Hong Kong Stocks Surge Most in Asia After Return From Holiday
Stocks in Hong Kong surged the most since mid-March as trading in the financial hub resumed after a holiday, playing catch-up to the rally in global equities.
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Asian Stocks Set to Rise After US Equities Rally: Markets Wrap
US index futures and European stocks fell as investors scaled down their optimism for less hawkish central banks and sought more evidence that inflation is moderating.
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Malaysia Palm Oil Stockpiles May Surge to Largest in Three Years
Palm oil inventories in Malaysia likely climbed to their biggest in nearly three years after rising production in the world’s second-largest grower outpaced a recovery in export demand.
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Morgan Stanley Says Bottom Is Near for Emerging Market Stocks
Having endured a long stretch of losses, stocks in emerging markets and Asia excluding Japan are close to completing their bear-market cycles, according to Morgan Stanley.
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Gold Steadies After Crossing $1,700 as Traders Mull Fed’s Stance
Gold declined -- after surging past $1,700 an ounce on Tuesday -- as traders weighed whether the US central bank may moderate its hawkish stance after the release of weak US data.
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UK Is Sick Man of Europe for Company Distress Amid Market Chaos
UK companies now have the highest level of distress among corporates in major European economies, with soaring inflation, rising interest rates and a weaker pound making life harder for British businesses, according to a report.
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Ukraine Latest: Zelenskiy Hails Advance in South; Japan Embassy
Ukrainian President Volodymyr Zelenskiy said his forces were advancing in the south of the country, while he also thanked President Joe Biden for new HIMARS and another package of US support.
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Korean Gas Giant Removes LNG Claim Amid Greenwashing Crackdown
South Korea’s largest private gas supplier SK E&S Co. removed claims it would produce carbon-free liquefied natural gas from its marketing materials after the government expanded a crackdown on misleading labels of fossil fuel projects.
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The Big Winners in Musk’s Twitter Deal? Merger Arbitrage Traders
Elon Musk’s decision to revive his $44 billion buyout of Twitter Inc. is shockingly good news for investors including billionaire Carl Icahn who continued to bet on the outcome of the deal through months of uncertainty.
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OPEC+ Considers Cut to Output Limit of as Much as 2 Million B/D
OPEC+ is considering its biggest production cut since 2020, a move Washington is trying to head off with furious diplomatic efforts.
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Healthcare Provider Burjeel Prices IPO at Bottom of Range
Health-care provider Burjeel Holdings priced its Abu Dhabi initial public offering at the bottom of the range, an exception in what has been a standout year for IPOs in the Middle East.
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Junk Market Is Only Open to Familiar Firms Offering High Yields
Europe’s junk debt market has become so selective that only the most well known borrowers are able to sell bonds -- and even they have to offer sky-high rates. It’s a worrying sign for other issuers that aim to tap the market, and for banks on financing deals.
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UAE Says Oil Major Shell Is Helping Plan Its Net-Zero Push
The United Arab Emirates said oil giant Shell Plc is helping it devise a plan to reach net-zero emissions by 2050.
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Russia Gas Flows via Austria to Italy Are Resuming, Gazprom Says
Russian gas supplies to Italy via Austria resumed bringing some relief to gas prices in Europe.
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Chinese Oil Demand Set to Rebound as Refiners Rush to Use Quotas
Oil demand in China, the world’s largest importer, may pick up in the months ahead after Beijing released trade allowances enabling its vast refining industry to ship in more crude and export more fuel.
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Russian Billionaire Scores Partial Win in Frozen Yachts Fight
Sanctioned Russian billionaire Alexey Kuzmichev scored a partial win in his twin lawsuit against France’s customs authority as judges said the raid on one of his two Riviera yachts was unlawful and canceled it.
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Officials Quit Kuwait’s $137 Billion Pension Fund They Revamped
A broad shakeup of state institutions deepened in Kuwait after top officials in the Gulf state’s pension fund were asked to resign.
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Myanmar Military-Linked Party Names Junta Chief’s Ally as Leader
A Myanmar military-linked party has named a close ally of junta chief Min Aung Hlaing as its leader, a sign the country is gearing up for national elections next year.
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Ethiopian Government Accepts African Union Invite to Peace Talks
Ethiopia’s government accepted an invitation by the African Union to hold talks about ending a two-year civil war in the country.
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Brookfield in Advanced Talks to Buy Hong Kong Firm Trimco, Sources Say
Brookfield Asset Management Inc. is in advanced talks to acquire Hong Kong-based clothing label maker Trimco Group from buyout firm Affinity Equity Partners, according to people familiar with the matter.
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Credit Suisse Loses Asia Deputy Wealth Head as Departures Mount
Credit Suisse Group AG’s deputy wealth management head for Asia is leaving after about two decades with the bank, joining a wave of departures from the embattled firm.
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India’s Sustainable Finance Panel Backs Voluntary Carbon Market
A panel of the International Financial Services Centres Authority has recommended the development of a voluntary carbon market and the creation of a global climate alliance among other measures to grow the sustainable financing ecosystem through India’s offshore financial services center, GIFT-IFSC.
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Climate Activists Call on Insurers to Ditch Australia LNG Boost
Climate NGOs are calling on insurers to withhold coverage for a giant LNG project and hold firm to their net zero ambitions.
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EU Strikes Russia Sanctions Compromise That Adds Oil Price Cap
(Bloomberg) -- European Union countries reached a compromise on a new package of Russia sanctions that includes support for a price cap on oil sales to third countries, with a formal agreement expected on Wednesday, according to people familiar with the matter.
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Tesco Lowers Guidance as Battle With Discounters Heats Up in UK
Tesco Plc said consumers “watching every penny” are still shopping at its stores amid intense competition from discount grocery rivals.
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Weakened Truss to Try to Convince UK Tories She Can Still Deliver
(Bloomberg) -- Liz Truss will try to get her beleaguered UK premiership back on track on Wednesday, after a bruising few days that exposed deep divisions in her ruling Conservative Party and left even members of her top team in open disagreement about what to do next.
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Taiwan Pledges to Keep Advanced Chips From Chinese Military
Taiwan pledged to work closely with the US and other allies to prevent China’s military from acquiring state-of-the-art technology, as Washington steps up efforts to contain the world’s No. 2 economy.
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Taiwan Will Treat China Flights Into Airspace as ‘First Strike’
Taiwan warned it would treat any Chinese incursion into the island’s airspace as a “first strike,” as Taipei seeks to deter Beijing from ratcheting up military pressure around the island.
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Lab-Grown Foie Gras in Paris Wins Funding Amid Shortage Concerns
Gourmey, the French cultivated-meat startup, has secured funding to build a 37,000-square-foot plant in Paris to produce lab-grown foie gras as producers warn about a potential shortage of the delicacy this Christmas.
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Japan Tax Cut on Offshore Cash Seen as Option to Support Yen
A tax cut on capital shifted back to Japan from overseas subsidiaries may help stem the yen’s rapid depreciation, some economists say.
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TSMC, Chipmakers Rally After Morgan Stanley Calls a Recovery
Taiwan Semiconductor Manufacturing Co. surged the most in almost three months after Morgan Stanley projected a return to growth for the semiconductor industry by the second half of 2023, spurring a sector rally in Asia.
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Tesco Trims Guidance in Battle With Discounters: The London Rush
Here’s the key business news from London-listed companies this morning.
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Singapore Official Says Some Crypto Activities Aren’t Regulated
Singapore said not all crypto-related activities are regulated and that its monetary authority wouldn’t know about the number of people interested in setting up crypto firms unless they sought a central-bank license.
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Ukraine Central Banker Quits, Adding to War’s Economic Turmoil
(Bloomberg) -- Ukrainian central bank Governor Kyrylo Shevchenko unexpectedly resigned, citing health reasons as the country battles to fend off Russia’s invasion and stabilize an economy devastated by war.
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Poland Is in Talks With US About Gaining Nuclear Weapons
Poland is in talks with the US about participating in the nuclear weapons sharing program to counter growing threats from Russia, President Andrzej Duda told the Gazeta Polska newspaper.
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Oil Steady as OPEC+ Mulls Biggest Cut to Production Since 2020
Oil held a two-day surge before an OPEC+ meeting at which the alliance is considering the biggest supply cut since 2020 to revive prices.
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Maersk Expands Green Fleet With $1 Billion Order for Vessels
A.P. Moller-Maersk A/S, one of the world’s largest oil consumers, ordered six large container ships that can sail on green methanol as part of the transport giant’s plan to become carbon neutral.
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Bangkok Residents Urged to Work From Home as More Rain Forecast
Authorities in Thailand’s capital urged residents to work from home for the rest of the week in view of forecast for heavy rain as the city of 10 million battles flooded streets and traffic snarls triggered by unusually high downpours in recent days.
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Iran Letting Detained US Citizen Namazi Leave Country, US Says
A US-Iranian citizen detained in Iran has been released and given permission to leave the country and his son allowed out of prison, the US State Department said.
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Citadel’s Flagship Hedge Fund Gains 29% in Year of Market Turmoil
Citadel’s four hedge funds all generated double-digit returns this year, according to people familiar with the matter, outshining peers in turbulent markets.
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World’s Largest Oilfield Contractor Tackles Lithium’s Water Woes
Schlumberger NV, the world’s largest oilfield contractor, is teaming up with a Massachusetts Institute of Technology spinoff on efforts to limit the amount of water needed to produce lithium, a key environmental hurdle for the clean energy raw material.
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China Sports Stocks Bounce as Marathon Fuels Reopening Hopes
Shares of Chinese sportswear makers climbed as investors bet that a Beijing marathon might signal an easing of pandemic restrictions that have hurt consumer demand.
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Tests Show Sweden-Poland Power Cable Intact After Pipeline Blast
The power cable between Sweden and Poland will resume operations as planned on Oct. 9 following maintenance, after tests showed it didn’t sustain any damage from the blasts to the nearby Nord Stream pipelines.
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Bitcoin Jump Stalls Around $20,000; Doge Pares Post-Musk Rally
A climb in Bitcoin paused on Wednesday as a dip in US equity futures suggested a two-day surge in risk appetite is set for a breather.
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ECB’s Panetta Won’t Be Next Italian Finance Minister
(Bloomberg) -- Fabio Panetta, a member of the European Central Bank’s executive board, won’t be Italy’s next finance minister, a blow to right-wing leader Giorgia Meloni’s attempt to pick a cabinet capable of reassuring investors.
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United Airlines Plans to Resume Hong Kong Flights From January
United Airlines Holdings Inc. is planning to restart Hong Kong flights as soon as January, according to people familiar to the matter, becoming one of a handful of major airlines to resume passenger flights to the city, which has largely been cut off to the outside world since the start of the pandemic.
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Cigna CEO Sees ‘Tremendous’ Growth Opportunities in Middle East
Cigna Corp. sees huge opportunities for growth in the Middle East after the health insurer sold off some of its businesses in Asia Pacific region.
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US Stocks Have Just Started Pricing In Recession, Citi Quants Say
US stocks may resume their slump as they have only just begun to price in a recession, according to Citigroup Inc.’s quant strategists.
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Credit Suisse Stock Lending Clients Retreated Amid Market Swings
A Credit Suisse Group AG business that lends out shares reversed some of those transactions in recent days after investors that provided the securities pulled back over concern about the bank’s financial health.
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Conservatives Say Bank of Canada Deserves ‘Ruthless Scrutiny’
Canada’s main opposition Conservatives are ratcheting up pressure on the nation’s central bank, although the party’s new leader has put aside his previous call for the governor’s dismissal.
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Fidelity Is Buying Treasuries and Yen as Top Recession Hedges
The world is careening toward recession and buying old haven reliables Treasuries and the yen still offers the best protection, according to Fidelity International.
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Hundreds of NFTs Moved From Three Arrows Fund, Tracker Says
More than 300 NFTs were moved out of a crypto address associated with Starry Night Capital, a NFT-focused fund launched by the co-founders of the now-bankrupt crypto hedge fund Three Arrows Capital.
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Australia Under Pressure to Revise Tax Cuts Following UK Chaos
The Australian government is under pressure to reconsider tax cuts for high-income earners due in mid-2024 after the chaotic fallout from the UK’s planned fiscal boost via the abolition of its top rate.
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Consumer Stocks Seen Winners in Malaysia’s Poll-Friendly Budget
Malaysia’s upcoming budget will bolster consumer staple companies with the government expected to increase spending ahead of a general election, while doing little to stem foreign outflows.
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Hong Kong Seeing Rebound in Shared Offices After City Opens Up
A co-working space company that is planning to open a new office in Hong Kong is seeing rising interest from tenants as the city rolls back its Covid-19 restrictions.
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Volvo Cars Venture Says Automakers Should Pool Combustion Tech
Carmakers should consolidate their legacy businesses as electric cars take off with combustion engines set to be in demand for years to come, according to powertrain unit Aurobay.
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Solomons Wanted China References Removed Before Signing US Deal
The Solomon Islands refused to sign the US government’s Pacific partnership deal until “indirect” references to the Chinese government were removed, with Foreign Minister Jeremiah Manele saying his country did not want to “choose sides.”
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Half of Bangladesh Loses Power as Transmission Line Trips
Power was being restored across Bangladesh after the worst blackouts since 2014 cut supply to half the country, disrupting hospitals to road traffic and internet networks.
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Ukraine Latest: Kyiv Pursues Offensive, Musk Sparks Uproar
The Japanese government will reopen its embassy in Kyiv on Wednesday as its joins other major democracies in restoring diplomatic offices in the Ukrainian capital that had been halted by Russia invasion.
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Musk Says Buying Twitter Speeds Up Creating an ‘Everything App’
Elon Musk has teased something called “X, the everything app” after he buys Twitter Inc. Based on the billionaire’s past comments, that service could look a lot like Chinese super-app WeChat.
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JPMorgan Holds Off on Adding India to Bond Index, Keeps on Watch
JPMorgan Chase & Co. is keeping Indian government bonds off its emerging-market sovereign bond index for now, citing investment hurdles that must be resolved for the inclusion to take place.
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Holiday Covid Flareups Spark Travel Chaos Before China Congress
China’s Covid-19 cases climbed to the highest in more than two weeks as outbreaks during a week-long holiday dash hopes of keeping a tight lid on the virus ahead of the politically significant Party Congress.
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RBNZ Delivers Fifth Half-Point Hike, Signals More to Come
New Zealand’s central bank raised interest rates by a half-percentage point for a fifth consecutive meeting and signaled more to come, reinforcing the global drive to crush inflation.
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India Mars Orbiter Dies After 6-Month Mission Lasts Eight Years
India’s mission to Mars -- an orbiter studying the surface and atmosphere -- finally ran out of fuel after spending eight years in the outer world, according to the nation’s space agency.
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Short Sellers Pounded Anew in Latest Trial for Market Timers
One by one, short sellers are being forced to capitulate as market expectations grow for a slower pace of central bank tightening.
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Apollo-Backed EmployBridge to Acquire Bluecrew From IAC
IAC Inc. has agreed to sell its app-based Bluecrew business to EmployBridge, an industrial-staffing company backed by Apollo Global Management Inc.
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Yatsen Sued With Hillhouse, Wall Street Banks After Post-IPO Stock Slump
Investors in Chinese cosmetics maker Yatsen Holding Ltd. are suing the company and its executives, along with its largest outside shareholder Hillhouse Capital, alleging they allowed misleading information to inflate the price of the shares.
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Canon to Build $350 Million Plant for Key Chip Equipment
Canon Inc. will spend more than 50 billion yen ($350 million) to build a plant in the central Japanese prefecture of Tochigi to expand production of its existing lithography machines for chipmaking.
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White House Takes Closer Look at Controversial Gasoline Export Ban Option
White House officials have asked the US Energy Department to analyze the possible impacts of a ban on exports of gasoline, diesel and other refined petroleum products, an indication that the controversial idea is gaining traction in some parts of the Biden administration.
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Inside Mar-a-Lago: Pardons, White House Emails, Legal Bills
The thousands of documents seized from former President Donald Trump’s Florida home included a mix of government, business and personal affairs, including analysis about who should get a pardon, call notes marked with a presidential seal, retainer agreements for lawyers and accountants, and legal bills, according to newly disclosed logs created by federal investigators.
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Vietnam Asks Netflix to Stop Showing ‘Little Women’: Tuoi Tre
Vietnam requested Netflix Inc. to stop showing the South Korean TV drama “Little Women” in the nation beginning Wednesday over alleged distortions of the Vietnam War that violate media and cinema laws, the newspaper Tuoi Tre reported, citing Le Quang Tu Do, head of the Department of Radio, Television and Electronic Information.
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South Korea’s Inflation Edges Down as Rate Hikes Cool Demand
South Korean inflation slowed a touch in September in a sign that policy tightening is beginning to weigh on demand, a result that’s likely to intensify debate over whether to deliver an outsized interest-rate increase next week.
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Australia Rate Hikes Closer to Peaking, Says $53 Billion Pension
Australia’s streak of interest rate hikes is likely closer to peaking following Tuesday’s dovish surprise from the central bank, according to pension fund giant Host-Plus Pty.
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Yankees’ Aaron Judge Breaks Roger Maris’s AL Home-Run Record
New York Yankees outfielder Aaron Judge made baseball history with his 62nd home run of the season, surpassing the American League record that Roger Maris set in 1961.
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Quebec Sets Record as Voters Choose Women for 46% of Legislature
Voters in Quebec set a record by electing women to 46% of the seats in the legislature, the highest ever for a Canadian province.
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New Zealand Budget Deficit Widened Less Than Forecast on Tax
New Zealand’s annual budget deficit widened much less than forecast as the economy performed better than expected and the government was able to curtail pandemic-related spending.
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Manulife Redoubles Its Asia Ambitions in a World of Uncertainty
Even after operating in Asia for more than century, Manulife Financial Corp. is counting on the region to be its most promising driver of growth in an increasingly turbulent world.
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South Korea’s Chipmakers See Boost to Earnings From Weaker Won
South Korean chipmakers have turned optimistic on profitability for the first time in more than a year as a rapidly weakening won offers a potential boost from overseas earnings.
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Japan LDP Aims to Aid Sickly Firms as Covid-Era Free Credit Ends
Japan’s ruling Liberal Democratic Party is looking to provide new support for heavily indebted firms amid fears that some of them may go bust after a Covid-related credit program ends, a senior party official said.
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Texas Attorney General Ordered to Testify in Abortion Case
Texas Attorney General Ken Paxton was ordered to give testimony in a legal battle over funding for abortions, after previously fleeing his home to avoid being served a subpoena in the case.
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Fortescue Doubles Green Hydrogen Spending as Europe Push Expands
Fortescue Metals Group Ltd. more than doubled planned capital expenditure for its green energy arm as it added a new project in Germany, bolstering a push to deliver cleaner fuels to Europe.
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Coal Revival Threatens to Push Power Sector Emissions to Record
Global carbon emissions from power plants may be headed for a record high this year after summer droughts and heatwaves boosted coal- and natural gas-fired generation.
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Private Markets to Double to $18.3 Trillion by 2027, Preqin Says
Private capital strategies are set to double assets under management over the next five years, according to data provider Preqin, even as the fast-growing industry adjusts to a new macro environment.
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Malaysia Gears for Election-Friendly Budget With Smaller Deficit
As Malaysia’s Prime Minister Ismail Sabri Yaakob prepares his re-election bid, his administration’s final budget on Friday offers him a rare opportunity to win over voters with spending proposals that many expect will be heavy on feel-good factor and light on new taxes.
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Indonesia Set for Smaller Rate Hikes as Inflation Fear Contained
Indonesia’s central bank could settle for quarter-point moves at its upcoming policy rate meetings after September inflation came in lower than estimates despite the fuel price hike, economists said.
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Marc Andreessen Compares California to Rome Circa 250 A.D.
The VC said he chose to “double down” on the state, despite reservations.
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Musk’s Twitter Deal Has Employees Asking: Should I Stay or Should I Go?
Tweeps consider the prospect of working for a man who has publicly disparaged their company and leadership
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Juul Moves to Enter Financing Talks for Potential Bankruptcy
(Bloomberg) -- Juul Labs Inc. is beginning talks regarding funding for a potential Chapter 11 bankruptcy, according to people with knowledge of the preparations.
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Trump Turns to Supreme Court Over Mar-A-Lago Records Fight
(Bloomberg) -- Former President Donald Trump sought US Supreme Court intervention in the fight over government papers seized at his Mar-a-Lago home, asking the justices to let a court-appointed special master review 100 documents with classified markings.
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Dye & Durham Extends Link Deal Saga with New Offer for Parts
Australia’s Link Administration Holdings Ltd. will review a fresh proposal from Canada’s Dye & Durham Ltd. for multiple parts of its business that are together valued at A$1.27 billion ($830 million).
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Biden Stayed Low-Key After North Korea Missile Launch Over Japan
(Bloomberg) -- President Joe Biden responded to North Korea’s most recent missile launch with a pledge to work closely with Japan and South Korea. In a sign of his pessimism about a bigger breakthrough, he held off promising much more.
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Google to Pay $85 Million to End Arizona Consumer-Privacy Suit
(Bloomberg) -- Alphabet Inc.’s Google will pay $85 million to resolve a consumer privacy suit by Arizona claiming the technology giant surreptitiously collects data on users’ whereabouts for targeted advertising.
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Activision Blizzard’s Overwatch 2 Hit With Cyberattack at Launch
(Bloomberg) -- Activision Blizzard Inc. was hit with a cyberattack on Tuesday, causing wide-scale connectivity issues during the launch of its hotly anticipated Overwatch 2 video game.
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Musk’s Losses in Twitter Court Fight Presaged His Surrender
(Bloomberg) -- Elon Musk dropped his bid to walk away from a $44 billion buyout of Twitter Inc. after losing a series of pre-trial rulings that may have foreshadowed difficulties in making his case in court.
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Dollar to Shake off RBA’s ‘Wag the Dog’ Moment, Strategists Say
The dip in the dollar, fueled by hopes of less aggressive monetary tightening from the world’s major central banks, may not last long.
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Crypto Hedge Fund Focused on ESG Buys Algorand, Polkadot
Modular Asset Management’s crypto hedge fund has been buying tokens like Algorand and Polkadot in a bet that coins with stronger sustainability characteristics will outperform after a $2 trillion shakeout in digital assets.
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Hedge Funds Are Betting Elon Musk Will Be Forced to Buy Twitter
(This story was originally published Sept. 14. On Tuesday, Bloomberg broke the news that Elon Musk revived his bid to buy Twitter at the original price of $54.20 a share, pulling back from an attempt to withdraw from the deal and possibly avoiding a contentious court battle.)
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Dan Och Tells Sculptor Board the Hedge Fund Has M&A Interest
Dan Och is escalating his fight with Sculptor Capital Management Chief Executive Officer Jimmy Levin, deepening the fissures in the relationship with his former protege and putting the publicly traded hedge fund firm in play.
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The Best Bar in the World Is Hidden Behind a Barcelona Pastrami Shop
Paradiso claimed the top spot from World’s 50 Best Bars.
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UAE Hoped Trump Would Name Barrack Secretary of State, Jury Told
(Bloomberg) -- A United Arab Emirates official said Tom Barrack would be a “great envoy for us” in a December 2016 chat expressing hopes that the longtime friend of President Donald Trump might even become US secretary of state.