The Economic Times

US stocks fell sharply as renewed concerns over massive AI spending triggered a selloff in technology and semiconductor shares. The Nasdaq suffered its steepest one day decline since June, while the S&P 500 also dropped. Tesla and Meta fell, while oil prices climbed to a five-month high amid fresh Middle East tensions.

Modernas stock price dropped over 25% after trial results for its personalized melanoma vaccine with Merck were disclosed. The decline erased approximately $24 billion from Modernas market value, ending a significant rally this year. Analysts noted that this reaction was expected as investors often sell after news becomes public. Despite the drop, the trial results showed promising reductions in cancer recurrence when paired with Merck's Keytruda.

Mohammad Bagher Ghalibaf will attend the two-day BRICS Parliamentary Forum in India starting October 26. His role as a negotiator in conflicts with Israel and the US is significant. Lok Sabha Speaker Om Birla addressed the forum's details in a recent press conference. Also, discussions about possible impeachment of Chief Election Commissioner Gyanesh Kumar were mentioned by Birla.

The Cabinet Secretariat reviewed communications from Election Commissioners Sukhbir Singh Sandhu and Vivek Joshi regarding an ECI officer. They indicated that Deputy EC Maneesh Garg acted without proper approval and did not follow protocols. These communications were considered unofficial and not from the commission as a whole. They expressed concern over Garg's actions after receiving repeated instructions against such conduct.

Market participants and economists now expect a 25-bps increase in the December and February reviews. A further 25-bps increase in April isn't ruled out if crude oil prices remain persistently above $100. One basis point is a hundredth of a percentage point. After the minutes were released, we think the probability of a consecutive hike in December has increased. Our terminal rate forecast is now at 6% for this hiking cycle and we expect the cycle to be rather shallow, Barclays said in a note.

Delays in land acquisition and obtaining various environmental clearances have significantly impacted the progress of infrastructure projects. Although central agencies are improving approval times, states are still facing lengthy procedures for necessary permits. Utility shifting is also causing major disruptions, often taking longer than projected. The recent analysis reveals a considerable increase in costs due to pre-construction delays.

Saudi state oil company Aramco has told staff to evacuate its headquarters in Dhahran on the Gulf, six people with knowledge of the matter said on Thursday, as fighting between the world's largest crude exporter and Yemen's Iran-aligned Houthis intensifies.The US ordered the departure of some diplomats and their families from Saudi Arabia due to the threat from Houthi militants, after the Iran-backed group carried out deadly strikes from Yemen.Clashes between the Houthis and a Saudi-led coalitio

The RBI has asked financial entities to remove management and administrative interfaces from public internet access, enforce multi-factor authentication for administrative access, and restrict access to cloud and backend systems on a least-privilege basis. The measures include auditing source code, repositories, configuration files, client applications and cloud storage for exposed credentials, and immediately rotating and purging compromised credentials.

US Treasury bonds surged as a sharp selloff in AI-linked stocks revived demand for safe-haven assets. Treasury yields posted their biggest declines in more than a year, despite Brent crude rising above $112 a barrel. Investors also scaled back expectations for a December Fed rate hike amid growing concerns over AI spending and US growth.

Chana, India's most consumed pulse, which is central to making everything from salty snacks to nutritious meals, needs adequate soil moisture and cool weather for a good crop. Sowing has started in some regions, but the progress is slow. State advisories to conserve water and shift to less water-intensive crops have added to concerns over winter sowing.

India-Germany bilateral trade is expected to increase significantly, with aims of reaching 310 billion from 31 billion. Both countries are focused on co-creating and leveraging their complementary strengths for economic growth. The India-EU free trade agreement is anticipated to be signed soon and will facilitate mutual benefits. Minister Piyush Goyal emphasized the importance of trust and cooperation between the nations.

The government is looking to revamp GST return forms to minimise discrepancies between reported sales and tax payments. Draft forms will be available for public feedback starting November 1 and the changes take effect on April 1, 2027.

Piyush Goyal expressed concerns over the EU's carbon tax and numerous regulations impacting their steel industry. He warned that these measures could lead to increased costs and decreased competitiveness for EU businesses. Goyal highlighted that the high import duties and standards could harm the economy and raise the cost of living. He mentioned the reciprocal nature of trade regulations in response to the EU's actions.

Mark Zuckerberg has threatened to leave California if the state introduces a proposed 5% billionaire wealth tax. In response, Meta has approved a new class of nonvoting Class C shares that would allow the Facebook co-founder to raise money to pay a potential tax bill without losing control of the company. The new stock arrangement also comes with an eight-year commitment from Zuckerberg to remain a California resident.

Developing economies often look to the US and China for cues on taxation, infra spending and policy. India, for one, must steer clear of emulating such tax policies. China's circumstances are materially different from India's. India's economy is expanding at a healthy pace, and housing is rising steadily.

Short sellers betting against US neocloud and data centre companies have made about $6 billion in paper profits this month as AI debt fears trigger a sharp selloff. CoreWeave, Nebius, IREN, Applied Digital and Core Scientific face heavy short interest, highlighting growing concerns over debt-fuelled AI infrastructure spending.

ITBP Director General (DG) Shatrujeet Singh Kapoor told his troops at a force base in Rajasthan's Alwar that countering China through raditional means of warfare was a thing of the past and hence they were investing in modernizing the force, its weapons, vehicles and border posts.

Billionaire investor Bill Ackman said he remained bullish on Israels economy and financial markets, predicting the country could produce a $1 trillion company within a decade. He highlighted Israels technology ecosystem, AI potential and growing ambitions to build global companies, while saying the countrys small population could become an advantage.

US mortgage rates eased for the first time since late August, with the average 30-year fixed rate falling to 7.32% from 7.40% last week, Freddie Mac said. The decline offers some relief to homebuyers, but borrowing costs remain elevated, with higher rates continuing to weigh on US home sales and demand.

Commerce and Industry Minister Piyush Goyal has cautioned the European Union that its carbon tax on steel imports and a growing list of regulations could raise costs for businesses and consumers, stoke inflation and erode the bloc's global competitiveness.Speaking at the Berlin Global Dialogue on October 22, Goyal said the EU risked hurting its own industries by imposing additional trade restrictions and compliance requirements, including the Carbon Border Adjustment Mechanism (CBAM). He pointed

Indian equities fell sharply as rising crude prices, rupee weakness and global uncertainties pressured sentiment. Sensex lost over 460 points, Nifty declined 124 points, and BSE-listed companies lost Rs 3 lakh crore in market value.

Yes Bank has announced potential non-payment of coupons on additional tier-1 bonds this fiscal year following a Supreme Court decision that annulled the previous write-off of these bonds. Bondholders are advocating for repayment based on the court's ruling, which emphasizes unsettled dues. Nonetheless, Yes Bank maintains it has ultimate authority over coupon payments, raising concerns about its financial losses impacting these obligations.

There were no immediate reports of casualties or damage following the quake, which hit Baqen County of Nagqu City around 10.33 PM local time. The epicentre was monitored at 32.40 degrees north latitude and 93.79 degrees east longitude.

In an ambitious move, Elon Musk is contemplating merging Tesla with SpaceX, a deal poised at roughly $3.5 trillion. Public sentiment appears favorable, yet no official contract has been signed. Teams of independent evaluators will scrutinize the merger plan to assure shareholder fairness. Should this merge succeed, it could significantly enhance Musk's sway in business decisions, though regulatory obstacles and shareholder needs could complicate the pathway ahead.

Though Starlink boasts extensive satellite internet coverage, many potential users find the service economically unviable. The Indian government is strategically evaluating its communications infrastructure choices, potentially leaning towards homegrown solutions for critical services, which may boost Reliance's positioning against SpaceX in the market.

SEBI has cautioned investors against exclusive WhatsApp groups spreading unauthorised stock tips and fake profit claims. The regulator flagged astroturfing, overseas numbers, replacement groups and suspicious trading apps, urging investors to verify credentials and use registered intermediaries.

Anthropic plans to move forward with its initial public offering next month, navigating a challenging IPO landscape. While many companies in the AI field have delayed their public listings due to fluctuating interest rates and significant market instabilities, investors still see potential in Anthropic as a leading tech contender. Concerns are arising from the recent Oura IPO regarding institutional investor interest, emphasizing the heightened scrutiny on AI investment strategies.

The funds raised will be used to provide skilling and employment opportunities to 600 youth from economically weaker other backward classes (OBC) households in Madhya Pradesh. The programme, with an estimated outlay of Rs 11.25 crore, aims to prepare 600 candidates for international employment opportunities, with 300 candidates earmarked for Japan and another 300 for Germany, the ministry of skills development and entrepreneurship said in a statement on Thursday.

In the first half of FY27, crop insurance premiums fell by 31% due to lower rates and discounts. Fire insurance premiums also decreased by 26.6% amidst price competition and discounts across the sector. Public sector insurers saw a sharper decline in crop insurance compared to general insurers, impacting overall growth. Non-life insurance premiums grew 6.1% year-on-year, and health insurance experienced a 20.2% increase.

Under the Department of Urban Development, the committee will examine rainwater harvesting initiatives, legacy waste remediation, functioning of Smart City Integrated Command and Control Centres, and affordable rental housing projects.

NCDEX has launched NDEX and FINNDEX, two equity benchmarks tracking 20 large, liquid Indian stocks and 15 financial sector companies. Their multi-factor methodology incorporates market capitalisation, trading activity, beta and volatility, with semiannual rebalancing.

CreditAccess Grameen reported a fourfold rise in Q2 net profit to Rs 502 crore, driven by higher income, lower expenses and credit costs. Improved asset quality prompted upward revisions to profitability guidance, while assets under management grew 19.5%.

Tesla's shares dipped by 2% after it reduced its capital spending forecast for 2026, now predicting $20 billion instead of the previous $25 billion. This move has raised eyebrows among investors, especially with Tesla's stock already down 14% this year. Yet, it still boasts a higher valuation than many traditional automakers. Meanwhile, potential merger talks with SpaceX hint at regulatory hurdles that might prolong uncertainty for investors.

In the first three quarters of 2026, home registrations in the Kolkata Metropolitan Area fell to 41,309, highlighting a year-on-year decline. Yet, there was an observable trend towards mid-sized and larger apartments. Specifically, September recorded 4,845 registrations, down from the previous year, with North Kolkata dominating 36% of the total shares. This data reveals a growing preference for spacious and practical living spaces among buyers.

Hatsun Agro Product reported a notable growth in net profit for the September quarter, reaching Rs 115.69 crore, up from Rs 109.54 crore from last year. Total income also surged to Rs 2,902.49 crore, showcasing strong sales amidst industry hurdles. The company emphasizes enhancing direct consumer relationships and expanding its market footprint in Maharashtra and Odisha, while continuing to invest in its procurement, processing, and distribution systems.

Jeff Bezos has been linked to a recently sold oceanfront mansion in Golden Beach, Florida, for $69.5 million. The luxurious 17,500-square-foot property features seven bedrooms and multiple pools, among other amenities. It is situated directly on the Atlantic Ocean, enhancing its appeal to potential buyers. Major sources assert that the property was purchased by a company associated with Bezos.

US stocks opened lower on Thursday as renewed concerns over the outlook for artificial intelligence weighed on growth stocks. Tesla and Meta earnings failed to ease AI-related jitters, while rising oil prices added to market pressure. The Nasdaq fell 1.48%, while the S&P 500 and Dow also declined at the open.

For three weeks, Wall Street sold one of the markets hottest trades and bought one of its oldest. Chip stocks fell about 15 per cent. Warren Buffetts Berkshire Hathaway rose about 7 per cent.Between October 2 and October 20, the iShares Semiconductor ETF (SOXX) lost 15.1 per cent, while Berkshires Class B shares (BRK-B) gained 7.4 per cent, according to Yahoo Finance.On Tuesday, BRK-B closed at a record high for the first time since May 2, 2025, the day before Buffett said Greg Abel would take o

Israeli Prime Minister Benjamin Netanyahu has invited Indian Prime Minister Narendra Modi to participate in Independence Day celebrations. Modi expressed gratitude for the invitation and acknowledged the cooperation between India and Israel on terrorism. Both leaders emphasized the importance of their long-standing relationship over the years. Netanyahu shared this conversation on social media to highlight their collaboration.

Jio Platforms Rs 30,213-crore IPO attracted 12.87 times QIB subscription, surpassing NSEs institutional demand. Overall subscription reached 5.36 times by Day 2, with a strong grey market premium and positive brokerage recommendations.

Ten US stocks with market caps above $5 billion have seen share prices more than triple in 2026, delivering returns up to 734%. Healthcare and tech sectors dominate, led by biotechnology firm Moderna and flash memory maker SanDisk, highlighting strong momentum across biotech and established tech majors like Dell.

SoFi Technologies has launched an innovative tokenized deposit product that offers an attractive 4.2% annual interest rate. Funds deposited are insured by the Federal Deposit Insurance Corporation for amounts up to $250,000 per depositor. This strategic move enables customers to prepare for crypto acquisitions while still earning interest, rather than letting cash sit idle.

Meta share price: Facebook, Instagram parent is spending heavily to support its AI plans, with an expected annual capital expenditure forecast between $135 billion and $145 billion.

Colgate-Palmolive India Ltd has reported a 4.3% increase in net profit for the September quarter. The company achieved a net profit of Rs 341.57 crore compared to Rs 327.51 crore last year. Sales increased by 12.22% to Rs 1,691.57 crore in this quarter. The gross margin expanded by 40 basis points year-on-year, reflecting cost management strategies and pricing actions.

The Securities and Exchange Board of India (Sebi) has announced a new directive that eases margin requirements for clients with a net sell obligation. This policy is particularly applicable when early pay-in requests are accepted by the clearing corporation, allowing clients to execute trades more efficiently. No margin will be collected on future trades up to the value of accepted early pay-in securities.

Shares of Meta Platforms fell about 3% in premarket trading on Thursday, as investors weighed the benefits of the company's fast-growing AI agent business against the mounting costs of funding its ambitious AI expansion.