US markets fell further on Thursday as profit booking continued from the post-election rally. Remarks from Fed Chair Jerome Powell acted as a key trigger behind the market fall. The Dow Jones fell over 200 points on Thursday, while the S&P 500 and the Nasdaq Composite declined 0.6% each. Fed Chair Jerome Powell in Dallas on Thursday said that the central bank "didn't need to be in a hurry".
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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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