BUSINESS
Adani Group in talks to raise $1.8 billion from India bond sales
Adani’s plans are aimed at shoring up investor confidence after months of damage control following Hindenburg Research’s January report detailing alleged years-long corporate malfeasance, which sent the group’s stocks and bonds tumbling.
BUSINESS
Forget China, the hot money in mining is suddenly Saudi
China has for years been the dominant buyer and a key source of funding, as it sought to secure supply for its rapid industrialization. But as tensions with the West have mounted, the mining industry is now facing increased pressure to look elsewhere.
WORLD
UBS sees exits of Credit Suisse wealth veterans in Hong Kong
In Hong Kong, at least six bankers on the Credit Suisse side have left, including Martin Loh, a market group head for China and Joe Lau, said the people who asked not to be named as the matter is confidential.
MARKETS
US stocks are in a 2019-like rally, say Morgan Stanley strategists
“The data we have today suggests to us that we are in a policy-driven, late-cycle rally,” Wilson wrote in a note. The latest example of such a period occurred in 2019 when the Federal Reserve paused and then cut rates and its balance sheet expanded toward the end of the year.
WORLD
Everything China is doing to juice its flagging economy
The statements from the government and Communist Party over the past month are largely broad assurances to lift spending on things like consumer goods and cars, encourage private companies to expand investment, and to make it easier for businesses to access funding.
WORLD
Saudi Arabia’s economy slows as oil prices and production drop
Gross domestic product expanded 1.1% on an annual basis, according to preliminary data released by the General Authority for Statistics. That compares with 3.8% in the previous quarter and 11% a year earlier.
WORLD
Heineken lowers earnings forecast as beer consumption drops
Operating profit slumped 22% on an adjusted basis in the first half, the Amsterdam-based brewer said Monday. For the full year, Heineken forecast stable to mid-single digit operating profit growth.
BUSINESS
Uday Kotak faces push to pick outsider successor, sources say
The regulator is also reviewing whether stakes the banking group holds in two wholly-owned insurance units pose any risks to the firm’s stability, the people said.
MARKETS
Stocks are doing so well that it may be time to start worrying
The S&P 500 Index has gained 19% this year, pushing investors off the sidelines and into the market. Traders’ stock exposure is historically high, in the top 28% of all time, according to Deutsche Bank’s analysis of rules-based and discretionary strategies going back to 2010.
WORLD
China to announce more measures to boost consumption
Exports fell and consumer spending slowed, pushing the economy to the brink of deflation and further darkening the growth outlook.
WORLD
Investors are happy to pay premium for tech, but not for AI
Meanwhile, less than 10% see a bubble in the sector bursting anytime soon. That bullishness has pushed the Nasdaq 100 to its best first half in history, ramping up market valuations and blindsiding pros on the Street.
WORLD
Astra strikes $1 billion gene therapy deal with Pfizer
The agreement with Pfizer is worth up to $1 billion plus tiered royalties on sales after that, the company said Friday. The transaction is due to complete in the third quarter.
BUSINESS
Surging prices may keep RBI on extended pause, IMA says
“The broadening food inflation is a concern,” Kishore said in an interview with Bloomberg Television’s Haslinda Amin and Rishaad Salamat. “The Reserve Bank of India will stay on a hawkish pause when it meets next.”
WORLD
Unilever names Ian Meakins as next chairman following CEO change
Meakins is currently chairman of Compass Group PLC and Rexel SA, and he formerly served as chief executive officer of Wolseley Plc, now known as Ferguson Plc.
BUSINESS
Omega, Cartier models gain as Rolex keeps falling
The Bloomberg Subdial Watch Index fell 1.4% in a month and is now down 16% over the past year.
WORLD
BOJ loosens grip on long-term yields in Kazuo Ueda’s first surprise
The BOJ kept the target for 10-year government bond yields at around 0% but said its 0.5% ceiling on yield movements was a reference point not a rigid limit. The bank left its short-term negative interest rate unchanged at -0.1%.
WORLD
GIC cuts key quant unit in ‘tough’ overhaul of investment teams
The Systematic Investment Group, which had about 30 staff earlier this year, is being reorganized with some team members reassigned to different units while others are leaving to join external quant firms, according to people familiar with the matter.
WORLD
China’s push to expand BRICS membership falters
The countries have raised objections in preparatory talks for a summit in Johannesburg next month where Brazil, Russia, India, China and South Africa will discuss potentially expanding the group to include Indonesia and Saudi Arabia.
WORLD
China asks tech giants to showcase investments in sign of easing
Companies including Tencent Holdings Ltd. and Meituan received the requests from China’s Ministry of Commerce and the National Development and Reform Commission, people familiar with the matter said, asking not to be identified discussing private information.
BUSINESS
Adani returns to loan market as investor confidence improves
Separately, unit Adani New Industries Ltd. has raised $394 million via a loan from Barclays and Deutsche Bank for a solar module project.
WORLD
Japan yield breaks BOJ ceiling as policy speculation mounts
The 10-year yield climbed to 0.505% on Friday, beyond the Bank of Japan’s cap of 0.5%, as pressure builds on the BOJ to adjust policy. While a majority of economists had projected the central bank would stand pat this week, the Nikkei reported that officials would discuss letting yields rise above its current limit by a “certain degree.”
BUSINESS
Emirates steel is said to walk away from Thyssenkrupp steel deal
The state-backed Abu Dhabi company has stopped actively pursuing a deal due to concerns over pension liabilities and other complexities of the business, the people said. Emirates Steel was considered the most serious contender to buy a stake in the Thyssenkrupp unit.
BUSINESS
Adani lenders weigh up to $750 million loan for Ambuja debt
The loan would be syndicated, said the people, who asked not be named as the matter is private.
BUSINESS
Apollo, Cerberus pile in as private debt assets double in India
Apollo Global Management, Cerberus Capital Management LP and Varde Partners are stepping up their operations in the world’s most populous nation, funding billionaires and mid-sized businesses for needs as diverse as acquisitions, bridge financing for initial public offerings, and share buy backs.
