A day of significant global developments is underway, as Argentina’s finance chief touts a powerful US backstop for his nation’s battered currency, a major new company makes a strong debut on the booming Indian stock market, and Canada embarks on a delicate diplomatic mission to Asia.
Here’s your one-stop stand to catch up on all the headlines you may have missed.
Argentina’s economy chief says the US is willing to keep buying the peso
Argentina’s economy minister, Luis Caputo, has stated that the US Treasury’s backstop of the nation’s battered peso is “unflinching.”
His comments come ahead of a planned October 14 meeting between President Javier Milei and President Donald Trump at the White House.
“Today, the world’s greatest power says: ‘Argentines, we will do whatever it takes to make things right for you’,” Caputo said in a television interview.
The show of support follows a swift US intervention last week, which saw Washington offer 20 billion dollars in financing and directly purchase pesos to shore up the currency after weeks of steep declines.
Tata Capital rises in its trading debut after India’s biggest IPO of the year
Tata Capital Ltd. has advanced in its Mumbai trading debut after the company wrapped up its 155-billion-rupee ($1.7 billion) initial public offering, India’s biggest this year.
The stock opened 1.2 percent higher than its IPO price, a solid start for the country’s largest float since last year’s record 3.3 billion dollar deal from Hyundai Motor India.
The successful debut is being closely watched as a bellwether for the country’s increasingly hot IPO market, with the Indian unit of LG Electronics scheduled to begin trading on Tuesday.
Canada seeks to ease tensions with China and India as Trump digs in
Canada is embarking on a delicate diplomatic mission to strengthen its ties with both China and India, a move that comes as it remains in precarious trade talks with a US administration that has escalated its own tariff war with Beijing.
Foreign Minister Anita Anand is traveling to New Delhi, Mumbai, and Hangzhou this week for a series of high-level meetings. The task is a difficult one, as any steps to ease tensions with China will need to be taken carefully to avoid a reprisal from US President Donald Trump.
“It goes back to being a sovereign country,” Anand said in an interview with Bloomberg News, when asked how Canada can balance its relationships.
Rare earth stocks rally as the US-China spat fuels supply fears
A fresh wave of tensions between Beijing and Washington over China’s exports of critical minerals has sent rare earth stocks rallying, as investors bet on the prospects of alternative suppliers.
The Australian miner Arafura Rare Earths Ltd. rose as much as 27 percent to its highest level in over two years, while the established global producer Lynas Rare Earths Ltd. climbed as much as 8.5 percent.
The surge follows a new spat between the US and China over Beijing’s plans to fortify its export controls, a move that has fueled a push by Western policymakers to reduce their reliance on the Asian giant.
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