Search Mark
Home / Industry Dynamics

Exclusive: India’s RBI Asks Banks To Stop Building Positions In Offshore Market


MUMBAI, Oct 13 (Reuters) – The Reserve Bank of India, seeking to arrest the rupee’s slide, is asking local banks to not build additional positions in the non-deliverable forward market, a move that could lead to offshore volatility spilling into local markets, bankers and traders said.

The build-up of positions in this segment of the market is forcing the RBI to spend more reserves to defend the rupee, one of the bankers said.

Full coverage: REUTERS

TSMC Profit Highest In 2 Years As High-Tech Chip Sales Swell

TAIPEI, Oct 13 (Reuters) – Taiwanese chipmaker TSMC (2330.TW) posted an 80% surge in third-quarter net profit on Thursday, its strongest growth in two years, boosted by strong sales of its advanced chips used in data centres and electric cars.

TSMC’s business has swelled thanks to a global chip shortage that was sparked by pandemic-fueled sales of smartphones and laptops. While the shortage has eased and companies including AMD (AMD.O) and Micron Technology Inc (MU.O) have warned of weakening demand, analysts say TSMC’s dominance in making some of the world’s most advanced chips has kept its order book full.

Full coverage: REUTERS

Saudi Arabia Says OPEC+ Oil Cut ‘Purely Economic’

CAIRO, Oct 13 (Reuters) – Saudi Arabia rejected as “not based on facts” statements criticising the kingdom after an OPEC+ decision last week to cut its oil production target despite U.S. objections, saying it serves the interests of both consumers and producers.

The OPEC+ decision was adopted through consensus, took into account the balance of supply and demand and was aimed at curbing market volatility, the Saudi foreign ministry said in a statement on Thursday.

Full coverage: REUTERS

China Chip Industry Group ‘Troubled’ By U.S. Export Curbs

SHANGHAI, Oct 13 (Reuters) – China’s top trade group for the chip sector said on Thursday it was “disappointed” by recent U.S. export controls and warned they could put more stress on global supply chains.

Last week, the U.S. Commerce Department passed a sweeping set of regulations aimed at kneecapping advancements in China’s semiconductor industry.

If enforced broadly, the regulations could bar research labs and commercial data centres’ access to advanced AI chips, prevent Chinese chip fabs from purchasing critical manufacturing equipment, and force U.S. nationals working at advanced Chinese chip companies to resign.

Full coverage: REUTERS

Morning Bid: Absolutely, Absolutely!

A look at the day ahead in European and global markets from Ankur Banerjee

All sides in the UK gilt markets are hanging tough. Prime Minister Liz Truss is ‘absolutely’ committed to her spending plans, the Bank of England is absolutely determined to end its bond-buying by Friday and the markets are absolutely unconvinced about stability and calm.

Sterling is rallying but volumes have thinned in a market weary of the histrionics, and gilt yields are at their highest in two decades. If that wasn’t enough cause for worry, August GDP data showed the United Kingdom is on the brink of recession.

Full coverage: REUTERS

Share to

Industry Dynamics

Hollywood Studios Intend To Utilize A.I.

Major Breakthrough For Tesla’s Gigacasting Tech Tesla (TSLA.O) is working on an upgrade of its “gigacasting” technology to die cast almost all vehicle underbody parts in a singular mould, as a single standalone piece, indicated the Shanghai Securities News, citing unnamed sources close to the automaker. Amazon Faces Lawsuit By FTC The U.S. Federal Trade Commission filed […]

2023-9-27 | Industry Dynamics

U.S. Key Economic Data To Be Delayed

Asia Stocks Sag On Hawkish Fed U.S. Treasury yields scaled a fresh 16-year peak today, underpinning the dollar near a 10-month summit, as investors responded to the message from the Fed and other major central banks of rates staying elevated for longer. Rallying Oil Prices Set To Falter On Doubts Oil prices may be near […]

2023-9-26 | Industry Dynamics

Recession Warnings Arise As Stocks Dive

Vietnam On The Rise For Rare Earth Vietnam has revealed plans to restart its rare earths mine next year to rival the world’s largest, according to two companies involved, as part of a broader push to dent China’s dominance in a sector that helps power advanced technologies. Evergrande Shares Sink Upon Failing To Issue New […]

2023-9-25 | Industry Dynamics