Saudi Arabia’s PIF writes down $8 billion on gigaprojects amid challenges
Public Investment Fund reduces value of NEOM, other projects by 12% due to cost overruns and delays
India’s trade deficit widens sharply in July amid surge in imports
Merchandise exports rise, but import surge and U.S. tariffs push trade deficit to $27.35 billion
San Francisco Fed chief opposes urgent 50bps rate cut
Mary Daly urges gradual approach despite softening job market and inflation pressures
Gold extends rise on Fed rate-cut hopes, softer dollar
Dollar hovers near multi-week lows, Focus on US PPI, jobless claims data; Palladium up more than 1%
Bitcoin hits fresh record as Fed easing bets add to tailwinds
Crypto market capitalisation soars to $4.18 trillion, up from $2.5 trillion in November 2024, according to CoinMarketCap data
Oil climbs on supply risks; weak fundamentals weigh
Brent and WTI up 0.4%, after hitting two-month low in previous session
Perplexity AI makes $34.5 billion bid for Google’s Chrome browser
The AI startup aims to challenge Google’s dominance following the DOJ’s antitrust suit, with investor backing for its ambitious acquisition offer
Record $5.3 million auction of Martian meteorite sparks controversy over ownership
Niger government investigates possible illicit trafficking of the meteorite, raising ethical and legal concerns over space rocks
Asian shares rise, dollar defensive after mild inflation data
Fed rate cut expected, boosting Wall Street and Asian markets
AI startup Perplexity makes bold $34.5 billion bid for Google’s Chrome browser
Perplexity pledges $3 billion investment, commits to keeping Chromium open source and unchanged search engine in bid
Air India suspends Delhi-Washington flights due to plane shortages, Pakistan airspace ban
Suspension comes amid US-India tensions over tariffs
Bullion markets breath sigh of relief after Trump says gold will not face tariffs
US gold futures dropped 2.4% to $3,407 per ounce after Trump's announcement, reducing a premium over spot gold by 1.2% to $3,357
Asia stocks mostly higher as tariff truce supports sentiment
Japan's Nikkei, Australia's ASX scale record peaks; Currencies calm ahead of US CPI; Investors await Trump-Putin summit on Friday
Oil gains as US-China tariff pause extension boosts trade hopes
Brent crude futures gain 26 cents, or 0.39%, to $66.89; US West Texas Intermediate crude futures rise 22 cents, or 0.34%, to $64.18
US, China extend tariff truce by 90 days, staving off surge in duties
Extension prevents US, China tariffs from snapping higher; Trump says China has been 'dealing quite nicely'