Finance

Original title: Oil Drifts Higher With Focus on OPEC+ and US Policy on Russia Oil drifted higher as traders waited for fresh catalysts to move prices out of what’s been a relatively narrow band, with attention on an upcoming OPEC+ meeting and US moves on Russian supplies. Brent rose toward $69 a barrel, after the November contract gained 1% in the previous session, while West Texas Intermediate was near $65. OPEC+ will hold a meeting this weekend to decide on output for October, and most market watchers expect that the group will opt to keep supply steady. ...

Original title: China-Led Bloc to Set Up Development Bank in Win for Xi Chinese President Xi Jinping secured an agreement from partner countries to set up a new development bank, realizing a longtime ambition in a display of Beijing’s growing influence. Members of the Shanghai Cooperation Organization agreed to establish the institution, Chinese Foreign Minister Wang Yi said Monday at the end of the two-day SCO summit that gathered Xi’s closest international allies in the Chinese port city of Tianjin. ...

Original title: Emerging Stocks Rally as Alibaba Surges on AI Revenue A gauge tracking emerging-market equities notched its best session in a week amid thin liquidity due to a US holiday on Monday, boosted by artificial intelligence-related stocks in Hong Kong and China after Alibaba Group Holding Ltd. reported a surge in revenue from AI. The MSCI EM Index closed 0.6% higher Monday as Alibaba jumped 19% in Hong Kong — the most in three years — as the Chinese e-commerce giant reported a triple-digit percentage gain in AI-related product revenue as well as a better-than-anticipated 26% jump in sales from the cloud division. The rally marks a break from last week’s broader Asian market decline after a tech selloff hit Wall Street. ...

Original title: Japanese 10-Year Bonds Rise After Strongest Auction Since 2023 Japan’s 10-year bonds gained after a sale of the benchmark tenor saw its strongest demand since October 2023 and brought short-term relief to the market. The yield on the 10-year bond fell 1.5 basis points to 1.605% after touching 1.625% Monday, close to the highest since 2008, and bond futures climbed after the auction result. The bid-to-cover Bloomberg Terminal ratio jumped to 3.92 from 3.06 at last month’s sale, comfortably above the 12-month average. ...

Original title: China’s Margin Trades Surge to Record as Stock Rally Extends Chinese investors are borrowing a record amount of cash to buy local stocks, further fueling a months-long rally that has largely been built on ample liquidity. The outstanding amount of margin trades in China’s onshore equities market climbed to 2.28 trillion yuan ($320 billion) Monday, surpassing the previous record of 2.27 trillion yuan in 2015. Traders added such leveraged positions for all but three days in August. ...

Original title: Evergrande Liquidators Ask Court to Name Receiver for Hui Assets China Evergrande’s liquidators have asked Hong Kong’s High Court to appoint receivers to identify and preserve the assets of company founder Hui Ka Yan , as they try to recover funds related to one of the world’s biggest corporate meltdowns. While Hui didn’t attend the Tuesday hearing, he remains a key figure in the ongoing case. So far, Hui has refused to disclose his assets. Hui’s lawyer said that the receivership request was unjust and that liquidators have been hostile to his client. ...

Original title: India Tightens Equity-Options Rules Again After Jane Street Saga Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here. Original article

Original title: BofA’s Hartnett on Markets, Investment Strategy 00:00 Should we get started with what to expect out of the US? Because I mean, we are headed towards the reopening after the holidays, but valuations are being pretty high. I mean, is this a concern? Mm. Yes, it is a concern. It’s one of the few concerns. However, I think people are very happy that we’ve seen a turn in tariffs lower. We’re seeing a turn in rates lower, We’re seeing taxation lower. And of course, you’ve got an incentive now for both the administration to be joined by the Fed in creating good economic conditions in front of the midterms next year. So I think there’s still a fair bit of momentum behind the US market. I think the difference in 2025 is that there are other stories around the world. Japan’s one of them, China is another one of them. So it’s not just a US exclusive ball story, but I think the story in the US is still fairly intact. But you’re very right, the valuations are the one thing the longer term investors are looking at in the US and saying, Can I real ...

Original title: Japanese 10-Year Bonds Gain After Strongest Auction Since 2023 Japan’s 10-year government bond auction saw its strongest demand since October 2023, bringing some relief as investors were attracted to elevated yield levels. The yield on the benchmark 10-year bond fell 2.5 basis points to 1.595% after touching 1.625% Monday, close to the highest since 2008, and bond futures gained after the auction result. The bid-to-cover ratio jumped to 3.92 from 3.06 at last month’s sale, comfortably above the 12-month average. ...

Original title: Stocks Edge Up, Gold Hits Record on Rate-Cut Bets: Markets Wrap Asian stocks posted a modest gain and gold reached a record high with traders positioning for an interest-rate cut by the Federal Reserve as early as this month. Shares in Japan and South Korea rebounded from their Monday losses while indexes in China and Hong Kong retreated. Oil drifted higher with attention on an upcoming OPEC+ meeting. The yen fell Bloomberg Terminal 0.3% against the dollar after Bank of Japan Deputy Governor Ryozo Himino ’s speech provided few clues on the future direction of interest rates. ...