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Gurmeet Chadha, Co-Founder & CEO, Complete Circle Consultants, says wherever there is earning support, one can buy a basket. Complete Circle likes financials and has been dipping into it. Amongst largecaps, they have bought ICICI and added to SBI. In tier II banks, they have added Federal Bank and are also looking at some select NBFCs. They are also adding a few defence names with a 20-30% correction from the peak. Plus, they are adding some auto ancillary stocks, which have been under a lot of pressure. In PSUs, Chadha is gung-ho on PSU banks. SBI trades at book. Bank of Baroda came up with a very good update. In Bank of Baroda, the retail mix is improving. What is your take on the markets at this juncture because it has been a decent sell-off from the high point. Is there any area where you are finding the valuations to be attractive or good opportunities at this price point? Also help us with your take on the PSUs because they have been feeling the heat and do you believe that the PSUs have some headroom for recovery? Gurmeet Chadha: In absolute terms, there is a lot of selling in the market. Nobody really anticipated this kind of selling coming through and in a matter of a few weeks. So, almost $12-$13 billion is gone and the market has still absorbed quite a bit of it.

HSBC’s new CEO, Georges Elhedery, has only been in charge for two months. And like all good new CEOs, he’s dabbled in a bit of wide-sweeping reform – but one of those reforms might have broader consequences for the bank’s employees than they realize.

HSBC is cutting at least $300m of costs underGeorges Elhedery, its new CEO.  Today's restructuring of the executive committee, which has resulted in the elevation of US banker Michael Roberts as head of corporate and institutional banking, to the detriment of London-based Greg Guyett, suggests how Elhedery plans to achieve this.

This time last year, Citi was preparing to thin the ranks of its investment bank as part of CEO Jane Fraser'sBora Bora cuts. In the wake of those cuts, the bank restructured its debt capital markets (DCM) team in March 2024, and — among other things — made Colm Rainey head of corporate and financial institutions group debt capital markets for UK & Ireland in the process.

Oliver Mudie, the former nicest guy in Bank of America's London equities team, has got a new job.

Millions of Americans can’t afford to buy a home or rent a suitable apartment, making housing a central issue for voters in the upcoming presidential election

Subscribe to enjoy similar stories. Bengaluru: Bike taxis and autos outnumber cars on Uber Technologies' fleet of 1 million taxis in the country, accounting for about a third of the American ride-hailing company's total revenue. The San Francisco-headquartered company also claims that 3% or 30,000 of its taxis, including cars, bikes and autos, are electric, making it the ride-hailing platform with the biggest electric fleet in the country.

Subscribe to enjoy similar stories. India and China have announced that they have reached an agreement on patrolling their common border after more than four years of tension. Can this boost trade and investment flow between the two economic powers? Mint explains: It is a first step towards rebuilding their relationship which took a beating following the border clash at Galwan in June 2020.

recession fears across the previous months until the US Federal Reserve initiated a massive rate cut of 50 basis points. However, top economists are of the opinion that this may not prevent a message stock market crash in the future as there are various other market factors becoming catalysts of a massive depreciation of certain high value stocks amid high valuations, investor positioning and market sentiments.

US elections are just inches away now and with it, the hopes and aspirations of the middle class are also in major consideration. According to John F. Pace, a seasoned CPA with over 40 years of experience, a second Trump term would likely impact the middle class through tax policy changes. During Trump's first term, the Tax Cuts and Jobs Act (TCJA) of 2017 offered limited benefits to middle-income earners, while providing more extensive benefits to the wealthy and corporations. Pace warns that similar policies in the future could result in minimal tax relief for the middle class, leading to larger budget deficits and potentially paving the way for future tax increases or cuts in essential services. The nonpartisan Brookings Institute has also weighed in on the impact of the TCJA, stating that the law does not help the middle class in the least bit. The institute's distributional analysis found that the benefits of the law are slightly biased towards the high income earners, both in the short and long term. By 2027, the benefits of the tax law are expected to flow entirely to the rich.

A scientific panel is recommending that people 50 and older get a shot against bacteria that can cause pneumonia and other dangerous illnesses

U.S. stocks closed lower as more steam came out of Wall Street’s huge, record-breaking rally

Sales of previously occupied U.S. homes slowed in September to the weakest annual pace in nearly 14 years even as mortgage rates eased and the supply of properties on the market continued to climb

A Venezuelan media tycoon has been charged in federal court in Florida for what authorities say was his role in laundering money in a conspiracy to siphon more than $1 billion from Venezuela's state oil company

McDonald’s is working to reassure U.S. customers that its restaurants are safe even as federal investigators try to pinpoint the cause of a deadly E

Newspapers in the United States closed at the rate of more than two per week during 2023

Netflix has renewed the romantic drama Virgin River for a seventh season. This renewal arrives two months before the Season 6 premiere. The cast made this announcement on the official Instagram page of Virgin River.

Kamala Harris was going steadfast in the election race ever since she joined the Presidential ticket on behalf of the Democrats, after Joe Biden's surprise exit. And with her rise in the polls some of the 'Trump trades' in the US stock markets began tanking, which were soaring when Biden's dismal performance in the poll race was ongoing.

Liam Payne before his death. Following Liam Payne's untimely death on Wednesday after he fell from a hotel balcony in Buenos Aires, Argentina, a hotel employee may face indictment in connection with the One Direction star's death, as quoted in a report by Daily News. The 31-year-old pop star is thought to have consumed a substance called cristal before passing away, according to Argentine police. Hallucinations, aggressive behavior, and psychotic episodes are possible side effects of the drug, according to the Daily News.

Bank of America may run the risk of ending up being quite behind the likes of Goldman Sachs and JP Morgan in terms of its earnings in coming days, and there are already inclinations of the same, according to the latest stats available. However, its stocks still went up, relying on its dedicated base of investors, but things may not stay the same for long, if the latest problems within the top bank's bracket are not addressed.

Here’s the Bank of Canada’s official statement for its rate decision: