BUSINESS
Stocks Hold Onto Gains as Fed Countdown Begins: Markets Wrap
A December rate cut is a not given for every Fed watcher. BlackRock CIO of Global Fixed Income Rick Rieder told Bloomberg Television before the data that he is expecting some dissents and disagreement at the next meeting.
BUSINESS
Warner Bros. begins exclusive deal talks with Netflix
Netflix’s interest in Warner Bros. also sent shivers through Hollywood. The company has largely refused to release films in theaters, occasionally giving its original movies limited runs in cinemas.
BUSINESS
Jane Street’s trading haul juiced by surging bet on Anthropic
Jane Street has invested in Anthropic’s series E and series F fundraising rounds.
BUSINESS
PPFAS, Bank of Baroda seek nod to manage pension funds
Bank of Baroda and another company are also talking to the Pension Fund Regulatory and Development Authority or PFRDA for asset manager licenses, people familiar with the matter said, asking not to be identified as the discussions are private.
BUSINESS
Chinese chipmaker Moore Threads shares soars 502% after $1.1 billion IPO
Moore Threads' share frenzy stands out in an otherwise sluggish market, signaling strong investor appetite in specific sectors like this year’s AI winners.
BUSINESS
India may seek bids for $7 billion IDBI Bank stake this month
India is aiming to sell 60.72% in the Mumbai-based lender, which amounts to about $7.1 billion at IDBI Bank’s current market price.
BUSINESS
Apple taps Meta lawyer as general counsel in latest shake-up
In a separate move, governmental affairs executive Lisa Jackson will retire in late January. She has overseen environment, policy and social initiatives at the company.
BUSINESS
Meta’s Zuckerberg plans deep cuts for metaverse efforts
Meta confirmed a reduction in resources for the metaverse, and said savings are expected to funnel toward other futuristic projects within Meta’s Reality Labs division, including AI glasses and other wearables.
WORLD
Asian stocks snap three-day gain, Japan leads drop
MSCI Inc.’s gauge for regional shares fell as much as 0.6%, with Japanese indexes leading declines after a strong rally in the previous session.
BUSINESS
S&P 500 Rally Wavers Near Record as Bonds Decline: Markets Wrap
The US tech sector is likely to remain a key driver for the market’s next leg up, but its recent underperformance also points to other compelling opportunities across the market, according to Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
BUSINESS
Reliance is said to start work on draft prospectus for Jio’s likely record IPO
The company is informally speaking with banks to prepare a prospectus that they plan to file with the regulator as soon as possible, the people said, asking not to be identified.
BUSINESS
Rupee’s undervaluation to lure global funds, say analysts
The rupee hit a fresh record low in early trading Thursday, extending its break below the closely watched 90-per-dollar level
INDIA
India clinches $2 billion Russia submarine deal as Putin visits
Talks for leasing the attack submarine from Russia had stalled over the years because of price negotiations
COMPANIES
SoftBank cuts InMobi stake in $250 million buyback deal
InMobi will repurchase the shares to reduce SoftBank’s holding to less than 10% from more than 30%
BUSINESS
European Union to begin probe into WhatsApp AI features rollout, FT says
The EU has in recent years ramped up pressure on Big Tech, seeking to curb potential market abuses as the US tech titans’ clout and digital footprint expanded
ECONOMY
Rupee’s slump complicates RBI path to rate cut: Experts
A majority of the 44 economists surveyed by Bloomberg expect the central bank to cut its benchmark repurchase rate by a quarter point to 5.25% on Friday given inflation is well below the 4% target
BUSINESS
Foreign banks chase rupee deals as offshore debt sales slow
High US benchmark yields, geopolitical tensions and tariff-related swings have eroded the appeal of foreign-currency debt for Indian corporates this year, causing the issuance to drop even as Indian companies boost spending and borrowing at home
BUSINESS
Paramount hikes Warner Bros breakup fee to $5 billion
The sum would be paid to Warner Bros. if a deal is agreed to but not consummated. It’s a sign Paramount has confidence its proposed merger would pass muster with regulators
INDIA
Dolphin watching to remote treks: Rich Indians lured by niche travel experiences
As throngs of tourist groups crowd popular destinations like Goa, Jaipur and Shimla, travel operators are racing to invest in untouched corners of the country
WORLD
Deadly floods’ $20 billion toll shows Asia’s rising climate risk
A sequence of three tropical cyclones coincided with the regular northeast monsoon to deliver rainfall totals unseen in decades in some locations, and triggered a wave of destruction from Sri Lanka to Indonesia — damaged homes, roads and rail lines, decimated crops, slowed factory output and inundated tourist spots
BUSINESS
China gives most forceful signal since 2022 to slow yuan gains
The People’s Bank of China set the so-called fixing at 7.0733 per dollar, 164 pips weaker than a survey of traders and analysts
MARKETS
Asian stocks track US gains on rising Fed cut bets
The dollar’s drop overnight puts focus on weaker Asian currencies like the Indian rupee, which slipped past the key psychological level of 90 per dollar on Wednesday.
BUSINESS
Stocks Join Bonds Higher Amid Bets Fed Will Cut: Markets Wrap
The modest fall in the ADP payrolls measure in November, coming on the back of a similar message from the Fed’s Beige Book, should be enough to persuade officials to vote for another cut next week, according to Stephen Brown at Capital Economics.
BUSINESS
India says IMF’s ‘C’ rating on data due to old base year
Sitharaman told lawmakers in the lower house of parliament that the rank was because of data collection methodologies and an outdated base of 2011-12. The government is in the process of changing that to 2022-23 from Feb. 27 next year, she said.
