BUSINESS
UBS is calling time on Indian stocks’ outperformance over China
Stocks in China have currently priced in “lots of negatives,” making them poised for a sharp rebound when catalysts arrive, said Sunil Tirumalai, UBS’ global emerging market strategist. Meanwhile, earnings-based valuations for Indian shares are already at “fairly extreme levels.”
WORLD
A 1962 Ferrari GTO race car auctions for record $51.7 million
Jim Jaeger, a prominent collector in Ohio and co-founder of the company that came to manufacture Escort radars, owned the car for nearly four decades prior to the sale. A spokesperson from RM Sotheby’s did not identify the new owner.
WORLD
Israeli forces begin ‘targeted operation’ at Gaza Hospital
Israel Defense Forces are “carrying out a precise and targeted operation against Hamas in a specified area in the Shifa Hospital,” the IDF said in a statement early Wednesday.
WORLD
Tencent, Alibaba earnings hold key to $44 billion China tech run
As the country’s major tech firms start reporting third-quarter earnings this week, expectations are for Tencent to show strong growth given cost reductions and a friendlier regulatory climate for gaming that also benefits rival NetEase Inc.
WORLD
Warren Buffett’s Berkshire trims HP stake, exits bet on General Motors
The conglomerate’s retreat from Activision completes Buffett’s arbitrage play amid the video-game maker’s prolonged effort to merge with Microsoft Corp., which ran into antitrust scrutiny before the deal was completed in October.
WORLD
Cathie Wood predicts deflation to take hold in US next year
“The Federal Reserve has overdone it, we’re going to see a lot more deflation going forward,” the head of ARK Investment Management told Bloomberg TV Tuesday. “If we’re right, and they’ve gone way too far, they’ll have to cut fairly significantly.”
WORLD
US dollar tumbles most in a year as traders bet on end of US hikes
A Bloomberg gauge of the dollar tumbled as much as 1.3% on Tuesday, the largest such drop since November 2022. It stayed close to the previous day’s close on Wednesday, helping propel the won and ringgit to the top of Asia’s currency rankings.
WORLD
China’s Xi Jinping begins first US trip in six years amid tight security
Xi will be greeted at 3 p.m. local time Tuesday by Treasury Secretary Janet Yellen — one of the several top US officials who smoothed the path for his visit. The Chinese leader is traveling with his chief of staff Cai Qi and Foreign Minister Wang Yi, according to the official Xinhua News Agency.
WORLD
China pumps cash into banking system to support stimulus funding
The People’s Bank of China offered 1.45 trillion yuan ($200 billion) of cash through its medium-term lending facility — 600 billion yuan more than the 850 billion yuan coming due in November. The net injection was the most since 2016.
WORLD
Japan economy shrinks more than expected, supporting BoJ easing
Gross domestic product shrank at an annualized pace of 2.1% in the third quarter, largely on the back of falling business spending and higher imports that dragged on the economy, the Cabinet Office reported Wednesday.
BUSINESS
US Inflation broadly slows in sign of progress for Fed
US inflation broadly slowed in October, an encouraging sign of progress for the Federal Reserve in the long path to taming price pressures.
BUSINESS
World set to warm with current climate policies, UN warns
The UN estimates that carbon emissions released into the atmosphere will increase by about 9% in 2030, compared with 2010 levels, based on current national pledges submitted ahead of the upcoming COP28 climate summit.
BUSINESS
Dubai Air Show: Boeing extends successful run, Airbus struggles
Ethiopian will buy 20 737-8 short-haul aircraft as well as 11 787-9 Dreamliners, with options to expand the order to as many as 67 aircraft.
WORLD
Vodafone beats Q2 sales growth, reiterates outlook
Organic service revenue in the second quarter rose 4.7%, the Newbury, England-based phone carrier said in a statement on Tuesday.
BUSINESS
India gets temporary inflation reprieve, keeping RBI on guard
The consumer price index rose 4.87% from a year earlier, statistics ministry data showed Monday, down from 5.02% in September, but slightly higher than economists had estimated.
WORLD
A trader’s guide to navigating signals from the Joe Biden-Xi Jinping meeting
Wednesday’s meeting in San Francisco will mark a crucial moment in what is Xi’s first visit to the US since 2017, when he met with the then-President Donald Trump.
WORLD
Fake BlackRock fund filing triggers a brief rally in XRP cryptocurrency
The Delaware Department of State’s Division of Corporations website — which lists some other trusts the asset manager has applied for previously — showed details for something called the “iShares XRP Trust” registered to BlackRock on Monday.
BUSINESS
India weighs five-year tax cuts on EV imports to woo Tesla
The Indian government is working on an electric vehicle policy that would allow international car manufacturers to import battery-powered vehicles on concessional duty rates if they commit to eventually building them in India, people familiar with the matter said.
WORLD
Joe Biden, Xi Jinping to announce deal for China to crack down on fentanyl
Under the deal — which is still being finalized — China would go after chemical companies to stem the flow of both fentanyl and the source material used to make the deadly synthetic opioid, according to the people, who spoke on condition of anonymity to discuss the agreement.
BUSINESS
India to seek bids for $960 million battery production program
The program will require winning bidders to set up advanced chemistry battery plants with a total output of 20 gigawatt hour, said the people, declining to be named as the plans are private. The government will seek bids from potential investors next month, they said.
ASSEMBLY-ELECTIONS
Polls to disrupt India stocks calm in 2024, Morgan Stanley says
While the Wall Street bank expects stocks to rise leading to the vote in keeping with recent history, any outcome outside of investors’ expectations could spark a slump of as much as 30% in India’s equity benchmarks.
BUSINESS
Gold sales in India aided by easing prices on festive weekend
Jewelers feared hesitancy among buyers during the festival season after bullion prices jumped due to the Israel-Hamas war in early October.
INDIA
Indian students flock to US colleges, offsetting drop from China
The number of foreign students at US schools rose 12% in the 2022-2023 academic year to nearly 1.06 million students, within striking distance of 2019, according to Open Doors data from the Institute of International Education.
BUSINESS
In the Market: Inside Wall Street's scramble after ICBC hack
The blackout left the brokerage temporarily owing BNY Mellon $9 billion, an amount many times larger than its net capital, a measure of resources at hand to promptly satisfy claims.
