker demand prospects from the real-estate sector.
WORLD
China factory activity expands for first time in six months
The official manufacturing purchasing managers index rose to 50.8 from 49.1 in February, the National Bureau of Statistics said in a statement Sunday. That beat the median forecast of 50.1 by economists in a Bloomberg survey and was the best reading since March last year.
INDIA
India, Korea and Japan to stay busy with IPOs while China stalls
New share sales across the region fell to $11 billion between January and March, the lowest tally for a quarter since early 2019, data compiled by Bloomberg show. The amount represents a 46% drop from the same period last year.
BUSINESS
Amazon brings new titles to India amid global cutbacks
The American streaming behemoth, which has been cutting back operations globally, continues to double down in the nation with more than 1.4 billion consumers and one of the fastest-growing entertainment markets that’s also rapidly consolidating.
BUSINESS
Xiaomi’s $8 billion rally at stake as costly EV bet makes debut
With a year-long EV price war going on in China, reception for the SU7 will likely dictate Xiaomi’s stock momentum after a 22% gain since a February low.
WORLD
Joe Biden says Arab states ready to recognize Israel in future deal
The presidents, though, were interrupted at least four times by pro-Palestinian protesters, highlighting the tensions within the party over Biden’s handling of Israel’s war with Hamas and the humanitarian crisis in Gaza.
BUSINESS
Adani Energy in talks with banks to borrow up to $600 million
Adani Energy Solutions Ltd is seeking credit facility to fund smart meter projects for electricity supply
TECHNOLOGY
Elon Musk’s X Is testing ‘Adult Content’ groups for users
Communities on X can be private, though it’s unclear if the social media network will ultimately require age verification for groups that feature adult content.
BUSINESS
Blackstone plans to invest $25 billion in India private equity assets over five years
The New York-based firm also intends to add 20 investment professionals to its asset management business in India and double its office space in Nariman Point in downtown Mumbai
BUSINESS
India’s ‘unbeatable’ bond valuations make them Vontobel top pick
Wall Street investors have been increasing exposure to Indian assets, attracted by one of the world’s fastest economic growth rates and a low correlation with global markets including other developing nations
BUSINESS
ANZ aims to open operation at India’s GIFT special economic zone
The multinational bank has applied to the International Financial Services Centres Authority for a license, said the people, who asked not to be identified as the information is private. Approval may be granted in the next few months following a due diligence process, they said.
WORLD
UBS to sell $8 billion loans to Apollo in revised SPG deal
Apollo will purchase $8 billion in senior secured financing facilities from UBS, according to a statement Wednesday. The two sides agreed to end an investment management agreement that was initially part of the transaction as well as a transition service agreement.
WORLD
Six presumed dead after bridge collapse, as port disruptions hit cars to coal
As much as 2.5 million tons of coal, hundreds of cars made by Ford Motor Co., and General Motors Co., and lumber and gypsum are threatened with disruption after the container ship Dali slammed into and brought down Baltimore’s Francis Scott Key Bridge in the early hours of Tuesday.
BUSINESS
Donald Trump social media firm soars ahead of post-SPAC deal debut
The deal gives the parent company of Truth Social more than $275 million of much-needed capital, and provides a windfall on paper for Trump as he faces a mounting series of legal and financial woes.
BUSINESS
Carlyle said to weigh $1 billion IPO for India IT firm Hexaware
The US investment firm is speaking with potential arrangers to help prepare for an IPO in Mumbai this year or next, the people said, asking not to be identified because the matter is private. A share sale might value Hexaware at $4 billion or more, they said.
BUSINESS
Boeing needs to act faster to find its next CEO
Boeing had been struggling with serious quality issues dating back to the two tragic crashes of the 737 Max, but the final straw came when workers failed to put the bolts on the fuselage panel of an Alaska Airlines aircraft. It can’t afford a drawn-out transition, certainly not until December. The company would benefit from a new CEO with experience turning around a troubled company
WORLD
Donald Trump’s net worth hits $6.5 billion, making him one of world’s 500 richest people
Facing a deadline to post a bond of more than $500 million in a New York fraud lawsuit, a state appeals court tossed him a lifeline, slashing the amount he’d have to post to $175 million — an amount he says he’ll cover.
WORLD
PBOC extends Yuan support as it boosts fix by most since January
The People’s Bank of China shifted its fixing by 0.1% with traders still on tenterhooks after the yuan sank to its weakest since November on Friday. The currency rose as much as 0.2% in offshore trading in response to the reference rate and traded little changed onshore.
MARKETS
Calm over polls leaves India option traders exposed to surprises
While NSE Nifty 50 Index’s monthly options expiring just after the election have risen slightly in value relative to shorter-term contracts as the world’s largest democratic exercise approaches, their premium over April is 61% smaller than it was before the May 2019 vote, data compiled by Bloomberg showed.
WORLD
Canva strikes biggest acquisition yet in chase to take on Adobe
The deal, which is a mix of cash and stock, is valued at “several hundred million pounds,” Canva co-founder and Chief Operating Officer Cliff Obrecht said in an interview with Bloomberg on Monday.
