Bloomberg Daybreak

India’s domestic funds are driving a harder bargain on IPO pricing, using their growing clout to rein in valuations even for the biggest deals as the broader stock market struggles.

Australia’s central bank has downplayed concerns about the recent collapse of a large property developer, arguing that the company and its lenders in the private credit sector do not represent a system-wide financial stability risk.

Thai bonds suffered their biggest monthly foreign outflows since March as surging Treasury yields and the prospect of interest-rate hikes dimmed the appeal of the nation’s debt.

Chile’s President José Antonio Kast plans to raise spending next year by more than originally envisaged as a windfall from record copper prices fills government coffers.

Once one of the country’s biggest growth drivers, China’s property market has been in a downward spiral for five years. Real estate values continue to plummet, households in financial distress are being forced to sell properties, and apartment developers that racked up enormous debt on speculative projects are on the brink of collapse.

Gold gained as bond yields retreated, outweighing lingering inflation concerns from elevated energy costs and the prospect of higher US interest rates.

Just months ago, India’s central bank pulled out all the stops to draw in dollars to bolster its foreign-exchange reserves and defend the rupee. The stronger-than-expected deluge of cash is now adding to the case for a more hawkish monetary policy stance.

Australia’s Lynas Rare Earths Ltd. will acquire Meteoric Resources Ltd. in an all-share deal worth about A$968 million ($670 million), giving it access to an emerging supplier of the critical minerals in Brazil.

A federal judge in Florida ordered two individuals to pay more than $30 million in restitution and penalties for allegedly defrauding more than 9,000 people in a scam involving crytocurrencies and precious metals, the US Commodity Futures Trading Commission said in a statement Wednesdsay.

A rebound in Treasuries brought relief to Wall Street, spurring gains in stocks and overshadowing concerns about inflationary pressures stemming from elevated energy costs.

The spread on the riskiest US corporate bonds has jumped above 1,000 basis points over Treasuries for the first time since the regional banking crisis in 2023. That level of risk premium typically implies high probability of default, restructuring or loss.

Oil rose back over the $100 mark as investors weighed a potential return to active conflict between the US and Iran, a prospect that could further tighten crude oil and refined product supplies.

For the past three decades, Australia’s property market has experienced a prolonged boom, with prices rising sharply despite periodic downturns. In the past seven years alone, national house prices have risen by roughly 70%, resulting in one of the most expensive property markets in the developed world.

Betsey Stevenson said the Inspector General’s report finding no criminal wrongdoing in the Fed renovations confirms what many already suspected: the investigation was about a president pushing against the Federal Reserve’s independence. She argued Jerome Powell respected the institution’s need to stay separate from presidential influence because the Fed’s job is to keep prices stable and employment at maximum sustainable levels. She speaks with Romaine Bostick & Emily Graffeo on "The Close." (Source: Bloomberg)

Distressed-debt hedge funds Diameter Capital Partners, Redwood Capital and FourSixThree Capital bought about $190 million of Brightline’s municipal bonds from Nuveen this week, according to people familiar with the matter.

The gap between today’s mortgage rates and the low rates many homeowners locked in before 2022 is reducing moves and home sales. This is limiting the supply of homes for sale and contributing to higher prices, explains Bloomberg Opinion columnist Justin Fox. (Source: Bloomberg)

Since first forming as a scientific club in 1888, National Geographic has evolved into one of the world's most recognizable magazines in the world. Chief Storytelling Officer Kaitlin Yarnall joins Bloomberg Businessweek Daily to discuss National Geographic's news book which tells the 130+ year history of the organizations "legendary photographs, artifacts, adventures, and discoveries that changed the world." (Source: Bloomberg)

As the elite and elusive executives at Jane Street break industry records, the question of who wields power there remains one of its enduring enigmas. Bloomberg's Max Abelson and Katherine Doherty explain. (Source: Bloomberg)

Thinking about the dip in savings.

Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Emily Graffeo, Christina Ruffini and David Gura. (Source: Bloomberg)