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Sensex, Nifty close at fresh highs

Brazil's Banco Inter buys U.S. fintech USEND

SAO PAULO (Reuters) – Brazilian digital bank Banco Inter SA has reached an agreement to acquire U.S-based financial startup USEND for an undisclosed amount, a securities filing showed on Friday.

Inter said USEND offers foreign exchange transactions, payments wallets, debit cards and bill payments to 150,000 customers.

Sensex surged over 175 points to close at new high

UltraTech Cement was the top gainer in the Sensex pack, surging over 3 per cent, followed by L&T, Dr Reddy’s, Bajaj Finserv, Sun Pharma, TCS and Kotak Bank.

NSE Nifty gained 68.30 points to finish at a record 16,705.20.

Equity benchmark Sensex surged over 175 points to close at its new lifetime high on Friday, boosted by gains in TCS, L&T and HDFC amid a largely subdued trend in global markets.

The 30-share index settled 175.62 points or 0.31 per cent higher at 56,124.72.

Similarly, the broader NSE Nifty gained 68.30 points or 0.41 per cent to finish at a record 16,705.20.

UltraTech Cement was the top gainer in the Sensex pack, surging over 3 per cent, followed by L&T, Dr Reddy’s, Bajaj Finserv, Sun Pharma, TCS and Kotak Bank.

On the other hand, Infosys, IndusInd Bank, M&M, Nestle India and HCL Tech were among the laggards.

Elsewhere in Asia, bourses in Shanghai and Seoul ended with gains, while Hong Kong and Tokyo settled in the red.

Equities in Europe were trading on a negative note in mid-session deals.

Photograph: Shailesh Andrade/Reuters

Fed's inflation measure soars by most in 30 years

KC Fed president on Jackson Hole, inflation, tapering measures

Kansas City Federal Reserve President Esther George, in a wide-ranging exclusive interview, argued that tapering should happen ‘sooner rather than later’ and predicted ‘high growth’ for the U.S. economy this year.

The core personal consumption expenditures price index, the Federal Reserve’s preferred inflation measure, accelerated last month by the most on an annual basis in 30 years.  

Core PCE, which excludes food and energy, rose 3.6% year over year in July, according to the Bureau of Economic Analysis. Last month’s reading was revised up to 3.6% growth from 3.5%.

Prices rose 0.3% on a monthly basis as the pace of gains declined for a second straight month. Prices increased 0.5% in June and 0.6% in May. 

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Barclays To Buy $3.8 Bln Worth Gap Credit Card Portfolio – Quick Facts

British investment bank Barclays Plc (BARC.L,BCS) announced Friday its agreement to acquire $3.8 billion worth portfolio of U.S. co-branded and private label credit card accounts and receivables issued in partnership with clothing retailer Gap, Inc. (GPS).

In pre-market activity on NYSE, Gap shares were gaining around 8 percent to trade at $28.34.

In a statement, Barclays said Barclays Bank Delaware in the U.S. has entered into an agreement with Synchrony Bank to acquire the portfolio.

The total portfolio consisted of around $3.8 billion of average receivables as at June 2021, with completion of the acquisition expected in the second quarter of fiscal 2022.

The acquisition follows the April 2021 agreement between Gap and Barclays Bank Delaware.

As per the deal, Barclays Bank Delaware will issue co-branded and private label credit cards in the U.S. to Gap customers beginning in second quarter of fiscal 2022.

Under the deal terms with Synchrony Bank, as at June 2021 consideration for the portfolio would have been approximately $3.9 billion.

The acquisition is being financed from Barclays’ existing resources.

The deal is estimated to reduce Barclays’ CET1 ratio by approximately 20bps upon completion.

FT: European Commission Intends To Investigate NVIDIA-Arm Deal

As per a report published in the Financial Times, the European Commission plans to launch an investigation into the announced acquisition of Arm by NVIDIA. The probe will likely begin after NVIDIA formally approaches the European Commission for approval.

On 13 September 2020, NVIDIA (NVDA) and SoftBank Group (SFTBY.PK,SFTBF.PK) announced an agreement under which NVIDIA will acquire Arm Limited from SoftBank. NVIDIA believes the purchase of Arm allows it to invest deeper in Europe and make the region a major NVIDIA center of innovation. The deal is subject to customary closing conditions, including the receipt of regulatory approvals for the U.K., China, the European Union and the United States.

On August 20, the Competition and Markets Authority in the UK found that NVIDIA’s purchase of Arm raises serious competition concerns. Arm’s intellectual property is used by companies that produce semiconductor chips and related products, in competition with NVIDIA. Based on the finding, the CMA decided that the merger should be progressed to an in-depth phase 2 investigation.

Sensex, Nifty close at fresh highs

Equity benchmark Sensex surged over 175 points to close at its new lifetime high on Friday, boosted by gains in TCS, L&T and HDFC amid a largely subdued trend in global markets.

The 30-share index settled 175.62 points or 0.31 % higher at 56,124.72.

Similarly, the broader NSE Nifty gained 68.30 points or 0.41 % to finish at a record 16,705.20.

UltraTech Cement was the top gainer in the Sensex pack, surging over 3 %, followed by L&T, Dr Reddy’s, Bajaj Finserv, Sun Pharma, TCS and Kotak Bank.

On the other hand, Infosys, IndusInd Bank, M&M, Nestle India and HCL Tech were among the laggards.

Elsewhere in Asia, bourses in Shanghai and Seoul ended with gains, while Hong Kong and Tokyo settled in the red.

Equities in Europe were trading on a negative note in mid-session deals.

Meanwhile, international oil benchmark Brent crude rose 0.94 % to $ 71.74 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital market as they offloaded shares worth ₹ 1,974.48 crore on Thursday, as per provisional exchange data.