Bust

TUC will urge John Healey to order ‘root and branch’ assessment of watchdog amid claims its forecasts downplay investment benefitsThe TUC is urging the new chancellor, John Healey, to order a “root and branch” review of the Office for Budget Responsibility, claiming the forecaster’s approach holds back investment.With Andy Burnham promising “good growth in every postcode”, the union umbrella body is calling on Healey to use his first budget on 28 October to re-examine the assessments of the watchdog. Continue reading...

Former 2UE and 2GB radio broadcaster is facing 22 charges. Jones, 85, has pleaded not guiltyFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastA former student sports star has denied in a Sydney court that he “fabricated” indecent assault allegations against broadcaster Alan Jones after he lost his police job and fell on “extremely hard times”.Jones’s defence barrister Gabrielle Bashir SC on Wednesday suggested to complainant J during cross-examination that he had a financial motive to report his alleged indecent assaults 20 years after the incidents. Continue reading...

• AI investor Leopold Aschenbrenner saw his hedge fund, Situational Awareness, suffer massive losses after peaking at approximately $45 billion in early July. • The financial decline was driven by a sharp crash in heavyweight AI holdings, specifically SK Hynix, and unsuccessful short positions in software companies like Adobe. • This rapid loss of fortune highlights the extreme volatility and potential "bubble" risks associated with concentrated investments in the artificial intelligence sector.

• South Korea's KOSPI index achieved a record-breaking single-day rally, surging 17.91% as tech giants Samsung and SK Hynix rebounded. • The surge was primarily driven by strong U.S. tech earnings, specifically a "blockbuster" earnings beat from Microsoft and multibillion-dollar deals from Nvidia. • This recovery follows a period of extreme volatility, including a historic two-day plunge and a global AI chip stock sell-off that saw the index drop over 10%.

• European stock indexes are currently balancing strong corporate earnings reports against market volatility caused by the escalating conflict between the U.S. and Iran. • Key financial gains include a 2% rise for Societe Generale following record quarterly profits and a 2.6% increase for Spain’s BBVA after reporting higher second-quarter net profits. • Asset manager Amundi also contributed to the positive momentum by beating core earnings estimates during an unusually heavy corporate reporting calendar.

• European stock markets experienced an upward trend as strong corporate earnings reports helped counteract investor anxiety. • The positive momentum in equities served as a buffer against fears that the U.S. Federal Reserve may implement further interest rate hikes. • This shift highlights a tug-of-war between fundamental company growth and the macroeconomic pressure of tightening monetary policy.

• Chinese memory firm CXMT is planning a new funding round at a $50 billion valuation ahead of a Hong Kong IPO, following a successful $8.6 billion listing. • The surge in CXMT's valuation has contributed to stock volatility for Korean competitor SK Hynix, despite the latter reporting record earnings. • Separately, AI startup Moonshot is attempting to acquire banned Nvidia Blackwell chips to develop its Kimi K4 model, bypassing US export restrictions.