Market Bizzz

A 13D filing on Tuesday showed that Musk had bought a 9.1 per cent stake in Twitter but a disclosure to the US Securities and Exchange Commission a day earlier had Musk owning 9.2 per cent. This lead to speculation that the Tesla CEO had reduced his stake.

GLOBAL-PRECIOUS/PRECIOUS-Gold edges lower as dollar gains on hawkish Fed minutes

The U.S. dollar index, which measures the greenback against six majors, touched its highest since May 2020 overnight at 99.778 and held nearby at 99.575 in early Asia trade. Commodity currencies retreated from recent highs as oil prices have dipped and the euro touched a one-month trough of $1.0874. It recovered to $1.0911 in morning trade.

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.