JPMorgan Chase & Co., in a first for any global bank, has set up a unit to develop derivative products in India’s newest international hub, according to people familiar with the matter. The US bank will pitch the products to clients in Asia-Pacific and Europe, in addition to providing support for the offerings developed from the Gujarat International Finance Tec-City, or GIFT City.
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US money market fund assets climbed to an unprecedented $6.67 trillion, marking an $81.6 billion increase for the week ending November 13, according to the Investment Company Institute (ICI). This latest surge, driven largely by institutional investors, comes as fund managers ostensibly continue to seek stability amid the US Federal Reserve's interest rate policy adjustments.
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Copper is heading for its longest run of weekly losses in more than half a decade, as base metals suffer steep declines on a strong dollar and lingering concerns over Chinese demand. While copper ticked higher on Friday, it has drifted lower since late-September and is poised for its seventh consecutive weekly fall.
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