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Reddit stock jumps after OpenAI partnership

Reddit stock jumps after OpenAI partnership

Shares of Reddit surged 14% after partnering with OpenAI to enhance user experience and boost advertising revenue. The deal enables Reddit to utilize OpenAI's technology and ChatGPT platform for real-time content integration. Reddit aims to diversify income streams by exploring new monetization avenues and data licensing agreements. The company's stock price reached $64.25, close to its all-time high, following the announcement.

Indian blue-chips post best week in over 3 months led by metals

Indian blue-chips post best week in over 3 months led by metals

Indian blue-chip indexes Nifty 50, Sensex rise 2% this week, led by metal stocks due to China's property support. Mahindra & Mahindra sees best week in 39 months. Domestic buying offsets foreign outflows. Nifty up 0.28% to 22,466.10, Sensex up 0.34% to 73,917.03. Small- and mid-caps outperform. Markets test emergency readiness on Saturday.

Britain's Prime Minister Rishi Sunak and his wife Akshata Murty (Reuters/File)

Rishi Sunak, Akshata Murty’s wealth up in rich list: How much are they worth?

British PM Rishi Sunak and wife Akshata Murty climb to 245th on the 'Sunday Times Rich List' with GBP 651 million, thanks to Infosys shares. Hinduja family tops, while Indian-origin billionaires like the Reubens and Mittal also feature. The list sees a drop in billionaires, with Paul McCartney becoming the first UK musician billionaire.

Rupee strengthens to highest in a fortnight, logs weekly rise

Rupee strengthens to highest in a fortnight, logs weekly rise

The Indian rupee closed higher on Friday, reaching its strongest level in two weeks with the help of RBI intervention and interbank dollar sales. The rupee ended at 83.3350 against the U.S. dollar, up 0.2% from the previous close. Traders expect the rupee to trade within a range of 83.20-83.60 until the June 4 election results. Asian currencies slipped, and the dollar index rose to 104.75.

Gold heads for second weekly gain, extending support to silver and platinum

Gold heads for second weekly gain, extending support to silver and platinum

Gold prices are on track for a second weekly gain, up 1%, with silver and platinum up 5.5% and 6.6% respectively. Factors include interest rate cut expectations and strong retail demand in China. Central banks may adjust gold buying behavior due to high prices. Silver hit a three-year high and platinum a one-year high. Palladium dropped due to electric vehicle market share.

China pledges $138 bln in extra funding to shore up indebted property sector

China pledges $138 bln in extra funding to shore up indebted property sector

China announced measures to stabilize the property sector, including 1 trillion yuan in funding, easing mortgage rules, and local governments buying unsold apartments. Analysts see the move positively but doubt its impact on clearing inventory. Recent steps include local governments buying unsold homes, central bank relending loans, and relaxed home purchase restrictions in various cities.

DGFT conducting study to identify and align best global practices in trade finance

DGFT conducting study to identify and align best global practices in trade finance

DGFT is studying global trade finance practices to align with India's needs, generating over 2.5 lakh bank realisation certificates. Niti Aayog focuses on inclusive development for India's trade growth, aiming to close the gap with China. The trade finance market is expected to reach USD 90 billion globally, with India's market at USD 3 billion. DGFT is seeking a knowledge partner to enhance trade finance efficiency.

JPMorgan Asset Revives Government-Focused Money Market Fund

JPMorgan Asset Revives Government-Focused Money Market Fund

JPMorgan Chase & Co.'s asset management arm launches a new European money market fund focused on government debt amid increased demand for safer investments. The fund, with ?500 million in assets, aims to provide good yields from public sector assets without relying on bank bonds. The move comes as investors seek to reduce risk following recent high-profile bank collapses.

Fresh Stimulus Propels Emerging Markets to Fourth Week of Gains

Fresh Stimulus Propels Emerging Markets to Fourth Week of Gains

Emerging-market stocks and currencies were on track for a fourth week of gains, supported by US rate cut prospects and efforts by countries like China and Turkey to bolster their economies. China announced measures to support its property market, while Turkey's lira was set for its longest winning streak since 2021. Overall, emerging-market fundamentals were seen as strong, with South Africa's rand also advancing.

Hedge funds squeezed from short bets amid surging meme stocks, Goldman Sachs says

Hedge funds squeezed from short bets amid surging meme stocks, Goldman Sachs says

Hedge funds rapidly dropped bearish stock bets as meme stocks surged, according to a Goldman note. Retail favorites like GameStop and AMC soared as hedge funds switched to long positions. Systematic hedge funds faced losses, but remain up for the year. GameStop and AMC fell after the meme stock frenzy faded.

ECB’s Schnabel Says July Cut Doesn’t Look Warranted

ECB’s Schnabel Says July Cut Doesn’t Look Warranted

ECB's Isabel Schnabel cautioned against consecutive interest-rate cuts in June and July, citing current data. Euro-zone inflation nearing 2% target. Markets slightly reduced rate-cut bets. Schnabel emphasized need for caution and time to assess developments. Other officials echoed similar sentiments, emphasizing data-dependence. Hawkish member Robert Holzmann warned against prematurely halting inflation fight. ECB remains cautious amidst uncertainty and geopolitical risks.

Residential buildings under construction by Chinese real estate developer Vanke in Hangzhou, in eastern China's Zhejiang province.

China unveils 'historic' steps to stabilise crisis-hit real estate sector

China announced measures to stabilize the property sector, including allowing local governments to buy apartments, relaxing mortgage rules, and promising to deliver unfinished homes. The move aims to boost demand, slow down falling prices, and reduce unsold homes. Analysts welcome the intervention but question funding sources. The announcement led to a nearly 9% jump in the CSI 300 Real Estate index. Challenges remain amid a growing stock of unsold homes and demographic shifts.

Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings Corp., speaks at the Milken Institute's Global Conference at the Beverly Hilton Hotel.

Elon Musk pushes plan for China data to power Tesla's AI ambitions: Report

Tesla plans to harness data from China to develop its self-driving system, potentially setting up a data center in the country. This strategic shift by Elon Musk aims to accelerate AI development amidst competition and regulatory challenges. Expanding in China could boost Tesla's revenue and align with Musk's vision of AI-driven vehicles.

Shanghai compiles data list eligible for faster overseas transfer, document shows

Shanghai compiles data list eligible for faster overseas transfer, document shows

Shanghai compiles a list of data that can be transferred overseas without security assessments to attract foreign investment. The city's new rules aim to ease data transfer delays and concerns for foreign firms, with a focus on sectors like intelligent vehicles, mutual funds, and biomedicine. The pilot project allows companies in a designated area, including Tesla's Shanghai factory, to transfer data without further assessments.

Nippon Life Says It Is Exploring More Deals After Corebridge

Nippon Life Says It Is Exploring More Deals After Corebridge

Nippon Life Insurance Co. plans to acquire stakes in insurers and asset managers in the US and Asia following its $3.8 billion deal with Corebridge Financial Inc. in the US. Managing Executive Officer Minoru Kimura stated the company is seeking further growth overseas and may consider buying majority stakes in future deals. Nippon Life aims to diversify beyond its domestic life insurance business.

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