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Asian Stocks Set to Fall as Global Rally Stalls: Markets Wrap

Asian stocks were set to slip Thursday, tracking losses on Wall Street as signs of fatigue crept into the AI-fueled equity rally.

By Richard Henderson

Carlyle-Backed Orion Breweries to Debut on Tokyo Stock Exchange

Orion Breweries Ltd. is set to trade on the Tokyo Stock Exchange on Thursday after the size of its initial public offering was increased.

Bessent Halts Argentina Crisis as US Lifeline Upends Short Bets

Speculators seeking to profit from the selloffs racing through Argentina’s markets were stopped dead in their tracks by a powerful investor willing to take the opposite side of the trade: The US government.

Citi Sells Banamex Stake to Mexican Magnate for $2.3 Billion

Citigroup Inc. agreed to sell a 25% stake in its Mexican retail banking unit Banamex to local businessman Fernando Chico Pardo as part of a plan to list the asset publicly.

Daly Says More Rate Cuts Likely But Fed Should Move Cautiously

Federal Reserve Bank of San Francisco President Mary Daly said further interest-rate cuts are likely needed, but the US central bank should approach those with caution.

Hertz Shares Jump on $250m Exchangeable Notes Offering

(Adds shares.)

China ‘National Team’ Fund Makes $50 Billion From Stock Rescue

A unit of China’s sovereign wealth fund has reaped paper gains of more than $50 billion buying local exchange-traded funds, highlighting the scale of government support for the country’s stock market, according to Bloomberg Intelligence.

US Readies $20 Billion Rescue to Help Milei Win in Argentina

The US plans to extend a $20 billion swap line to Argentina and is ready to buy the country’s foreign bonds, providing much-needed financial support to President Javier Milei as he tries to regain investor confidence and stem a run on the peso.

Goldman Has ‘Serious Doubts’ First Brands Will Avoid Bankruptcy

Analysts on a Goldman Sachs Group Inc. trading desk have told clients they have “serious doubts” that the auto-parts supplier First Brands Groupwill be able to avoid bankruptcy.

Accounting Board Skeptical It Should Rein in Unofficial Metrics

The board that sets US accounting rules is unconvinced whether to create formal standards for earnings and cash flow metrics that corporate managers frequently hype to investors.