Latest Business News
Tech Stocks Sell Off Across US and Asian Markets
U.S. stocks fell as tech sector sold off sharply, with investors questioning AI spending amid disappointing outlooks like AMD's. Asian markets tracked the US tech-driven decline, with weakness rippling into Hong Kong and China tech stocks under pressure from tax concerns.
Gold rallied while stock rotation away from tech boosted metals.
KKR and Singtel Consortium Acquires STT GDC for $5.2 Billion
A KKR-led consortium including Singtel agreed to buy Singapore's STT GDC, a major data center provider, in a $5.2B deal amid rising demand. This dealmaking activity underscores investor interest in Asia's digital infrastructure.
The transaction highlights consolidation in the data center sector.
Disney Names Parks Chief Josh D’Amaro as New CEO Succeeding Iger
Disney appointed Josh D’Amaro, head of its parks division, to succeed Bob Iger as CEO. The leadership change comes amid ongoing challenges in entertainment and streaming.
Investors await details on strategic direction under new management.
Indian Oil Corporation, Tata Elxsi, IFCI Top Stock Buys for February 4
Analysts recommend buying Indian Oil Corporation (IOC) at ₹165–₹163 with target ₹172, citing trendline breakout and bullish MACD. Tata Elxsi (ELXSI) at ₹5,500–₹5,400 targets ₹6,550 on Alligator breakout and positive DMI.
IFCI at ₹56–₹50 eyes ₹67 after retest confirmation and bullish indicators.
Fed Holds Rates Steady Amid Stronger Economy and Sticky Inflation
The Federal Reserve maintained rates, citing unexpected economic strength and inflation above target, with no clear timeline for cuts. Chair Powell noted the economy's resilience poses inflationary risks.
Inflation hawk Kevin Warsh now supports rate cuts despite elevated inflation.
UK's Starmer Seeks Closer Trade Ties with China Post-US Tensions
UK PM Keir Starmer visited China with business leaders to boost economic relations amid US market uncertainties. Efforts aim to diversify from potential US constraints and post-Brexit EU dynamics.
China has eased trade restrictions to encourage integration.
US Pushes $5 Trillion Foreign Investment Pledges in Manufacturing, Energy
Foreign pledges total ~$5T over 10 years for US manufacturing and energy, leveraging tariffs to end unbalanced trade. Challenges include rising costs from tariffs and falling oil prices, offset by data center power shortages.
Actual investment impact remains uncertain.
EU Offers US Critical Minerals Partnership to Counter China
The EU plans to propose a critical minerals deal with the US to secure supply chains and check China's dominance. This bilateral push aligns with US efforts for pricing agreements on minerals.
Geopolitical tensions drive diversification from China.
China Services PMI Expands Faster Despite Frail Demand
China's services gauge showed faster expansion amid ongoing economic pressures. This provides some positive signal as markets eye Chinese New Year and tech self-sufficiency plans.
Tech stocks face headwinds from tax concerns.
Nintendo Profit Disappoints Despite Rising Memory Prices
Nintendo reported underwhelming profits even as memory chip prices climbed. The results reflect challenges in gaming amid broader tech sector weakness.
Investors monitor outlook for Switch successor and market recovery.
USA Rare Earth Secures $1.6B in Project Vault Funding
USA Rare Earth received $1.6B nonbinding funding as part of a $80B+ infusion under Project Vault. The deal supports US efforts to bolster domestic rare earth production.
CEO highlighted strategic importance for supply chain resilience.
Indonesia Finance Minister Defends Economy Amid Stock, Currency Slump
Indonesia's Finance Minister Purbaya defended the economic record after slumps in stocks and currency, responding to MSCI warnings. Focus remains on performance amid emerging market pressures.
Outlook tied to regional stability.