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Big US bank stocks head for longest weekly losing streak since 2008

Shares of major US banks headed for their longest weekly losing streak since the 2008 global financial crisis after mixed quarterly earnings failed to improve sentiment toward the struggling sector, Bloomberg News reported.The 24-member KBW Bank Index fell about 1.3% during the week and remained in correction territory, having declined roughly 13% from its August record. Although the group had suffered steeper selloffs—including a nearly 17% decline earlier in the year—it was on course for a sixth consecutive weekly loss, its longest such run since 2008.Bank stocks had already come under pressure amid concerns about how artificial intelligence could disrupt financial services. A hotter-than-expected inflation reading added to uncertainty over how aggressively the Federal Reserve would act to rein in persistent price pressures.Also Read | Chip selloff deepens Wall Street losses as doubts grew over AI returnsAccording to Bloomberg Intelligence analyst Herman Chan, large banks faced sever...
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LK Advani admitted to Apollo Hospital in Delhi

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Auto sales gain festive momentum in Sept

New Delhi: Car sales rose in strong double-digits year-on-year in September on a low base, as manufacturers ramped up dispatches to the dealers to build stocks anticipating robust customer demand during the festivals of Navratri and Dussehra this month.The Society of Indian Automobile Manufacturers (SIAM) data showed as many as 454,574 cars, sedans and utility vehicles were sold last month, a 22% jump over the year-ago period. Two-wheelers grew 13.5% to 2.46 million units. Three-wheeler dispatches also went up 16% to 98,162 units in September.Also read: Auto industry faces cost squeeze as steel, freight prices surge, more hikes likelyAuto sales had remained low in the first three weeks of September 2025 as buyers waited for cars to become cheaper after the GST cut on 22 September, 2025.134975091Overall, in the first half of the ongoing financial year, passenger vehicle sales went up by 28.3% to 2.64 million units. Commercial vehicle sales grew 23.8% to 564,255 units in the period under...
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Nilekani calls for expanding Account Aggregators

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US stocks: AI shares tumble, erasing $80 billion as hot US inflation fuels rate fears

Major AI stocks slumped on Wednesday following the latest hot US inflation report, highlighting investor concern about the risks posed by rising borrowing costs in this capital-intensive sector.Among the leading decliners were data center operator CoreWeave, which fell 16%, AI infrastructure provider Nebius, off 11%, cloud computing giant Oracle, down 9%, and AI server seller Dell Technologies, down 11%. Together the declines erased some $80 billion of market value.The declines reflect the impact of tightening financial conditions, as well as the outsize gains scored by some of the biggest beneficiaries of the AI boom. Barclays on Wednesday downgraded Dell and two other enterprise hardware stocks, noting that Dell shares have quadrupled this year - part of an AI-fueled investor binge that has resulted in 16 stocks in the S&P 500 technology sector at least doubling this year, according to Reuters calculations.Concern over rising borrowing costs also weighed on Wednesday's other ...
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'Painful' for Trump to choose different side: Ukraine

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NY Fed President Williams sees no need for a rate hike in 2027

Federal Reserve Bank of New York President John Williams said he still sees one more interest-rate hike as appropriate this year, but at the moment doesn’t believe it will be necessary for the central bank to increase rates again in 2027.“I haven’t changed my view that it may be appropriate to have one more rate hike,” Williams said Tuesday in an interview with Bloomberg News at the New York Fed. “I don’t think at this time I have any reason to believe that we would need to do more” after that.Williams said there are still signs inflation will slow “quite a bit” and approach the Fed’s 2% target next year, as the impacts from tariffs and an energy price shock fade. That, along with other signs that underlying inflation is cooling, should help overcome the price pressures driven by the build-out of infrastructure for artificial intelligence, he said.US Treasury yields edged lower after Williams’ remarks, with those on two-year notes — most sensitive to the Fed’s rate path — erasing an in...
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