Market Bizzz

Asian shares opened lower on Wednesday, extending US falls as investors awaited minutes from a US Federal Reserve meeting for clues over future monetary policy. MSCI’s index of Asia-Pacific shares outside Japan was down by 1.30 per cent.

The biggest fear of analysts is whether the regulator will ask for a holding company structure given the number of large subsidiaries that are being transferred to the bank. “We don’t know what view the regulator takes on banks holding large stakes in insurance companies.

Mukesh Ambani, promoter of India’s most valued company Reliance Industries, is the richest Asian, followed closely by Gautam Adani, promoter of Adani Group, according to the latest billionaire list released by Forbes. Compared to Ambani’s total net worth at $90.

Private equity firm Carlyle Group will sell its entire 3 per cent stake in SBI Card and Payment Services for about Rs 2,550 crore through a block trade.

Oil futures rose in early trading on Tuesday as the potential for more sanctions following alleged war crimes by Russian troops in Ukraine added to concerns about supply disruptions, while Iran nuclear talks stalled. Brent crude futures were up $1.58, or 1.5%, to $109.11 a barrel, while U.S. West Texas Intermediate futures were up $1.61, or 1.6%, to $104.89 a barrel at 0028 GMT.

The proposed HDFC Ltd and HDFC Bank amalgamation will involve HDFC Investments and HDFC Holdings merging with the parent mortgage company. Subsequently, HDFC will merge with its banking arm, resulting in all group companies becoming direct subsidiaries of HDFC Bank.

Asian shares opened higher on Monday, tracking gains on Wall Street, but early trade was volatile and gains were majorly capped as investors eyed developments in Ukraine and Covid-19 lockdowns in China. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.35 per cent.