A day of high drama is underway across the globe, as the French government collapses after a dramatic no-confidence vote, a Wall Street trading titan faces off with India’s market regulator in a high-stakes legal battle, and the price of gold continues its stunning and relentless surge to a new all-time high.
Here’s your one-stop stand to catch up on all the headlines you may have missed.
French government collapses as Prime Minister Bayrou is ousted
French President Emmanuel Macron will be forced to appoint a new prime minister within days after the current premier, Francois Bayrou, lost a confidence vote in the lower house of parliament.
Bayrou, who is formally presenting his resignation on Tuesday, had called the vote himself in a high-stakes gamble to break a deadlock over his contentious budget plans.
His ouster now plunges the country into a fresh political crisis, as whoever Macron picks will be France’s fifth prime minister in less than two years, a reflection of the deeply fractured and seemingly irreconcilable political landscape.
“I fear we’re going to be dealing with more of the same,” said Kathryn Kleppinger, a professor at George Washington University.
Wall Street titan Jane Street faces off with India’s market regulator in court
A three-member appeals court bench in India will begin hearings on Tuesday in a closely watched case that pits the US trading giant Jane Street Group against the country’s powerful market regulator.
The case has become a flashpoint in the world’s biggest equity derivatives market, after the Securities and Exchange Board of India (SEBI) accused Jane Street of manipulative practices in a July interim order.
The New York-based firm has appealed, claiming SEBI denied it access to crucial documents needed for its defense.
The outcome of the legal battle could have broad implications for other global quantitative trading firms operating in the massive Indian market.
Gold climbs to another record high as Fed rate-cut optimism soars
Gold has reached another all-time record on Tuesday, its relentless rally stoked by a powerful surge in bets for a wave of Federal Reserve rate cuts this year.
Bullion gained as much as 0.3 percent to a fresh peak of more than 3,647 dollars an ounce, beating the record it had set just a day earlier.
The precious metal has climbed 2.5 percent in the last two sessions alone, a direct reaction to an unexpectedly weak US payrolls report on Friday that has prompted traders to price in three rate cuts this year, including a near-certain move at the Fed’s meeting next week.
Australian business conditions improve as cost pressures ease
A key measure of Australian business conditions picked up in August, as firms reported better profits and employment, while input costs grew at their slowest pace since 2021 in a promising sign for inflation.
The survey from National Australia Bank showed its index of business conditions rose two points to +7, taking it back to its long-run average.
The positive report follows official data last week showing the economy grew at its fastest pace in two years in the June quarter, reinforcing the case for the Reserve Bank of Australia to keep interest rates on hold.
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