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Investing.com-- Gold prices steadied in Asian trade on Wednesday, but were nursing a tumble from record highs after a strong U.S. inflation reading kept fears of higher-for-longer interest rates in play. 

Investing.com-- Most Asian stocks rose slightly on Wednesday as major technology shares tracked a rally in their Wall Street peers, although overall gains were limited as hot U.S. inflation factored into a higher-for-longer outlook for interest rates.

By Lewis Krauskopf

HDFC Bank has initiated plans for the highly awaited initial public offering (IPO) of its subsidiary HDB Financial Services, as per an Economic Times report citing sources. A non-deposit-taking lender, HDB Financial could fetch a valuation in the range of $9 billion to $12 billion ( ₹75,000 crore to ₹1 lakh crore) during the IPO, contingent upon prevailing market conditions, an investment banker source told the paper. HDFC Bank holds 94.7 percent of its arm and is contemplating divesting a 10 percent stake in the IPO, potentially resulting in an issue size ranging from ₹7,500-10,000 crore, as per the report.

Infibeam Avenues informed the exchanges today that it has entered into a payment processing partnership with Saudi Arabia’s Saudi Awwal BankThe company also said that it has secured a eMSP Payment technical service provider approval from SAMA (Saudi Payments), in its exchange filing.Infibeam Avenues said its international subsidiary Infibeam Avenues Saudi Arabia has received a PTSP Certification from the SAMA (Saudi Payments) to operate as a Payment Processor (PTSP - Payment Technical Service Provider) in the Kingdom of Saudi Arabia (KSA), in its exchange filing.Post-certification, the company’s flagship payment brand, CCAvenue, will establish itself as a payment gateway (PTSP) player for digital transactions in the Saudi Arabian market.The company’s CCAvenue payment gateway solution has already done data localisation and hosting within the Kingdom of Saudi Arabia (KSA) as well as secured PTSP processing approval from the authorities.Sensex Today Live : Barring a few, most of the sectoral indices were in the green. Among the losers were Metal (down 0.66%), Pharma (down 0.54%), Health (down 0.57%), and Oil & Gas (down 0.52%).Sensex Today Live : The broader market had finally shaken off two days on its losing streak, with the indices opening in the green.

Digital asset manager Grayscale Investments on Tuesday filed for a spin-off of its spot bitcoin exchange-traded fund (ETF), the Grayscale Bitcoin Trust (GBTC). The spin-off is part of a bid to offer investors lower-fee exposure to bitcoin, according to a person familiar with the matter.

Sensex gained 165.32 points, or 0.22%, to close at 73,667.96, while the Nifty 50 inched 3.05 points, or 0.01%, higher to settle at 22,335.70. “Pain is likely to continue in the broader market amid stretched valuation and red flags from SEBI. Also, the mandatory disclosure format for mutual funds shared by SEBI to look at the stress situation in the funds, will be out by March 15.

Following a choppy day in blue-chip crypto markets on March 12 that saw Bitcoin (BTC) hit fresh all-time highs (ATHs) above $73,000 before dropping as low as the $68,000s, investors are hunting for the best crypto to buy today for near-term gains.

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BRUSSELS (Reuters) — The European Central Bank will have to gamble soon with an interest rate cut even though wage inflation and price rises for services are uncomfortably high, Governing Council member Pierre Wunsch said.

By Chuck Mikolajczak

OTTAWA (Reuters) — The Canadian province of Quebec on Tuesday forecast its 2024/25 budget deficit would hit a record C$11 billion from the C$4 billion forecast last November and blamed a sluggish global economy and investments in public services.

Investing.com — The S&P 500 closed at a record high Tuesday as U.S. stocks took a hotter-than-expected inflation report in stride, underpinned by fresh bullish bets in tech.

As per the recent leaks from Insomniac, it has been unveiled that Sony vetoed the development of a highly anticipated five-person multiplayer game, originally designed with a live service model in mind. Dubbed «The Great Web,» snippets from the leaked trailer showcase a remarkably polished game, offering a tantalizing peek into what could have been, as per reports.

(Reuters) — U.S. power consumption will rise to record highs in 2024 and 2025, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday.

By Caroline Valetkevitch

«Overall robust GDP growth of the country in the third quarter of FY24 has helped the auto sector...The industry expects the growth momentum to continue,» said Vinod Aggarwal, president of Siam. As per data available with the society, 370,786 cars, sedans and utility vehicles were sold in the country last month, an increase of 10.8% over 334,790 units sold in February 2023.

Tejas fighter crashed on Tuesday, the first such incident reported from this fleet in over seven years of its operation. The jet was heading back after a firepower display at the Pokhran ranges that was witnessed by Prime Minister Narendra Modi, when it crashed. The pilot managed to eject to safety and the plane crashed into civilian structures on the ground, but no injuries have been reported. It is learnt that prior to the crash, the pilot indicated an engine failure in a distress message. Videos shot by bystanders showed the pilot ejecting from the fighter jet, which is seen veering towards the ground at slow speed.

Shares of Southwest are plunging as the airline said that it plans to reduce capacity and reevaluate its full-year financial outlook because of fewer expected aircraft deliveries from its supplier, Boeing

Stocks are rallying on Wall Street following the latest update on inflation

previous UPA government, Prime Minister Narendra Modi on Tuesday said that efforts were made to destroy ordnance factories and even Hindustan Aeronautics Limited (HAL) was brought to the brink due to misgovernance and dependence on imports to meet requirements of the armed forces. Speaking at Pokhran after witnessing a firepower demo by the three services utilising indigenous equipment, the PM said that prior to 2014, there were worries about ammunition reserves of the armed forces and scams had stymied procurement processes. «They destroyed our ordnance factories. We have given them a lifeline and have made them into seven big companies now. They brought HAL to the brink of disaster, we have converted it into a record breaking company,» the PM said after witnessing the 'Bharat Shakti' exercise.