WORLD
Elon Musk gives explanation for why he diverted chips from Tesla to X
In a series of posts Tuesday on X, Musk wrote that Tesla had no place to put Nvidia chips where they could be turned on. CNBC reported earlier that the billionaire redirected 12,000 of the chipmaker’s H100 graphics processing units originally slated for Tesla to X instead, citing an Nvidia memo from December.
LOK-SABHA-ELECTION
Bond vigilantes worry as weak PM Modi win fans fiscal populism fear
Fiscal discipline has been a hallmark of Modi’s decade-long administration, and many investors were expecting him to win a supermajority to reduce the budget deficit and further cut government borrowing in the next budget.
BUSINESS
Intel CEO takes aim at Nvidia in fight for AI chip dominance
Gelsinger took a direct shot at Nvidia CEO Jensen Huang’s claim that traditional processors like Intel’s are running out of steam in the age of artificial intelligence.
WORLD
Mexico peso falls as ruling party landslide spooks investors
Official projections showed Claudia Sheinbaum, the protege of President Andres Manuel Lopez Obrador, winning by at least 30 percentage points.
LOK-SABHA-ELECTION
Investors pour into India ETFs ahead of election result
India recorded the biggest inflow across emerging markets for the week ended May 31 — of $307.5 million — led by iShares MSCI India ETF (ticker INDA). While the fund garnered $192.9 million, the WisdomTree India Earnings Fund (EPI) pulled in $82.6 million.
BUSINESS
Brent oil falls to $80 a barrel as OPEC+ plans to restore output
Crude has been on a downward trajectory for the last two months due to dwindling geopolitical risk premium and signs of a weakening physical market
BUSINESS
Kedaara Capital-backed Ajax Engineering is said to plan India IPO
Founded in 1992, Ajax Engineering makes equipment such as concrete mixers, pumps and pavers for more than 25,000 customers, according to its website. It has three plants in Karnataka in southern India
BUSINESS
Ex-Millennium Trader Megia Debuts Hedge Fund With $5 Billion
Taula’s launch is the biggest since ExodusPoint Capital Management — led by Michael Gelband, another Millennium alumnus — debuted in 2018 with $8 billion.
MARKETS
Sinking profits bring reality check to AI-driven rally in emerging market stocks
With 96% of companies in the MSCI Emerging Markets Index done with their quarterly results, the earnings season is almost over.
BUSINESS
India stocks, bonds set to gain as polls show landslide Modi win
S&P Global Ratings recently indicated a potential credit rating upgrade for India, boosting financial markets ahead of the country’s inclusion in JPMorgan Chase & Co.’s emerging market bond index later in June
BUSINESS
World crop trade eyes India as new government may relax curbs
The fifth-biggest economy has kept key crops like sugar and some major rice varieties off the global markets for more than a year.
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.
