Stock

• European stocks rose from three-month lows as investors waited for an upcoming interest rate decision from the U.S. Federal Reserve. • The European Central Bank recently raised its benchmark deposit facility rate, which is the interest rate banks receive for depositing funds overnight, to 2.50%. • A quarter-point hike by the Federal Reserve would be the first rate increase since mid-2023, affecting global borrowing costs and market volatility.

• OpenAI is considering a new private funding round despite having ample resources from a previous capital raise earlier this year. • CEO Sam Altman stated over the weekend that the company is unlikely to launch an initial public offering, or IPO, before 2027. • This funding decision affects the company's valuation, which reached $852 billion during its last private round.

• Barclays shares fell 1.9% to trade at GBX468.6 today amid a broader stock selloff. • The bank appointed Richard Duffield and Jonathan Armstrong as Managing Directors for its Equity Capital Markets group to strengthen investment banking leadership. • These leadership changes and a recent share buyback occur as the company faces continued downward pressure on its stock price.

• HDFC Bank, Indiabulls, and Raymond Realty shares are expected to be in focus during Tuesday's trading session. • Gabriel India announced it will allot shares worth Rs 1,881 Cr to its promoter, Asia Investments. • Pranav Construction will be listed on the indices, affecting how the stock is tracked and traded.

• Asian stock markets remained steady recently as a rebound in artificial intelligence shares balanced out pressures from rising oil prices and bond market volatility. • Crude oil prices have climbed firmly above $100 per barrel amid an intensifying conflict in the Middle East. • High energy costs and persistent global price pressures limit the ability of policymakers to lower interest rates in the near term.

Damaging budget report estimates cost would grow $3bn per month and stockpile could take five years to rebuildThe war in Iran has cost the US at least $38bn and left its stockpile of defensive missiles so depleted it could take five years to rebuild, the non-partisan Congressional Budget Office (CBO) has found, in a damaging report less than two months before midterm elections where the war and the cost of living crisis will likely hurt Republicans at the polls.The economic report comes one day after the Pentagon’s inspector general finally released its own first review of the war, saying that the US spent $22.3bn on munitions alone through 30 June, put total spending at $33.4bn and found the fighting had “resulted in strategic inventory shortfalls and revealed industrial base bottlenecks for munitions resupply”. Continue reading...

• Major U.S. stock averages closed lower on Monday due to pressure from rising oil prices and higher bond yields. • Enova International shares fell more than 15% after the company withdrew its regulatory applications to acquire Grasshopper Bancorp. • Enova intends to accelerate share repurchases to offset the failed acquisition while maintaining its third quarter and full year financial guidance.