Baidu Stock Plunges Nearly 10% on Advertising Slowdown Concerns
Shares of the Chinese tech giant fell sharply after a report indicated sluggish revenue in its core search and advertising business, fueling concerns about competition from AI chatbots.
Latest by Yuki Tanaka
South Korea's KOSPI Swings From Record High to Bear Market in Weeks
South Korea's KOSPI index has plunged 25% from its late-June peak, entering a bear market after a spectacular AI-fueled rally. The reversal highlights the risks of a market heavily concentrated in two tech giants and turbocharged by retail investor leverage.
Oil Hits One-Month High as U.S.-Iran Clashes in Strait of Hormuz Threaten Supply
Crude prices surged over 2% as the U.S. reinstated a naval blockade of Iran and Tehran allegedly attacked two tankers, stoking fears of a major disruption to energy flows through the critical shipping lane.
Yen Weakness Fueled by Booming Japanese Equities, Citi Says
According to Citi, the rally in Japanese stocks is a primary driver of the yen's weakness, as investors sell the currency to hedge their equity gains. The bank notes that only intervention or a Bank of Japan policy shift could reverse this trend in the near term.
California Retains Law Firm Milbank for Multistate Lawsuit to Block Paramount-Warner Bros. Merger
California and 11 other states have hired the corporate law firm Milbank to lead an antitrust lawsuit aimed at stopping the merger of Paramount and Warner Bros., which was previously approved by federal regulators.
Genesis Minerals to Acquire Vault in A$12.6 Billion Australian Gold Merger
Genesis Minerals has agreed to buy smaller rival Vault Minerals, a deal set to create a major Australian gold producer with a combined market capitalization of approximately A$12.6 billion ($8.71 billion).
Bank of America Warns of Yen Reversal Risk as Short Positions Mount
Speculative bets against the Japanese yen have reached extreme levels not seen in two years, increasing the risk of a sharp reversal, according to a Bank of America analysis. The report identifies crowded carry trades and potential catalysts, including FX intervention or a market downturn, that could trigger an unwind.
US Targeting Iran's Strait of Hormuz Capabilities, Trump Confirms
President Donald Trump confirmed the U.S. is attacking Iranian military assets related to the Strait of Hormuz amid new strikes, though he has not ruled out a negotiated settlement.
Argentina's YPF Electric Energy Files for US IPO, Reports 46% Revenue Growth
The Argentinian power generator has filed to list on the NYSE, revealing a 45.8% jump in quarterly revenue amid renewed investor interest in the country's energy sector. The offering will consist of shares sold by an existing stakeholder.