A day of significant global developments is underway, as India’s prime minister opts out of a key regional summit, a high-flying Chinese stock suffers a sharp sell-off, and the Bank of England prepares for a major operational shift.
These events are unfolding against a backdrop of ongoing diplomatic maneuvers and shifting commodity forecasts.
Here’s your one-stop stand to catch up on all the headlines you may have missed.
PM Modi to skip ASEAN summit, missing a potential meeting with Trump
Indian Prime Minister Narendra Modi will skip a regional leaders’ summit in Kuala Lumpur, a move that means he will miss out on a possible and much-anticipated meeting with US President Donald Trump.
Modi called his Malaysian counterpart, Anwar Ibrahim, to inform him that he would attend the Association of Southeast Asian Nations (ASEAN) summit virtually.
“He announced that he would attend online given the Deepavali celebrations that are still being celebrated in India at that time,” Anwar said in a Facebook post.
I respect the decision and extend my Deepavali greetings to him and all the people of India.
The decision comes amid a tense trade dispute between the US and India, with Trump recently claiming that Modi had assured him that India would cut its purchases of Russian oil.
Pop Mart shares slump 11% on growth concerns
Pop Mart International Group Ltd. shares have plunged on Thursday, a brutal sell-off that reflects renewed concerns about the toymaker’s long-term sales outlook.
The Hong Kong-listed stock dropped nearly 11%, its biggest fall since April, according to a Bloomberg report. The sharp decline comes despite the company reporting annual revenue growth of as much as 250% in the third quarter.
The market is now clearly signaling its concern that the frenzied, global demand for the company’s popular Labubu dolls is unlikely to be sustained, with the stock now down about 30% since its late-August peak.
Copper edges higher on a bullish Goldman Sachs call
Copper prices have edged higher, with the investment bank Goldman Sachs Group Inc. pointing to a near-term bullish view among traders as prices remain close to a record.
The metal has been supported in recent months by a series of global mine disruptions.
According to Goldman analysts, most industry players they spoke with at the recent LME week conference expect prices to continue to test their all-time highs in the coming months.
The bank also noted that US futures are still trading at a premium over London prices, a dynamic that is having a “material tightening impact on the physical ex-US market.”
BoE planning to move its financial regulator amid a cash crunch
The Bank of England is planning to move its banking regulation arm, the Prudential Regulation Authority (PRA), out of its Moorgate office in a bid to slim down its presence in the City of London.
The move, which will see most of the PRA’s staff relocated to the central bank’s historic Threadneedle Street headquarters by 2028, is a response to the rise of remote working, tight finances, and the soaring cost of renting office space.
The BOE declined to discuss the details but confirmed that it intends to “consolidate our London office presence by mid-2028.”
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