11:11 | Oil holds above $97; Fed hike bets rise; China races to build AI data centres

Good morning!

Oil remains a big market trigger this morning, with Brent holding above $97 a barrel as traders watch a potential Iran-Oman shipping arrangement for the Strait of Hormuz. The deal could give Tehran greater control over the vital waterway, keeping the risk of supply disruptions firmly in focus.

The Fed is another key driver for markets. Stronger-than-expected US jobs data has sharply lifted expectations of a September rate hike, with UBS pointing investors towards opportunities in equities and longer-dated bonds while recommending gold as a hedge. Gold is holding steady and silver is up more than 1%, while the rupee has opened almost flat at ₹94.51 against the dollar as elevated crude prices cap its recovery.

India markets have plenty to watch as well. Deepa Jewellers made a strong debut, listing at nearly a 25% premium, while Shiprocket shares gained after the company reported stronger Q1 revenue and a narrowing loss.

In technology, China is pushing to build AI data centres away from its biggest cities to tap cheaper power, while Anthropic has reportedly walked away from a potential $6 billion acquisition of Decart AI. Here's more.

Brent above $97 as crude holds steady after Iran-Oman Hormuz shipping deal nears final stages

Oil prices held steady on Tuesday as traders awaited details of a shipping arrangement between Iran and Oman for the Strait of Hormuz, a deal that could hand Tehran greater control over the vital waterway. Brent crude briefly topped $98 a barrel in the previous session, before settling above $97 on Tuesday, while West Texas Intermediate climbed 1.2% to $92.59 a barrel.

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A Fed rate hike is coming into

view. Here’s what UBS says to own — and avoid

August's surprisingly strong US jobs print has sharply increased the odds of a September Fed rate hike — offering investors a chance to buy equities, take advantage of opportunities in longer-dated bond yields and build gold hedges, according to UBS. The Federal Reserve could be set to raise interest rates after U.S. nonfarm payrolls surged by 162,000 last month, exceeding consensus forecasts of 55,000, as unemployment held steady at 4.1%.

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China races to build AI data centres far from its biggest cities to tap cheap power

Set in rolling grassland, Ulanqab is an unlikely technological hub.

Yet this modest city of less than 2 million people in Inner Mongolia has found itself on the front line of China’s efforts to relocate computing power away from its crowded eastern megacities and out to its western regions, where both space and inexpensive green energy are abundant.

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Anthropic said to walk away from $6 billion Decart acquisition

Anthropic PBC has decided against pursuing an acquisition of artificial intelligence startup Decart AI. Anthropic had been exploring a deal and performed due diligence on Decart, but ultimately walked away, Bloomberg reported.

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Deepa Jewellers shares make strong debut, list at nearly 25% premium

Shares of Deepa Jewellers made a strong debut on the BSE and NSE on Tuesday, September 8. The stock opened at ₹221.05 on the BSE, a premium of 24.89% over its issue price of ₹177. On the NSE, it listed at ₹221, marking a 24.86% premium to the issue price.

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Shiprocket shares up 6% after Q1 revenue rises 34%, net loss narrows; core business strengthens

Shares of newly-listed Shiprocket Ltd. gained 6% on Tuesday, September 8, after the recently-listed company reported its earnings for the June quarter a day prior. Shiprocket's core business continues to strengthen while its investments in its emerging business continues.

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Gold steady, silver rises over 1%: What’s driving bullion prices

Gold prices remained largely steady in international trade on Tuesday (September 8), while silver gained more than 1%, as investors weighed geopolitical tensions in the West Asia against shifting expectations for US monetary policy. On COMEX, gold was trading at $4,477.40 per ounce, up $0.80, or 0.02%, from the previous close.

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Rupee opens almost flat: Here’s what is capping its recent recovery

The Indian rupee opened nearly flat against the US dollar on Tuesday, September 8, amid continued pressure from higher crude oil prices and demand for dollars from importers looking to hedge their foreign exchange exposure. The rupee opened at ₹94.51 per US dollar, compared with Monday’s (September 7's) close of ₹94.49.

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King Charles III clarifies status of Prince Harry and his wife, Meghan, after their return to the UK

King Charles III has reiterated that Prince Harry and his wife, Meghan, remain non-working members of the royal family following their return to the United Kingdom. A letter sent on behalf of the king to senior government officials said the couple will continue to refrain from using their royal titles as they have done since stepping back from official royal duties in 2020.

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Oxford University museum to return human remains to Naga people

Oxford University's Pitt Rivers Museum will return the remains of 39 people taken during Britain's colonial era to the Naga community in northeast India, the museum said on Monday (September 7). The museum, which holds the world's largest collection of Naga artefacts, confirmed it was preparing the repatriation after the university approved a restitution request by the Forum for Naga Reconciliation (FNR).

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Satya Niketan building collapse: Students flag high PG rents, cramped living conditions

Seven people were confirmed dead and six injured after a paying guest (PG) accommodation building collapsed in Satya Niketan, South Delhi, at around 1:30 pm on Sunday (September 6). The incident has also brought attention to the accommodation conditions faced by students living in and around the area.

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