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Shares in Chinese e-commerce titan Alibaba tanked more than seven percent at the Hong Kong open Friday after the firm's surprise decision to call off part of its high-profile restructuring because of the US-China chip war. In a move that shocked investors, the Hangzhou-based tech giant said Thursday that US curbs on exports of advanced chips had forced it to call off the spinoff of its cloud computing arm. The firm's stock dived 7.13 percent soon after the starting bell in Hong Kong, tracking a collapse in its New York-listed shares. Washington has moved to bar the shipment to China of powerful chips, including those from California-based Nvidia, which are crucial to the development of artificial intelligence, on national security grounds. In one of its most wide-ranging restructurings, Alibaba said in March it planned to split the vast group into six distinct entities that would be able to separately pursue funding through public listings. But on Thursday, it called off the creation of its Cloud Intelligence arm in light of «the recent expansion of US restrictions on export of advanced computing chips». «We believe that a full spin-off of Cloud Intelligence Group may not achieve the intended effect of shareholder value enhancement,» the company said in its earnings release. «Accordingly, we have decided to not proceed with a full spin-off, and instead we will focus on developing a sustainable growth model for Cloud Intelligence Group under the fluid circumstances,» Alibaba said. Alibaba is a key player in China's expansive digital economy and the operator of a major online shopping platform. The Hangzhou-based group's performance is considered a barometer of domestic consumption, which has flagged in recent

Gold prices rose slightly on Friday, on track for their first weekly gain in three, as investors grew confident that the U.S. Federal Reserve is done raising interest rates, sending the dollar and Treasury yields lower. FUNDAMENTALS * Spot gold was up 0.2% at $1,984.26 per ounce, as of 0059 GMT, after hitting its highest since Nov.

Oil prices were on track for the fourth straight week of decline as they remained little changed in early Asian trade after slipping about 5% to a four month-low on Thursday on worries over global demand. Brent futures were up 10 cents, or 0.1%, at $77.52 a barrel at 0232 GMT. U.S.

Federal Reserve is done raising rates leaving the greenback headed for a weekly loss. A slew of weaker-than-expected U.S. economic data released this week, led by a slowdown in inflation, has reinforced market expectations that the Fed has reached the end of its aggressive monetary tightening cycle, with focus now on when the first rate cuts could begin. Market pricing shows just a 0.3% chance of another rate hike in December, as compared to a roughly 15% chance a week ago, with a 35% chance that the U.S.

One of the latest wrinkles in the Charles Schwab custody transition from TD Ameritrade’s system involves RMDs, and a lack of records for any that were taken this year before Sept. 5.

NEW DELHI : Indian auto parts makers are emerging as preferred suppliers to Tesla Inc. as it diversifies away from China, two people familiar with the development said, with the US electric car giant often willing to pay a higher price for the shift. Tesla now sources a range of India-made components from small plastic parts and castings, to complex differential systems used in transmission, and wheel hubs.

Mint explains: MSCI is a standalone NYSE-listed global index, whose stock indices are widely tracked by global asset managers, hedge funds, banks, corporates and insurance companies to allocate funds across global stock markets. The indices are widely used for passive investment by exchange traded funds, index funds and some fund of funds. Passive fund returns mirror index returns unlike active funds which can beat or underperform benchmarks.

Indian economy, buttressed by North Block’s unwavering focus on productivity-boosting structural reforms, investments and ‘ebullient’ domestic consumption, is expected to expand faster in the third quarter than earlier estimated despite lingering growth concerns beyond home, the central bank said in its latest bulletin Thursday. “Investment demand appears to be resilient with the government’s infrastructure spending, an uptick in private capex, automation, digitalisation, and indigenisation providing a boost,” the Reserve Bank of India (RBI) said. India’s gross domestic product (GDP) expanded 7.8% in the first quarter of FY24, through which the RBI expects the economy to grow 6.5%. An ET poll of economists has pegged the second-quarter growth rate at 6.7%.

André 3000 is ready to make a remarkable return to the music scene, but with an unexpected twist. His highly awaited upcoming album, "New Blue Sun," takes a significant departure from his rap roots, showing an innovative fusion of flute and woodwind tone instruments instead of the conventional vocals that defined his earlier work. The 48-year-old Grammy-winning artist recently talked about the reasons behind this creative shift.

As crypto gets back its mojo, what better time to access the best alpha calls crypto signals in the marketplace – introducing Crypto Whale Pumps Premium, launching on Monday November 20, 2023 at 12:00 UTC.

Billy Porter has embraced dance music for his fifth album. “I’m a new artist. There’s a transformation that has happened,” porter said, while adding: “I’ve been offered a real second chance.” The album titled “Black Mona Lisa”, will see the Tony-, Emmy- and Grammy-winner pivot to club, house and old-school disco over 12 tracks. This musical journey aims to create a warm and inviting space, emphasizing the artist's voice and redemption story. “It’s been fun.

Drake, the Canadian hip-hop superstar announced on Wednesday that he will be releasing his brand new and latest EP (Extended Play) “Scary Hours 3” on Friday. As per reports, he made the announcement through a video that was shot in Roy Thomson Hall in Toronto. In the video Drake was seen and heard saying that he didn’t need to “appease” anyone. He further went ahead to say that he was very confident with his work that he could “disappear” for six months, a year and even two years. The video then shows the rap artist walking around the hall alone and then being served a glass of wine by a valet. He then says that he wasn’t a fan of disappearing only for the sake of a “mystery.” He continues saying that he hadn’t experienced something like this since 2015 and that feels like he was on drugs.

ABB India Ltd’s September quarter earnings were better than expected on several counts. Thanks to a more favourable mix of products and revenues, improved utilization levels and price realization, and better priced older orders, operating margin expanded 580 basis points (bps) year-on-year (y-o-y) to a multi-quarter high of 15.8%, while gross margin was up 190 bps at 36.7%. The company follows a January to December financial year.

Hindalco Industries Ltd were not immune, rising by 4% and also touching a new 52-week high. Prior to this, the stock was up 3% in 2023 so far. But to keep investor sentiment intact, a significant uptick in demand for aluminium is necessary, which in turn would lift the metal’s prices.

By David Shepardson and Ben Klayman

Investing.com — Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Target, Intel, Tencent Music Entertainment Group , and a Buy initiation at Wayfair.

Q: At Adobe's Best of Summit event the concept that experience-led growth is foundational to the success of every business was explored. How does digital transformation fit into your company's growth agenda? Arnab Ganguly: Being a Super App company, digital is the first word that comes to my mind. Digital transformation can significantly improve a business's efficiency by automating processes, minimising errors, and improving organisational productivity.

The global economic slowdown is starting to weigh on corporate efforts to achieve climate goals. 

By Katherine Masters

Also Read: Stock Market Today: Nifty 50, Sensex rise for second straight day; investors pocket nearly ₹5 lakh crore in two sessions In the preceding trading session, the Nifty 50 exhibited a notable rally of 1.19%. In today's session, the bullish momentum persisted as it further gained 0.46%, reaching a level of 19,765.20, inching closer to the crucial 20,000 mark. This rally was fueled by positive global and domestic cues, with notable factors including the drop in the US inflation rate to 3.2% in October.

Edelweiss Mutual Fund announced the launch of the Edelweiss Silver ETF. The scheme opened for public subscription on November 16, 2023, and will close on November 20, 2023.