Stocks Resume Rally, Oil Jumps on Production Curb: Markets Wrap

Investors signaled belief in a fledgling equity rally as US futures erased a Wednesday decline and an index of Asian stocks traded higher, suggesting that markets are downplaying the impact of rising oil prices.

Musk Revives $44 Billion Twitter Bid, Aiming to Avoid Trial

In the letter, Musk’s attorneys wrote that the billionaire and his supporters “intend to proceed to closing of the transaction contemplated by the April 25, 2022, merger agreement, on the terms and subject to the conditions set forth therein and pending receipt of the proceeds of the debt financing,” according to the filing, provided the … Read more

OPEC+ Considers Output-Limit Cut Of As Much As Two Million Barrels A Day

The group may discuss a cut of that size, plus smaller reductions ranging from 1 million to 1.5 million barrels a day, when it meets on Wednesday, delegates said. Based on current discussions, so far curbs would use existing baselines to measure each country’s contribution, one delegate said.  

India Enters 5G Era as Debt-Laden Carriers Gird to Spend Billions

To capitalize on 5G, China has been rolling out smartphone apps and industrial projects such as super high-definition live streaming, remote manufacturing, virtual reality and robotic surgery arms. The country’s three state-owned carriers have introduced more than 25,000 such applications, according to a news article posted by the State Council on its website in August. … Read more

Porsche Rises in Landmark IPO Weathering Tough Markets

Porsche’s listing is a bold move into public markets, which have been largely shut to IPOs for most of the year, with companies shying away from seeking new listings because of the European energy crisis, rising interest rates and record inflation. The sale will help Volkswagen raise funds to plow into its electrification push, while … Read more

BOE Steps Back Into Bond Market to Restore Stability

The move was recommended by the Financial Policy Committee, amid fears of a “material risk” to financial stability if the dysfunction continued. “This would lead to an unwarranted tightening of financing conditions and a reduction of the flow of credit to the real economy,” the BOE said. It is not a monetary policy decision.

Celsius CEO Resigns as Bankrupt Crypto Lender Works to Survive

Mashinsky joins a growing list of crypto executives who have resigned or announced plans to step down during the market’s downdraft. Jesse Powell, the often controversial co-founder of crypto exchange Kraken, announced last week that he was giving up the role of CEO to become chairman. In August, crypto brokerage Genesis’s CEO, Michael Moro, and … Read more