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USS George H.W. Bush Carrier Strike Group Told to Prepare for Yearlong Deployment Amid Iran Tensions

• US Navy leaders have warned families of the USS George H.W. Bush carrier strike group that the deployment could extend to a full year, with the carrier unlikely to return home for the holidays, according to audio of a November 9 town hall obtained by MS NOW.
• The strike group, comprising approximately 7,000 personnel and four ships, departed Naval Station Norfolk on March 31 for an initially planned six to seven-month deployment. This would mark its second extension.
• Adm. Karl Thomas, commander of US Fleet Forces Command, said the extension decision was so recent that it had not yet been incorporated into official orders.
• Thomas cited Iran's large inventory of one-way attack drones, saying Tehran had learned how to repeatedly target ships enforcing the blockade.
• Acting Navy Secretary Hung Cao said the strike group's return would depend on Iran agreeing to a non-nuclear status or the US developing sufficient autonomous systems to replace the deployed assets.
• Cao said the Navy is working with industry to develop drones that could reduce its reliance on the 17 destroyers currently required for the blockade.
• Vice Chief of Naval Operations Adm. James Kilby said the final decision rests with US Secretary of War Pete Hegseth.
• Navy leaders also said the USS Dwight D. Eisenhower is preparing to relieve the Bush strike group.

Oil Tanker Struck by Unidentified Projectile in Persian Gulf, Multiple Casualties Reported

• An oil tanker was struck by an unidentified projectile while sailing eastbound through the Persian Gulf on November 10, the UK Maritime Trade Operations (UKMTO) said on November 12.
• The incident resulted in multiple casualties. Injured crew members were evacuated ashore for medical treatment, while the remaining crew members were reported safe and accounted for.
• The extent of damage to the vessel and any potential environmental impact remain unclear.
• Relevant authorities are investigating the incident. UKMTO has advised vessels transiting the area to remain vigilant, exercise caution and report any suspicious activity.

Nvidia CDS Spreads Rise as Board Reportedly Explores CEO Succession Options; Shares Fall 9%

• Nvidia's five-year credit default swaps (CDS) widened 3.25 basis points to 1.445%, according to ICE Data Services, approaching their intraday high recorded on November 3.
• The cost of insuring Nvidia's debt against default has more than doubled since mid-year, although it remains roughly half the level of lower-rated megacloud companies SpaceX and Oracle.
• The widening came after Nvidia's board reportedly met on Thursday to discuss CEO Jensen Huang's position.
• According to a person familiar with the matter, the board has engaged an external firm to identify potential CEO replacements following revelations of multiple alleged extramarital affairs involving Huang. It is also considering appointing an interim CEO while searching for a permanent successor.
• US Trade Representative Jamieson Greer described Nvidia as a company of structural significance and said Washington remains concerned about the situation.
• Nvidia shares fell as much as 9% in premarket trading.

Trump Says US Does Not Need Iran Deal, Claims Washington Controls Hundreds of Billions in Iranian Funds

• US President Donald Trump said he has asked Vice President JD Vance to focus on alleged large-scale corruption and crime in Democratic-run cities and states, including Minnesota, California and Illinois.
• Trump claimed billions of dollars were being stolen every month and said addressing the alleged corruption could quickly balance the federal budget.
• On Iran, Trump said the US does not need a deal, declaring that the era of agreements with Tehran has passed.
• He also claimed Washington controls hundreds of billions of dollars belonging to Iran and said the US has control of the Strait.

India's Retail Inflation Hits 6.09% in October, Breaches RBI's Upper Limit as Food Prices Surge

• India's retail inflation rose to 6.09% in October from 5.54% in September, exceeding the Reserve Bank of India's 6% upper tolerance limit for the first time under the 2024-base CPI series. The reading was also above economists' 5.93% forecast in a Reuters poll.
• Rural inflation stood at 6.63%, while urban inflation came in at 5.41%. Inflation has remained above the RBI's 4% medium-term target for five consecutive months.
• Food inflation climbed to 8.94% in October from 7.74% in September. Onion prices surged 116.22% year-on-year, while garlic rose 60.74%. Ginger and lemon prices increased by more than 47%. Potato prices, however, declined 14.24%.
• Price pressures extended beyond food. ICRA Chief Economist Aditi Nayar said prices increased across 11 of the 12 CPI divisions. Transport inflation also accelerated to 5.84% from 5.01%. ICRA expects inflation to remain around 6.1% in November.
• The RBI's Monetary Policy Committee unanimously raised the repo rate by 25 basis points to 5.5% on October 7, marking its first increase in nearly four years. Economists now see the October inflation data strengthening the case for a second consecutive rate hike in December.
• The RBI expects inflation to average 6% in October-December and 5.7% in January-March 2027. It has raised its full-year inflation forecast to 5.2%.
• Governor Sanjay Malhotra has flagged risks from a weak monsoon and strong El Niño conditions, although adequate foodgrain stocks and government measures could help cushion the impact. Lower crude oil prices may provide some relief.
• The government is scheduled to release November CPI inflation data on December 14.

Hedge Funds Turn Bearish on Big Tech as AI Trade Faces Valuation and Financing Concerns

• Hedge funds increased short positions in major technology stocks, including Amazon, Apple, Nvidia and Meta, during October, according to Hazeltree's Data Insights Crowding Report. Apple, Amazon, Meta and Microsoft all recorded their lowest long-to-short ratios of 2026 as concerns over AI valuations and financing triggered a shift in positioning.
• Apple's long-to-short ratio fell to 0.65x, marking its third consecutive month below parity. Alphabet remained slightly above parity at 1.02x. The report analyses anonymised positioning data covering around 16,000 securities held by more than 700 funds.
• Semiconductor stocks faced the strongest selling pressure. The PHLX Semiconductor Sector Index declined roughly 16% in October, while the share of index constituents with net long positioning fell to 70%.
• Advanced Micro Devices (AMD) shifted from long-biased to short-biased positioning. Its long-to-short ratio dropped from 1.18x to 0.94x, while net long exposure declined from 77.9% to 44.4%. Nvidia remained the most crowded semiconductor long, followed by Broadcom and Applied Materials.
• Data Insights Managing Director Tim Smith flagged growing stress around CoreWeave. The company's 2032 bonds were yielding close to 15%, with default insurance costs widening. Smith said the levels were approaching those typically associated with distressed debt. CoreWeave's long-to-short ratio declined from 0.60x to 0.53x, while its shares fell approximately 37% during October.
• Morgan Stanley's prime brokerage desk said hedge funds had turned underweight the AI trade for the first time since early 2023. Funds also shifted towards defensive sectors.
• Citi downgraded US and global technology stocks to neutral, citing rising credit spreads and weaker earnings revisions.

Nvidia CEO Jensen Huang Faces Possible Congressional Subpoena Amid China Spy Allegations and Leadership Turmoil

• Nvidia CEO Jensen Huang missed Wednesday's deadline to respond to a request for a closed-door congressional briefing scheduled for November 18, prompting House Republicans to signal that a subpoena could follow, Reuters reported.
• House Foreign Affairs Committee Chairman Brian Mast, committee Chairman John Moolenaar and Intelligence Committee Chairman Rick Crawford want Huang to explain his contacts with Alice Huang, a former Megaspeed executive whom the lawmakers have described as a reported Chinese intelligence asset.
• The lawmakers also want details about Nvidia's security protocols. The two individuals named Jensen Huang and Alice Huang are not related.
• Moolenaar and Mast said they had not received a response from the CEO. Mast confirmed that a subpoena was being considered.
• Several US lawmakers have also called for Huang to resign. Senator Kevin Cramer warned that the allegations could leave the CEO vulnerable to extortion or blackmail. Representatives Don Bacon and Suhas Subramanyam also urged him to step down.
• Separately, The New York Times reported that Huang had a relationship with Kimberly Powell, Nvidia's vice president of healthcare, who reports directly to him.
• A source told Reuters that Nvidia's board met on Wednesday night to discuss whether to remove Huang. The company's bylaws allow a majority of its 11 directors to remove the CEO, with or without cause.
• China rejected the espionage allegations, calling them "baseless and purely slanderous smears".
• Any congressional subpoena could face a timeline constraint, as Republicans are set to lose control of House committees in January, potentially requiring Democrats to initiate a fresh process.
• Nvidia has not announced any decision regarding Huang. The company is scheduled to report earnings on November 17, one day before the requested congressional briefing.
• U.S. Republican Senator Kevin Cramer says Jensen Huang should temporarily step down, calling it a prudent move. Cramer also expressed support for issuing a subpoena if necessary, adding that Huang would be better off testifying voluntarily.

Tesla and SpaceX Lose $456 Billion in Combined Market Value After Democrats Win Congress; Merger Speculation Continues

• Tesla and SpaceX have lost approximately $456 billion in combined market value since Democrats won control of both chambers of Congress, according to TheStreet.
• Despite the market losses and political uncertainty, speculation continues over a possible all-share merger between Elon Musk's two companies.
• Both companies formed special committees in October to review a potential transaction, which Musk described as a "good idea". However, he said he is conflicted and cannot participate in the discussions.
• SpaceX has stated in a regulatory filing that any deal would require approval from its special committee, board and controlling shareholder Musk.
• Tesla's committee has a broader mandate to explore ways to deepen the company's relationship with SpaceX. Musk has also said a merger would require approval from holders of 50% of all outstanding shares, not just votes cast.
• JPMorgan expects a potential all-share transaction led by SpaceX, with a typical acquisition premium of 30% to 35%. At current market valuations, the combined company would be worth approximately $3.5 trillion.
• Governance experts have raised concerns over potential conflicts of interest and Musk's voting control in the combined entity. Regulatory approvals across multiple countries, particularly China, could also delay the transaction.
• Kathleen Brooks of XTB warned that congressional hearings could push back the proposed 2027 completion timeline.
• Meanwhile, Dan Ives of Yorkville Ives estimates that SpaceX shares carry a 20% to 25% political discount but continues to expect SpaceX to acquire Tesla.

Putin Authorises Sanctioned Russian Bank to Take Control of London Broker's Securities Worth Millions

• Russian President Vladimir Putin has signed a decree allowing sanctioned Moscow Credit Bank to take control of securities held by collapsed London-based brokerage firm Sova Capital Ltd., without approval from its UK-appointed administrator.
• The September decree authorises the bank to dispose of shares in Russian companies held by Sova Capital, according to people familiar with the matter.
• The assets include stakes in major Russian energy companies Rosneft and Gazprom, collectively worth tens of millions of dollars.
• The securities have remained under the control of UK administrator Teneo Financial Advisory Ltd. since Russia launched its full-scale invasion of Ukraine in February 2022.
• However, the assets are physically held in Russia and have been effectively trapped there because of international sanctions.
• The decree could allow Moscow Credit Bank to transfer or dispose of the securities without Teneo's consent, potentially limiting the ability of UK authorities to block the transactions.

Trump and Netanyahu Reportedly Clash Over Resuming Military Action Against Iran

• US President Donald Trump and Israeli caretaker Prime Minister Benjamin Netanyahu reportedly had a heated disagreement during a phone call last weekend over the next steps in dealing with Iran.
• According to Israeli media reports, Netanyahu urged Trump to resume military action against Iran, while Trump favoured continuing diplomatic negotiations.
• Two sources described the conversation as difficult, with one report characterising it as a "hellish and heated argument".
• Netanyahu's office rejected the reports, calling them "fake news" and "complete nonsense".
• A senior Israeli official confirmed that the call took place but denied that it was confrontational, saying it was not a difficult conversation.

India's Retail Inflation Rises to 6.09% in October, Food Inflation Surges to 8.94%, Breaches RBI's Upper Limit

• India's Consumer Price Index (CPI) inflation rose to 6.09% year-on-year in October, compared with 5.54% in September and market expectations of 6%.
• This is the highest retail inflation reading in around two years and the first time headline inflation has crossed the RBI's upper tolerance limit since October 2024.
• Food inflation climbed sharply to 8.94% in October, adding to overall price pressures.
• Inflation has increased every month in 2026, marking its ninth consecutive monthly rise under the new CPI series.
• Retail inflation had stood at 2.74% in January 2026.
• October's reading is also the highest under the revised CPI series, which uses 2024 as its base year and was introduced in January 2026.
• The RBI's inflation target is 4%, with a tolerance band of 2% to 6%. The current mandate runs until March 2031.
• The latest inflation print puts pressure on the central bank ahead of its December monetary policy review.

Nvidia Shares Fall as Board Reportedly Discusses Jensen Huang's Future Amid Fresh Allegations

• Nvidia's board reportedly met late Wednesday to discuss CEO Jensen Huang's future following renewed scrutiny over his alleged personal relationships, CNN reported.
• A resurfaced video from a Taipei dinner in May 2025 shows Huang's daughter, Madison Huang, photographing him alongside Alice Huang, a former Megaspeed executive.
• US officials have reportedly linked Alice Huang to Chinese intelligence, while China has dismissed the allegations as baseless. Taiwan has revoked her entry permit.
• The renewed controversy has raised investor concerns, with Nvidia shares declining further in after-hours trading.
• The sell-off contributed to a broader decline in US equity futures. Nasdaq 100 futures fell 0.6%, while S&P 500 futures declined 0.3%.
• Continued weakness in Nvidia could wipe out more than $200 billion in its market capitalisation.
• AI-linked stocks also saw mixed moves. CoreWeave reversed around 5% after gains on Wednesday, while Broadcom and AMD advanced.

RBI Plans to Restrict Private Equity Firms From Controlling Multiple NBFCs Over Contagion Concerns

• The Reserve Bank of India (RBI) is drafting rules that could prevent private equity firms from exercising control over more than one non-banking financial company (NBFC), Reuters reported.
• The proposed restrictions aim to limit contagion risks and prevent financial stress at one lender from spreading across multiple NBFCs under common ownership.
• Under the reported framework, stakes of 15% or less could be classified as financial investments rather than controlling ownership, allowing private equity firms to hold minority positions in multiple lenders.
• The RBI had earlier required Bain Capital to sell its stake in Tyger Capital before approving its investment in Manappuram Finance.
• The regulator has also reportedly asked Japan's Mizuho Financial Group to consolidate its NBFC holdings.
• The development comes after Blackstone agreed to acquire a 15.57% stake in IIFL Finance.
• Meanwhile, the Indian Venture and Alternate Capital Association (IVCA) has reportedly lobbied for more flexible ownership restrictions as foreign investment flows into India's non-bank lending sector.

SoftBank's Ola Electric Investment Takes $42 Million Hit as Lenskart and Meesho Deliver $394 Million Gains

• SoftBank Group's Vision Fund 2 recorded a $42 million valuation loss on its investment in Ola Electric during the July to September quarter, according to Inc42.
• Gains of approximately $394 million from its investments in Lenskart and Meesho more than offset the Ola Electric loss.
• Despite the recovery in other Indian investments, SoftBank's stake in Ola Electric remains valued around 30% below its original investment cost.
• SoftBank has invested nearly $16 billion in Indian startups, although its Indian portfolio represents only a small part of the group's overall financial performance.
• Separately, SoftBank reported a net loss of ¥1.12 trillion ($7.1 billion) for its fiscal second quarter, its first quarterly loss in almost two years.
• The loss followed a $3.7 billion writedown involving non-refundable advance payments for power-generation equipment linked to US data centre projects, including its Ohio project.
• Analysts had expected SoftBank to report a net profit of ¥129 billion. Falling share prices of Arm Holdings, Intel and Coupang also weighed on its results.
• The Vision Fund division reported a loss of ¥81.6 billion, despite investment gains supported by higher valuations at ByteDance and Lenskart.
• SoftBank shares declined following the earnings announcement.

Budget 2027: India Reviews LTCG and STT Relief as Industry Pushes for Equity Tax Cuts

• The government is reviewing proposals to reduce or abolish taxes on equity investments ahead of the Union Budget 2027–28, although no changes have been approved.
• Finance Minister Nirmala Sitharaman reportedly said the government is open to hearing investor concerns over Long-Term Capital Gains (LTCG) tax and Securities Transaction Tax (STT), amid significant foreign investor outflows.
• SEBI has reportedly recommended exempting Foreign Portfolio Investors (FPIs) from the 12.5% LTCG tax to improve India's competitiveness and attract overseas capital.
• Industry bodies, including PHDCCI and FICCI, have proposed abolishing LTCG tax, reducing Short-Term Capital Gains (STCG) tax from 20% to 10%, and lowering STT rates.
• ASSOCHAM has proposed a tiered LTCG structure, with a 10% rate for equity holdings between one and two years and a 5% or zero rate for investments held beyond two years.
• SBI Research estimates that abolishing LTCG tax could cost the government ₹40,000 crore to ₹50,000 crore in FY28. Proposals to offset the revenue loss include increasing the annual LTCG exemption limit to ₹2 lakh or adjusting STT rates.
• Another proposal under discussion would allow foreign investors to calculate capital gains in US dollars instead of rupees, reducing the impact of currency depreciation on their taxable returns.

• LTCG: 12.5% on eligible listed equity and equity mutual fund gains exceeding ₹1.25 lakh annually, for holdings exceeding 12 months.
• STCG: 20% on eligible equity gains from investments held for 12 months or less.
• STT: 0.1% on equity delivery transactions, 0.05% on futures sales and 0.15% on options sales, under the rates stated in the supplied material.

India's Stock Market Reclaims World's Top Five Spot as Foreign Investors Pour In $6.43 Billion

• India's stock market capitalisation has reached approximately $5.4 trillion, overtaking Taiwan and returning to the world's five largest equity markets, according to Bloomberg.
• The Nifty 50 has gained nearly 14% from its October 8 low and reached an eight month high on Wednesday after rising for nine consecutive sessions.
• Foreign investors have purchased $6.43 billion worth of Indian equities in November, the highest monthly inflow since September 2024, according to Reuters.
• Domestic institutional investors have moved in the opposite direction, selling ₹8,434 crore on Wednesday. It was their ninth consecutive session of net selling.
• Geojit Investments' V K Vijayakumar said foreign institutional investors have turned aggressive buyers while domestic institutions have become consistent sellers.
• Falling Brent crude prices, which dropped below $92 per barrel amid hopes of progress in international peace talks, have also supported sentiment.
• However, investors are closely watching India's October CPI inflation data. Vijayakumar warned that inflation could approach 6%, potentially prompting a 25 basis point RBI rate hike in December.
• Benchmark indices opened largely flat on Thursday ahead of the inflation data.

India's Persian Gulf Oil Imports Surpass Russian Supplies for First Time Since US-Iran Conflict

• India's crude oil imports from the Persian Gulf via the Strait of Hormuz have exceeded imports from Russia for the first time since the US-Iran conflict began.
• According to commodities analytics firm Kpler, shipments through the Strait of Hormuz have risen to 2.1 million barrels per day so far in November, compared with 1.8 million barrels per day from Russia.
• The conflict had sharply disrupted supplies through the strait, with India's imports falling from an average of 2.8 million barrels per day in February to just 247,000 barrels per day in April.
• Tanker movements have since resumed, rebuilding crude flows through the strategic shipping route.
• Persian Gulf oil exports are also approaching pre-conflict levels. Saudi Arabia, the UAE, Iraq and Kuwait collectively exported 15.53 million barrels per day in October, broadly unchanged from the beginning of the year.

South Korea Denies Rumours of Fresh KOSDAQ Stimulus, Warns of Action Against Market Manipulation

• South Korea’s Financial Services Commission (FSC) on November 12 denied social media rumours claiming that new measures to support the KOSDAQ market would be announced on November 13.
• The FSC said the claims circulating online were completely false and warned that spreading unfounded rumours could constitute unfair trading under the Capital Markets Act.
• The regulator said severe action would be taken if illegal activity is confirmed.
• The Korea Exchange (KRX) and Financial Supervisory Service (FSS) also issued statements rejecting the rumours.
• The speculation had claimed that the Blue House, FSC and KRX would jointly announce specific measures to boost the KOSDAQ market.
• South Korea denied plans for new KOSDAQ stimulus. The index fell after a two-day rally that had boosted it over 10% on support speculation.

India's Net Direct Tax Collections Rise 11.76% to ₹14.42 Lakh Crore in FY27 So Far

• India's net direct tax collections increased 11.76% year-on-year to ₹14.42 lakh crore between April 1 and November 10, 2026, compared with ₹12.90 lakh crore during the corresponding period last year.
• Collections have reached approximately 53% of the government's full-year FY27 direct tax target of ₹26.97 lakh crore.
• Gross direct tax collections rose 14.02% to ₹17.50 lakh crore from ₹15.35 lakh crore a year earlier.
• Tax refunds increased nearly 26% to ₹3.08 lakh crore, compared with ₹2.45 lakh crore in the corresponding period last year.
• Net corporate tax collections climbed 17.84% to ₹6.32 lakh crore from ₹5.36 lakh crore. Gross corporate tax receipts increased around 16% to ₹8.01 lakh crore.
• Net non-corporate tax collections, which include personal income tax, HUFs and firms, rose 5.3% to ₹7.56 lakh crore. Gross collections increased 10.7% to ₹8.95 lakh crore.
• Securities Transaction Tax (STT) collections surged 51.56% to ₹54,078 crore from ₹35,682 crore, reflecting higher tax receipts from securities market transactions.
• The government is targeting a 15% increase in direct tax collections in FY27, compared with ₹23.40 lakh crore collected in FY26.

Google's $15 Billion Andhra Pradesh Data Centre Project on Track for 2028 Launch Despite Local Opposition

• Andhra Pradesh Chief Minister N. Chandrababu Naidu said Google's $15 billion AI data centre project in the state is progressing well and is expected to begin operations in 2028.
• Naidu promised uninterrupted electricity and water supplies, saying the state is examining precautionary measures to meet the project's substantial energy requirements.
• He said the government would push the project forward without compromising public welfare, even as residents and environmental groups raise concerns over water shortages and power infrastructure.
• The investment, which also includes submarine cable infrastructure, represents Google's biggest bet in India and forms a key part of Naidu's plan to develop Andhra Pradesh into a technology hub and generate employment.
• Naidu also referred to Blackstone's latest data centre investment in the state.
• Separately, Australia's Quantum DC Pty has suspended the approval process for a proposed 1,200 MW hyperscale data centre near Adelaide, South Australia.
• The company said it will not submit a development application this year following community opposition to the Tungkillo project.
• Residents have raised concerns over site selection, water availability, electricity infrastructure and the potential impact on farmland.
• Quantum DC has also cancelled two community briefings scheduled for later this month and plans to introduce a longer-term community engagement programme.
• The suspension marks at least the third data centre development in Australia to face delays amid growing public opposition in recent weeks.

Prudential Warns US Tariffs Could Rise to 15% After Midterm Elections; SocGen Maintains Bullish Dollar Outlook

• Prudential economist Robert Sockin said political divisions following the US midterm elections could increase the likelihood of expanded executive action and push tariffs from approximately 10% to nearly 15%.
• Higher tariffs could sustain inflationary pressures, although Prudential does not expect the election outcome to derail US economic growth.
• Sockin warned that political uncertainty could prolong a period of weaker capital spending, with AI-related contributions to US GDP expected to moderate slightly by 2027.
• Prudential continues to forecast a cumulative 100-basis-point Federal Reserve rate increase, beginning with a hike in December 2026, followed by quarterly increases.
• The firm has reduced the probability of its baseline scenario of an overheated US economy to 40% from 50% previously. Its estimated probability of a recession has increased to approximately 25%.
• Separately, Societe Generale analyst Kit Juckes said the resilience of the US economy supports further gains in the US dollar. He maintained his year-end euro-dollar forecast at 1.10.
• Juckes said strong US inflation, better-than-expected retail sales and GDP data are outweighing longer-term concerns surrounding fiscal tightening and increased congressional scrutiny of the AI industry.
• He noted that the US economy continues to outperform most other major economies despite emerging longer-term risks.

Adani Group May Fund Up to Half of €2.56 Billion Evos Acquisition Through Equity

• Adani Group is considering funding up to 50% of its €2.56 billion acquisition of European liquid storage operator Evos through equity, with the remaining amount financed through a syndicated loan, Bloomberg reported, citing people familiar with the discussions.
• The revised plan could involve raising up to approximately $1.45 billion through equity, marking a shift from the debt-funded structure initially announced.
• Adani Ports announced the €2.56 billion (approximately ₹27,000 crore) all-cash acquisition on November 5, with MUFG acting as the sole underwriter and committing up to €2.8 billion in financing.
• The transaction values Evos's equity at approximately €1.18 billion after deducting €1.374 billion in net debt and debt-like items, including €289 million of shareholder debt.
• The reported financing plan also involves refinancing approximately €1.3 billion of Evos's existing debt.
• Adani Ports expects the combined business to have pro forma net debt of 2.76 times EBITDA, declining to around 2.5 times by FY27.
• Evos is Europe's second-largest independent liquid storage operator, with 6.3 million cubic metres of capacity across eight port terminals in the Netherlands, Germany, Spain, Belgium and Malta.
• Adani is acquiring 100% of Evos from Igneo Infrastructure Partners at 11.7 times its 2025 enterprise value to EBITDA.
• The transaction has drawn attention because MUFG is financing Adani Ports while its parent group, First Sentier Group, owns Igneo, the seller's infrastructure investment arm.
• S&P Global Ratings has said Adani Ports can absorb the acquisition costs. However, the deal requires regulatory approvals in India and other jurisdictions, along with consultation with Evos's works council.
• Completion is expected within 15 months. Adani has not publicly confirmed the reported change in its financing structure.

Anthropic IPO Draws Several Times the Shares on Offer, Eyes Up to $90.4 Billion Fundraising

• Anthropic's IPO has attracted orders for several times the shares on offer just one day into its investor roadshow, with much of the demand coming from large institutional investors, Bloomberg reported, citing people familiar with the matter.
• The company has set a price range of $70 to $78 per share for 825 million Class A shares. At the upper end, the public offering could raise approximately $64.35 billion.
• Anthropic will also raise up to $26 billion through a private placement with cornerstone investors, including Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC.
• The IPO and private placement together could raise as much as $90.4 billion, potentially exceeding SpaceX's $85.7 billion offering in June.
• At the top of the proposed price range, Anthropic could reach a valuation of approximately $1.4 trillion on a fully diluted basis and around $1 trillion on a non-diluted basis.
• Goldman Sachs and Morgan Stanley are leading the offering alongside 20 other banks. Anthropic plans to list on the Nasdaq Global Select Market under the ticker symbol ANT.
• The company is expected to price the IPO on November 18, with trading scheduled to begin on November 19.
• Fortune reported that bankers are considering pricing the shares above the proposed range, potentially pushing Anthropic's valuation to $1.5 trillion or higher.
• The current valuation target is below the approximately $2 trillion figure reportedly discussed by bankers earlier this year, but remains significantly above Anthropic's reported $965 billion private valuation in May.
• Some major investors reportedly pushed for a lower valuation following last week's sell-off in AI stocks.
• Wedbush analyst Dan Ives cautioned that an offering of this size has only one chance to make a strong market debut, arguing that investor demand and market absorption matter more than achieving the highest possible valuation.

HSBC Warns AI Boom Collapse Could Trigger Global Recession as Asia's Export Growth Becomes Increasingly Dependent on AI Demand

• HSBC economist Frederic Neumann told The Wall Street Journal that a collapse in the AI boom could make a global recession difficult to prevent.
• Concerns over AI valuations, weaker-than-expected earnings and potential regulatory action following Democratic gains in the US midterm elections triggered sharp market volatility.
• On November 5, the Nasdaq Composite fell 5.5%, entering correction territory. South Korea's SK Hynix dropped more than 10% the following day.
• US stocks have since recovered much of their losses. The S&P 500 approached a full recovery of the previous week's decline on Wednesday, supported by better-than-expected CoreWeave results.
• Taiwan Semiconductor Manufacturing Company reported that October revenue was nearly six times its level a year earlier, highlighting continued strength in AI-related demand.
• Despite the rebound, major benchmarks remain below their recent peaks. As of Tuesday's close, the Nasdaq was 10% below its annual high, Japan's Nikkei 225 was down 16% and South Korea's Kospi was down 42%, according to The Wall Street Journal.
• Asia's export growth is increasingly tied to AI demand. China's exports rose 35% year-on-year in October, while South Korea's increased 93%, according to CEIC data cited by the Journal.
• Capital Economics estimates that AI-related goods accounted for as much as 80% of recent export growth, leaving China, Taiwan and South Korea exposed to any slowdown in US data-centre investment.
• Marcel Thieliant of Capital Economics warned that AI capital expenditure could shift from supporting global trade to becoming a drag if investment slows.
• Economists are drawing parallels with the dot-com bust. Oxford Economics data shows US imports of IT equipment, as a share of GDP, fell 55% in the two years after their mid-2000 peak. Global economic growth slowed to 2% in 2001.
• Moody's Analytics economist Gaurav Ganguly warned that a sharp decline in AI stocks, combined with an oil shock, tariffs and higher interest rates, could create a severe economic shock with global recessionary consequences.

MSCI Removes Strategy From Global Equity Indexes, Potentially Triggering Billions in Passive Outflows

• MSCI confirmed on November 11, 2026, that it will remove Strategy (formerly MicroStrategy, Nasdaq: MSTR) from its global equity benchmarks, including MSCI USA, MSCI World and MSCI ACWI. The changes will take effect after the market close on November 30.
• The decision follows MSCI's new framework for non-operating companies, finalised on October 15 after a year-long review. The framework restricts eligibility for companies whose assets are predominantly investment holdings rather than operating businesses.
• Although Strategy continues to operate an enterprise software business, that segment accounts for less than 1% of its total assets. Most of its balance sheet is linked to its Bitcoin treasury, which reportedly exceeds 850,364 BTC, acquired for approximately $64.16 billion.
• Strategy reportedly failed at least four of the five financial ratio tests under MSCI's framework, including screens related to operating expenses and dependence on capital raising rather than operating revenue.
• MSCI applied the exclusion directly because Strategy failed the eligibility criteria across both its 2024 and 2025 annual reporting periods, despite the usual two-year grace period for existing index constituents.
• The review also removed Japan's Bitcoin treasury firm Metaplanet and UK uranium-holding company Yellow Cake.
• The exclusion does not delist Strategy from Nasdaq or legally require it to sell its Bitcoin holdings.
• Strategy estimates that passive funds tracking MSCI indexes hold approximately 13 million shares, equivalent to around 3.1% of its basic shares outstanding. JPMorgan previously estimated potential outflows from MSCI-tracking funds at approximately $2.8 billion.
• The removal could increase the company's cost of raising capital. Strategy relies on issuing common and preferred shares to finance additional Bitcoin purchases, and weaker passive demand could put pressure on its share price.
• Analysts have warned that similar exclusions by other major index providers, including S&P, FTSE Russell and Nasdaq, could potentially expose Strategy to another $8.8 billion in passive outflows.
• The immediate market impact may be limited because MSCI announced the proposed framework in October and Strategy had already disclosed the expected exclusion in its third-quarter SEC filing.
• Executive Chairman Michael Saylor has criticised the policy as discriminatory, arguing that the company's Bitcoin treasury strategy represents a legitimate business model.

Iran Says US Must Respond to Its Negotiation Terms as Vance Considers Direct Talks With Tehran

• Iranian Parliament Speaker Mohammad Ghalibaf said Tehran has sent Washington a clear response outlining its conditions for further negotiations, but the US has yet to provide a formal or specific reply.
• Ghalibaf said the next move rests with Washington, referring to Iran's seven preconditions for resuming negotiations.
• He rejected reports of changes to Iran's negotiating team, confirming that he continues to lead the six-member delegation.
• Ghalibaf said Iran wants to end the current state of "neither war nor peace" and establish a sustainable deterrent. He added that this objective does not necessarily have to be achieved through negotiations.
• He said Iran does not seek war but warned that any fresh US or Israeli attack would trigger a decisive Iranian response.
• Separately, Iranian Armed Forces Deputy Chief of Staff Heidari claimed that no US troops are currently present in the Persian Gulf. He warned that Iran could strike targets inside countries whose aircraft attack Iranian territory.
• Heidari said Iran has prepared a target database for potential future conflicts and established a dedicated command post to monitor and engage enemy warships.
• According to The Wall Street Journal, President Donald Trump has authorised Vice President JD Vance to explore renewed negotiations with Iran and potentially lead direct consultations.
• Vance is considering a face-to-face meeting with Mohsen Rezaei, secretary of Iran's Supreme National Security Council. Doha is being considered as a possible venue, although discussions remain preliminary and no date has been set.
• The report said Vance's diplomatic role has expanded beyond that of US special envoys Steve Witkoff and Jared Kushner. Leading the negotiations could carry political risks if talks fail.
• Key differences between Washington and Tehran include the US naval blockade, frozen Iranian assets and oil sanctions. Iranian diplomats and some regional mediators remain sceptical about the prospects for a breakthrough.
• Trump has said the US will maintain the blockade and deploy additional aircraft carriers to the region, while Secretary of State Marco Rubio has said large-scale military action is not currently necessary and that economic pressure is working.

MSCI November Rebalancing: LIC, Coforge, Adani Green and Meesho Added to Global Standard Index

• MSCI has added four Indian stocks to its Global Standard Index in the November 2026 review: LIC, Coforge, Adani Green Energy and Meesho. PI Industries has been removed.
• According to Nuvama Alternative and Quantitative Research estimates, the additions could attract potential passive inflows of $630 million into Coforge, $468 million into LIC, $348 million into Adani Green Energy and $307 million into Meesho.
• PI Industries could see estimated outflows of around $119 million following its removal.
• MSCI has also increased the index weight of 11 companies, including Billionbrains Garage Ventures (Groww's parent), Lenskart, JSW Steel, Adani Energy Solutions, Coal India, Paytm, Bharat Forge, Oracle Financial Services Software, Zydus Lifesciences, Vedanta and Bosch.
• Nuvama estimates potential inflows of $97 million into Billionbrains Garage Ventures, $85 million into Lenskart, $69 million into JSW Steel and $60 million into Adani Energy Solutions due to higher weights.
• Weights have been reduced for NTPC, Eicher Motors, Grasim, REC, Hindustan Aeronautics, Cipla, GAIL, MRF and Siemens India. The reductions could trigger estimated outflows ranging from $10 million to $97 million across these stocks.
• In the MSCI Emerging Markets Small Cap Index, 11 stocks have been added and 29 removed, reducing the number of constituents from 450 to 432.
• New additions include Shadowfax Tech, Apollo Micro Systems, Aequs, Viyash Scientific and Molbio Diagnostics. HCC, Praj Industries, Ion Exchange, Arvind Fashions and Happiest Minds are among the stocks removed.
• Following the changes, India's weight in the MSCI Emerging Markets Standard Index is expected to rise from 12.9% to 13.1%.

Nvidia Shares Slide Over 8% as Board Weighs Jensen Huang’s Future; White House Stays Out

• Nvidia shares plunged more than 8% in overnight trading after reports that its board is preparing to remove CEO Jensen Huang following revelations of alleged extramarital affairs.
• The board is reportedly meeting to decide Huang’s future and has been working with an external firm to identify potential successors, including considering an interim CEO.
• The Washington Post reported that the White House will not interfere with the board’s decision.
• The developments triggered gains in rival chipmakers, with AMD rising over 4% and Broadcom gaining more than 2%.
• Optical communication and storage stocks also came under pressure. AAOI fell over 4%, Marvell Technology declined nearly 4%, while Lumentum, Micron Technology and SanDisk dropped around 3%. SK Hynix lost over 2%.

• The Philadelphia Semiconductor Index (SOX) jumped 7%, extending its rally amid strong buying across major chipmakers.
• Micron surged more than 13%, Intel gained over 9%, AMD rose more than 7%, Broadcom advanced over 6%, Nvidia climbed more than 4%, ASML gained over 3% and Qualcomm rose over 2%.
• CoreWeave shares surged more than 25%, marking their biggest single-day gain since June 2025.
• The rally followed CoreWeave's better-than-expected third-quarter results and an upward revision to its 2026 revenue guidance.
• The broader US market also advanced, with the Nasdaq gaining 2%, the S&P 500 rising 1.31% and the Dow Jones Industrial Average adding 0.1%.
• The iShares Semiconductor ETF (SOXX) climbed 8.1% intraday. Its highest-volume call option recorded a 351% price gain, with trading volume of 17,350 contracts.