Aditya Birla Asset Reconstruction Company is winding down its India operations, marking the latest exit of a fund-backed ARC from the country, as non-performing loans hit a 12-year low due to the Insolvency and Bankruptcy Code and the rise of the government-backed National Asset Reconstruction Company.
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📌Investors’ pullback from US tech stocks on lackluster corporate results extended into Asia Friday, weighing on region’s major markets. 📌Oil rallied on fresh Middle East concerns. 📌A region-wide equity index fell, with shares in Japan, South Korea & Australia declining. 📌Chinese benchmarks rose as private survey showed country’s manufacturing activity unexpectedly picked up last month.
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Oil jumped after a report that Iran could be preparing to attack Israel from Iraqi territory in the coming days, jolting the market’s attention back to a potential flare-up of Middle East hostilities. Brent surged as much as 2% to trade above $74 a barrel on Friday, while West Texas Intermediate rallied toward $71. Iran is planning a strike through militias it backs in Iraq.
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