Core Insights - Reliance Industries Limited (RIL) has established a joint venture with Facebook Worldwide Inc. to form Reliance Enterprise Intelligence Limited (REIL), with an initial investment of ₹855 crore in India [1][3]. Group 1: Joint Venture Details - REIL is a step-down subsidiary of Reliance Intelligence Limited, which is wholly owned by RIL [1]. - The joint venture will see Reliance Intelligence holding a 70% stake and Facebook holding 30% [3]. - An initial investment of ₹2 crore will be made by Reliance Intelligence for the subscription of 20,00,000 equity shares at ₹10 each [2]. Group 2: Business Focus - REIL will focus on developing, marketing, and distributing enterprise AI services [3]. Group 3: Regulatory Aspects - The transaction does not qualify as a related party transaction, and no promoter or group company has an interest in it [4]. - No governmental or regulatory approvals were necessary for the incorporation of REIL [4].

Core Insights - Meta Platforms, Inc's Facebook Overseas will hold a 30% interest in the AI venture established by Mukesh Ambani's Reliance Industries, while Reliance will retain a 70% stake [1][3] - The joint venture, named Reliance Enterprise Intelligence Ltd (REIL), was incorporated on October 24, 2025, as a wholly-owned subsidiary of Reliance Intelligence [2] - Reliance Intelligence and Facebook have committed an initial investment of ₹855 crore (approximately $103 million) into the venture, which will focus on developing, marketing, and distributing enterprise AI services [2][3] Company Structure - Reliance Intelligence Ltd is the parent company that will oversee the operations of REIL, which is a joint venture with Facebook Overseas [2] - The joint venture agreement stipulates that Reliance Intelligence will hold a 70% stake, while Facebook will hold the remaining 30% [3] Financial Commitment - The initial investment of ₹855 crore will be used to kickstart the operations of REIL in the enterprise AI sector [1][3] - No governmental or regulatory approvals were required for the incorporation of REIL, indicating a streamlined process for establishing the joint venture [3]

Market Overview - US stocks reached a new high, driven by softer-than-expected inflation data, which bolstered expectations for Federal Reserve interest-rate cuts [1] - The S&P 500 Index rose by 0.8%, with technology and utilities sectors leading the gains [1] - The Nasdaq 100 Index increased by 1.0%, while the Bloomberg Magnificent Seven Price Return Index added 0.6% [1] Earnings Reports - Investor attention is shifting towards upcoming earnings reports from major companies, including Alphabet Inc, Meta Platforms Inc, Microsoft Corp, Apple Inc, and Amazon.com Inc [2] - The upcoming week is deemed critical for big Tech/AI companies as they begin reporting, with high expectations for sales and earnings growth [3] Inflation Data - Consumer prices, excluding food and energy, rose by 0.2% in September, marking the slowest pace in three months [4] - The CPI report was delayed due to the federal government shutdown, but investors reacted positively to the data [5] - A significant slowdown in shelter inflation is noted, which may continue into 2026, potentially offsetting stickier goods prices [5] Company Highlights - Alphabet Inc's stock rose by 2.7% following a deal to supply specialized AI chips to Anthropic, valued at tens of billions of dollars [6] - Intel Corp's stock gains were tempered despite a return to profitability and an optimistic revenue forecast, indicating a comeback supported by investments from the White House, Nvidia Corp, and Softbank Group Corp [7] - Ford Motor Co's stock surged by 12% as the company anticipates a recovery after a fire affected a key supplier, with quarterly profit and sales exceeding estimates [8] - Palantir Technologies Inc rose by 2.3% after securing a deal worth over $200 million to provide AI software to Lumen Technologies Inc [8] Sector Movements - The Philadelphia Semiconductor Index advanced by 1.9%, with Nvidia and Broadcom stocks rising by 2.3% and 2.9%, respectively [7] - Fannie Mae's common shares fell by 5% following the appointment of a new acting CEO, with analysts suggesting that a recap and release is unlikely in the near term [9] - Cryptocurrency-linked stocks, such as Coinbase Global Inc, saw a significant increase of 9.8%, driven by JPMorgan Chase & Co's plans to allow institutional clients to use Bitcoin and Ether as collateral for loans [10]

Core Viewpoint - The European Commission has preliminarily determined that Meta's platforms, Facebook and Instagram, have violated the Digital Services Act by failing to provide an effective reporting mechanism for illegal content [1][3]. Group 1: Reporting Mechanism Issues - Meta's reporting process is overly complicated, making it difficult for users to report illegal content such as child sexual abuse materials and terrorism-related information [3]. - The current reporting and feedback systems are ineffective, limiting users' ability to fully explain their reasons or provide evidence when their content is blocked or accounts are suspended [4]. Group 2: Regulatory Context and Potential Penalties - The investigation was conducted by the European Commission in collaboration with Ireland's digital services regulatory body, Coimisiún na Meán, due to Meta's headquarters being located in Ireland [4]. - If Meta fails to comply with the Digital Services Act within the specified timeframe, it could face fines of up to 6% of its global annual revenue, which is approximately $98.7 billion based on its 2024 revenue of $164.5 billion [4]. Group 3: Company Response - Meta has denied the allegations of violating the Digital Services Act, claiming that it has improved its content reporting options and appeal processes since the law came into effect [6].

Market Performance - The U.S. stock market saw significant gains, with the Dow Jones Industrial Average rising by 472.51 points to close at 47,207.12, marking a 1.01% increase; the S&P 500 rose by 0.79% to 6,791.69; and the Nasdaq increased by 1.15% to 23,204.87, all reaching record closing highs [2] - For the week, the Dow Jones increased approximately 2.5%, the S&P 500 rose about 2.8%, and the Nasdaq gained around 3.0%, marking their largest weekly gains since June and August respectively [2] Sector Performance - The majority of the "Big Tech" companies saw stock price increases, with Google A up 2.70%, Nvidia up 2.25%, Amazon up 1.41%, Apple up 1.25%, and Microsoft and Meta Platforms both up 0.59%; however, Tesla experienced a decline of 3.40% [2] - Chinese concept stocks also performed well, with the Nasdaq Golden Dragon China Index rising by 0.27% and a cumulative increase of 2.4% for the week [2] Economic Indicators - The Consumer Price Index (CPI) for September rose by 0.3% month-over-month and 3.0% year-over-year, slightly above the previous month's 2.9% but below market expectations of 3.1% [3] - The core CPI, excluding food and energy, increased by 0.2% month-over-month and 3.0% year-over-year, indicating a continued easing of inflationary pressures [3] Earnings Season - As of now, 143 companies in the S&P 500 have reported their Q3 earnings, with 87% exceeding profit expectations and 83% surpassing revenue forecasts; overall earnings for the S&P 500 are projected to grow by approximately 10.4%, a significant improvement from the earlier forecast of 8.8% [4] - Upcoming earnings reports from major tech companies such as Meta, Microsoft, Alphabet, Amazon, and Apple are anticipated to influence market direction [4] Individual Stock Movements - Coinbase's stock surged by 9.8% after Morgan Stanley upgraded its rating to "Overweight" [4] - Ford reported a Q3 profit that exceeded expectations, leading to a 12.2% increase in its stock price; General Dynamics rose by 2.7%, while Deckers, the parent company of Hoka, fell by 15.2% due to lower-than-expected full-year guidance [4] Bond Market - The yield on the 10-year U.S. Treasury note briefly declined after the CPI data release but closed slightly higher at 4%, marking a cumulative drop of about 1 basis point for the week [4] - The yield on the 2-year U.S. Treasury note rose to 3.484%, increasing by 1.8 basis points for the week [4] Commodity Prices - International oil prices saw a slight decline, with WTI crude oil closing at $61.50 per barrel, down 0.47%, and Brent crude at $65.20 per barrel, down 0.14% [4] - COMEX gold futures experienced a minor drop of 0.19%, settling at $4,137.80 per ounce [4]

Market Performance - All three major U.S. stock indices reached record closing highs on October 24, with the Dow Jones up 1.01% at 47,207.12 points, the Nasdaq up 1.15% at 23,204.87 points, and the S&P 500 up 0.79% at 6,791.69 points [1][3] - The indices recorded approximately a 2% increase for the week [3] Economic Indicators - The U.S. Consumer Price Index (CPI) for September showed a year-over-year increase of 3% and a month-over-month increase of 0.3%, both slightly below economists' expectations of 3.1% and 0.4% respectively [3] - The core CPI, excluding food and energy, also rose 3% year-over-year and 0.2% month-over-month, again lower than market expectations [3] - Following the mild inflation data, market participants increased bets on the Federal Reserve continuing to lower interest rates, with a 96.7% probability of a 25 basis point cut in the upcoming meeting [3] Federal Reserve Developments - The Federal Reserve announced a comprehensive reform plan for its annual "stress tests" of large banks, aiming to enhance transparency and public accountability [7] - The plan includes annual disclosures of key stress test details, including models and scenarios used, and a change in the data date for balance sheets from December 31 to September 30 [7][8] - The most stringent scenario for the 2026 stress test will require banks to assess their responses to a global economic recession, stock and real estate market crashes, and a double-digit unemployment rate [8] Trade Policy Insights - Nearly 50 economists, including former Federal Reserve Chairs Ben Bernanke and Janet Yellen, urged the U.S. Supreme Court to overturn most of the tariffs imposed by the Trump administration, arguing that these tariffs were based on a misunderstanding of the global economy [10] - The economists stated that trade deficits between the U.S. and other countries are a "normal phenomenon" and that tariffs cannot rectify these deficits [10]

Core Insights - The Q1 earnings season is underway, with over 800 companies reporting results, including major players from the Magnificent 7 [1] - The Magnificent 7 stocks have performed in line with the market, with Alphabet, Meta, and Microsoft outperforming, while Amazon and Apple have underperformed [2] - The focus is on the artificial intelligence investments of the Magnificent 7, particularly in data centers and infrastructure, with Apple lagging behind [3] Company Performance - Alphabet shares have seen positive momentum due to a favorable conclusion in the DOJ case and strong quarterly reports [4] - The market is particularly interested in Alphabet's cloud business, which is expected to show improved capacity and demand [5] - Concerns remain about Alphabet's search business in the AI landscape, with recent results helping to ease some worries [6] Earnings Expectations - The Magnificent 7 is expected to see earnings growth of 11.9% in Q3 2025 compared to the previous year, with revenues increasing by 15.3% [7][9] - As of October 24, 145 S&P 500 companies have reported Q3 results, showing a 14.9% increase in earnings and a 7.8% increase in revenues [13] - The Finance sector has reported earnings growth of 22.7% with a high percentage of companies beating EPS and revenue estimates [18][19]

Group 1 - The 2025 China Satellite Application Conference will be held from October 25 to 27 in Beijing [3] - Chinese President Xi Jinping will visit South Korea from October 30 to November 1 at the invitation of President Yoon Suk-yeol, marking Xi's first state visit to South Korea in 11 years [5] - The U.S. stock market indices closed higher, with the Nasdaq rising 1.15% and reaching a weekly gain of 2.31% [5] Group 2 - The U.S. Consumer Price Index (CPI) for September increased by 0.3% month-on-month, with a year-on-year increase of 3% [6] - International oil prices fell, with WTI crude oil down 0.57% to $61.44 per barrel, while Brent crude oil decreased by 0.29% to $65.10 per barrel [7] - The People's Bank of China reported that the balance of RMB loans reached 270.39 trillion yuan, a year-on-year increase of 6.6% [9] Group 3 - The China Securities Regulatory Commission emphasized enhancing the resilience and risk resistance of the capital market [13] - Guangdong Province announced measures to support the high-quality development of the low-altitude economy, including financial services and support for companies to go public [12] - The China Logistics and Purchasing Federation initiated a campaign against "involution" in the warehousing industry to promote high-quality development [15] Group 4 - But Bin's overseas fund disclosed a significant increase in holdings, particularly in Alibaba and other AI-related stocks, indicating confidence in their future potential [20] - The IPO of domestic GPU manufacturer Muxi Co., Ltd. was approved, aiming to raise 3.904 billion yuan for new GPU development projects [22] - Meta is facing a lawsuit from the EU, potentially leading to fines of up to 6% of its annual revenue due to alleged failures in content moderation [24]

Core Viewpoint - Wall Street is entering a critical earnings season, with significant events including the Federal Reserve's meeting and earnings reports from major technology companies, amidst concerns over macroeconomic data delays due to a government shutdown [1] Earnings Reports - Nucor is expected to praise tariffs but not deliver exceptional results, as tariffs help prevent steel dumping from other countries [2] - UnitedHealth's earnings may reveal the impact of a government investigation into its billing practices, while SoFi's recent performance raises questions about its sustainability [3] - Celestica is anticipated to continue its upward trajectory due to strong demand for its tech products, and UPS's earnings present a balanced risk-reward scenario [3] - VF Corp is expected to report strong results despite previous underperformance, and Royal Caribbean is noted for its post-Covid stock performance [3] - Visa is described as a reliable stock, while Seagate may report outstanding results [3] - CVS is predicted to exceed earnings expectations, while Caterpillar may see profit-taking despite a potentially strong quarter [4] - Boeing is expected to provide modestly positive results amid trade tensions, and Starbucks may report slightly better than expected earnings [4] - Major tech companies Alphabet, Microsoft, and Meta are all predicted to post strong results, with Microsoft potentially leading the group [4] - Chipotle's upcoming earnings are critical for its growth status, while ServiceNow is expected to have a standout quarter [5] - Carvana is anticipated to deliver impressive results, and Agnico Eagle is recommended over Newmont in the gold sector [5] - The Federal Reserve's meeting is expected to result in a quarter-point rate cut due to signs of economic stalling [6] - Mastercard is expected to report solid results, while Eli Lilly needs to announce new developments regarding its GLP-1 drug [7] - Amazon's growth in its web services division is crucial for its stock performance, and Apple is expected to present a strong long-term narrative [8] - Chevron and Exxon are described as lagging stocks tied to crude oil prices, making it difficult for them to gain momentum [8]

Group 1 - President Xi Jinping will attend the APEC informal leaders' meeting in South Korea from October 30 to November 1, with potential discussions on a meeting between the Chinese and U.S. leaders [1] - The Central Committee emphasizes addressing "three rural issues" as a priority, projecting an estimated market space of around 10 trillion yuan over the next five years [1] - The focus on new urbanization is expected to require over 5 trillion yuan in investment for underground infrastructure during the 14th Five-Year Plan [1] Group 2 - The U.S. September CPI rose 3% year-on-year, the highest since January, but below market expectations of 3.1% [2] - The market has fully priced in two 25 basis point rate cuts by the Federal Reserve for the remainder of the year [2] Group 3 - Premier Li Qiang will attend multiple ASEAN meetings in Malaysia from October 27 to 28 [3] - The central bank aims to enhance the effectiveness of monetary policy and maintain stability in financial markets [3] - The State Administration of Foreign Exchange emphasizes the need for high-level opening in the foreign exchange sector and promoting the internationalization of the renminbi [3] Group 4 - The central bank will conduct a 900 billion yuan MLF operation on October 27, marking a net injection of 200 billion yuan for the month [4] - Various provinces have reported GDP data for the first three quarters, with Guangdong's GDP reaching 10.52 trillion yuan, a 4.1% increase [4] Group 5 - The China Securities Regulatory Commission emphasizes risk prevention and high-quality development in capital markets [5] - A-shares saw significant gains, with the Shanghai Composite Index rising 0.71% to 3950.31 points [5] - Hong Kong's Hang Seng Index closed up 0.74%, with notable strength in the semiconductor sector [5] Group 6 - 712 listed companies have disclosed share repurchase or increase loan plans, totaling a maximum loan amount of 152.48 billion yuan [6] - Domestic GPU leader Muxi Co. successfully passed IPO approval on the Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan for R&D [6] Group 7 - The China Logistics and Purchasing Federation initiated an "anti-involution" campaign to combat low-quality competition in the warehousing industry [8] - The China Nonferrous Metals Industry Association stressed the importance of maintaining industry confidence and preventing "involution" [9] Group 8 - The People's Bank of China reported a decline in real estate loans, with a balance of 52.83 trillion yuan, down 0.1% year-on-year [10] - Hangzhou is implementing "home purchase + consumption voucher" subsidy activities to stimulate the housing market [10] Group 9 - JD.com, Meituan, and other companies are under investigation by market regulators for food safety and operational compliance issues [11] - The narrow passenger car retail market is expected to reach around 2.2 million units in October, with a projected 60% penetration rate for new energy vehicles [11] Group 10 - Morgan Stanley plans to allow institutional clients to use actual holdings of Bitcoin and Ethereum as loan collateral [12] - Xiaomi Auto announced a tax subsidy plan for customers who complete orders by November 30 [13] Group 11 - Ford's Q3 adjusted EPS was 45 cents, with sales up 9.3% to a record $50.5 billion, exceeding expectations [21] - Procter & Gamble reported Q1 adjusted EPS of $1.99, with revenue of $22.39 billion, both surpassing market expectations [21]