Latest Developments

North America
CNBC Economy

Struggling to find a job? Try looking in Nevada

A sparsely-populated state known for its world-class casinos and dry desert climate has been a bright spot in the tepid U.S. job market. Nevada's workforce grew 1.9% from April 2025 to 2026, the highest of any state, according to data from the Bureau of Labor Statistics. Nationally, that rate inched up just 0.2% over the same period. About 12% of new jobs in the U.S. were created in Nevada during those 12 months, data shows. That's an outsized gain for the Silver State, which houses only about 1% of the national population. Economic leaders in Nevada say their success is the culmination of years of work to diversify business activity beyond gambling and entertainment. Home to 3.3 million residents, Nevada has long benefited from its proximity to California and is increasingly becoming a hub for artificial intelligence infrastructure. Economically, Nevada is "a relatively small state being mentioned in the same breath as California, Texas, Florida," said David Schmidt, chief economist in the state's Department of Employment, Training and Rehabilitation. The jobs market, in particular, is putting up "really remarkable numbers that we're seeing." In the past year, Nevada saw the most growth in professional and business services roles, which Schmidt attributed to favorable state tax policies. Education and health services positions were also a top contributor, part of the national trend of health care driving job gains. Companies have long sought out Nevada for new or expanded mines, these days driven by bountiful supplies of lithium, a key component in batteries used to help run AI models, Schmidt said. And Nevada's 110,000-square miles offers large swaths of open land attractive for building AI-related infrastructure such as data centers, the economist said. One of the few signs of contraction in the Nevada labor economy came in government jobs, which fell over the past year, holding back what would have been an even stronger expansion. Even there, however, Schmidt said Nevada was less affected than other states by President Trump's effort to curb government hiring, due to its small number of federal workers. At first glance, Nevada's labor market strength is surprising given softness in the state's iconic gambling industry. The Las Vegas Strip's largest casinos collectively saw revenues decline nearly 4% between the fiscal 2024 and 2025 years, according to data from the Nevada Gaming Control Board released this month. But the economy of the Las Vegas metro area — home to the lion's share of the state's population — has grown increasingly less reliant on gaming. An analysis of federal data found that about 60% of new jobs in the region from 2016 to 2025 came in industries outside of hospitality, construction and government, the Las Vegas Global Economic Alliance told CNBC. "Looking at the data, the thing that stands out the most is how widespread the growth is," Schmidt said. Nevada is bucking what economists have described as a national "jobless boom," and a "low hire, low fire" employment market. Now, the national labor market may be thawing, however: Nonfarm payroll growth was more than double what Wall Street forecast in May. The BLS is slated to release the most recent breakdown of state-by-state employment next week.

Struggling to find a job? Try looking in Nevada
Asia
The Hindu BusinessLine

Index Outlook: Lifting hopes

Nifty 50, Sensex and Nifty Bank index opened the week with a wide gap-up last week. Thereafter they broadly stayed stable but higher all through the week. All the three indices were up over 1.5 per cent each last week. The US and Iran agreeing for a peace deal trigger this gap-up open last week. On the charts, the picture is positive. Sensex and Nifty have resistance ahead. They are likely to breach this hurdle and move further higher. Nifty Bank index on the other hand can remain in range for some time. Eventually it is likely to make a bullish breakout of its range and go higher. The Foreign Portfolio Investors (FPIs) snapped their eight-week selling spree. They bought $251 million in the equity segment. If they start to accelerate their purchase, then it can aid the Nifty and Sensex to gather bullish momentum. We will have to wait and watch. Short-term view: The follow-through rise last week turns the picture positive. Support is in the 23,800-23,600 region. Resistance is at 24,250. Nifty can breach this hurdle and rise to 24,500 and 24,800 in the coming weeks. The short-term picture will turn negative only if the Nifty declines below 23,600. If that happens, a fall to 23,300 and 23,000 can be seen again. But that looks less likely. The price action on the chart suggests that the Nifty can sustain very well above the 23,800-23,600 support zone. Medium-term view: Nifty seems to have resumed its upmove within the broad 22,000-26,500 range. A break above 24,800 from here will clear the way for a rise towards 26,500 – the upper end of the range. The overall picture continues to remain positive. As such we expect the Nifty to make a bullish breakout above 26,500 eventually in the coming months. Such a break can take the index higher to 28,000 and 30,000 in the long term. The bullish view will go wrong only if the Nifty declines below 22,000. That looks less likely at the moment. Short-term view: The break above 57,000 and the rise to 58,000 happened in line with our expectation. Last week’s candle indicates a kind of indecisiveness in the market. Support is at 56,500 and resistance is at 58,800. Nifty Bank index can oscillate in a range of 56,500-58,800 for some time now. However, the bias remains positive. So, an eventual break above 58,800 can take the index higher to 60,500-61,000. The index will come under pressure for a fall to 56,000 or 55,000 only if it declines below 56,500. Medium-term view: The outlook remains bullish. Key resistance to watch will be the 60,500-61,000 region. A decisive break above 61,000 can boost the momentum. It can then take the Nifty Bank index up to 65,000 in the medium term. From a long-term perspective, the index has potential to target 68,000-69,000 on the upside.

Index Outlook: Lifting hopes
North America
CNBC Finance

California’s counting on an IPO tax windfall. Several factors are complicating the equation

The blockbuster SpaceX IPO and potential upcoming public offerings for OpenAI and Anthropic could create a tax windfall for the state of California. Yet the revenue boost may fall short of previous tech IPOs – at least relative to the firms' valuations – given the specific nature and tax treatment of today's tech compensation. Following its IPO last week, SpaceX is now valued at $2.5 trillion, minting many of its employees who live and work near its Hawthorne, California, office as millionaires, at least on paper. California-based Anthropic and OpenAI are also expected to go public later this year at valuations that could approach $1 trillion. The burst of tech wealth has drawn comparison to the 2012 IPO of Menlo Park-based Facebook, which generated $1.3 billion in taxes for the Golden State, per the California Department of Finance's estimate. Facebook's valuation at the time was just $104 billion, suggesting the new crop of super-IPOs could theoretically generate billions more. But the revenue impact may be blunted, due to how these employees' stock compensation was structured and because tech employees today have more tools at their disposal to mitigate their tax burden, experts and financial advisors told CNBC. As companies have stayed private for longer and reached sky-high valuations, financial institutions have increasingly catered to equity-rich, cash-poor startup employees with tax strategies that were traditionally only available to founders. For instance, employees at some startups can get a tax deduction by donating private, pre-IPO stock to a donor-advised fund, according to Richard Lowry of wealth manager Cresset. He said such donations were generally limited to the ultra-wealthy as recently as a decade ago, since few charitable organizations were equipped to accept or manage those assets. "Historically, the only people who had equity in a private company and were certainly in a position to give it away were millionaire or billionaire founders who already had their own controlled structures, like a private foundation, where they could decide what they accepted," said Lowry, managing director and head of tax strategy at Cresset. "Now there is a cottage industry around allowing people to avail themselves of this." Tax revenue generated by an IPO largely comes from two sources: ordinary income taxes on employees' restricted stock units, or RSUs, when they vest and capital gains taxes paid when shareholders sell appreciated stock. SpaceX uses a unique stock-pay structure that may have pulled forward the tax revenue on the vesting of employees' shares. At most private companies, RSUs vest after two conditions are met: continued employment with the company and a liquidity event like an IPO or acquisition. This dual-trigger RSU structure leads to a boom in taxable income on IPO day. Many SpaceX employees, however, have been paying income taxes on their RSUs for years as share vesting was only tied to employment, not a liquidity event. This stock-pay structure has made it challenging to estimate tax revenue associated with the SpaceX IPO, according to the California Legislative Analyst's Office. "Revenue totals will depend more on financial decisions made by employees and investors who hold pre-IPO SpaceX shares and stock options," the LAO wrote in a statement. "Relative to past IPOs, tax revenues from the SpaceX IPO are likely to be less immediate and more unpredictable."

California’s counting on an IPO tax windfall. Several factors are complicating the equation
Asia
The Hindu BusinessLine

Reliance Jio Board approves DRHP for IPO before SEBI on June 19

Reliance Industries will file for the Initial Public Offering (IPO) of its digital arm Reliance Jio before the Securities and Exchange Board of India (SEBI) on June 19, Chairman Mukesh Ambani announced during the company’s annual general meeting. “With great delight, let me tell you that the Board of Jio Platforms has approved the Draft Red Herring Prospectus earlier today, and it will be filed with SEBI today. Isha, Akash, and Anant are heading the Jio IPO process, and will lead the next generation of value creation opportunities in the future,” said Ambani, stating that the IPO demonstrated India’s prowess in building technology companies of global scale, global capability, and global value. The IPO announcement was the most anticipated development for the latest AGM. Brokerages estimate Jio Platforms’ value at around $180 billion, one of the largest potential public offerings in Indian corporate history. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Reliance Jio Board approves DRHP for IPO before SEBI on June 19
Europe
BBC Business

Inflation unexpectedly steady as food price rises slow

Inflation remained at 2.8% in the year to May as the pace of food price rises slowed to a 17-month low, according to new figures. Over the year to May, transport costs rose by the fastest rate, the Office for National Statistics (ONS) said, while the rate of price increases in meat, dairy and vegetables eased. Experts had expected inflation — the rate at which the cost of goods and services is rising — to rise to 3% in May, and were widely expecting it to steadily increasing over the coming months due to the ongoing impact of the war in the Middle East. But the peace deal agreed between the US and Iran means further increases could be smaller, according to analysts. Grant Fitzner, the ONS's chief economist, said that airfares, vehicle taxes and petrol prices all pushed up inflation. Motor fuels were 24.6% higher in May than the same last year, according to ONS figures. Overall transport inflation was 6.8%, the highest annual rate since December 2022. But that was "offset by lower food prices, with decreases in inflation seen across a range of meat, dairy and vegetable items compared to last month", Fitzner said. Food inflation fell from 3% in the year to April to 2.2% in the year to May, the slowest rate of food inflation since December 2024. The price of meat is particularly high, but the rate of increase is slowing: beef and veal went up by 9.4% in the year to May, compared to 13.2% in the year to April and 18.8% in the year to March. Responding to the figures, the British Retail Consortium (BRC) said easing food inflation showed that the British supermarket sector was highly competitive, but food inflation was likely to rise in the coming months. Similarly, the Food and Drink Federation said prices "prices still don't reflect the inflation caused by the closure of the Strait of Hormuz". Its chief executive Karen Betts explained: "It generally takes several months for the increased costs paid by farmers, processors and manufacturers to filter into raised prices at the tills.

Inflation unexpectedly steady as food price rises slow
Asia
The Hindu BusinessLine

Need to further strengthen women's contribution to make India a developed nation by 2047: Mandaviya

Labour and Employment Minister Mansukh Mandaviya on Saturday stressed that women's contribution to Indian politics, economy and decision-making system should be further strengthened to achieve the goal of becoming a developed nation by 2047. Addressing a conference organised by the realtors' body Naredco's women wing, the minister said the government has taken various measures for women's empowerment over the last 12 years, and highlighted the passage of the Women's Reservation Bill in Parliament. Mandaviya noted that Indian women have historically played an important role in nation-building. "It is the need of the hour that women should contribute more in the Indian economy, politics and decision-making system," he said at the 5th Naredco Mahi Real Estate Convention here. Addressing the event, former Union minister Smriti Irani asked the association's Women wing 'Naredco-Mahi' to help women realise their potential to have home ownership. She noted that women should have access to the housing finance ecosystem so that they can own properties. Irani said there is a need to increase women's participation in the real estate sector. Naredco Mahi President Smita Patil spoke about the initiatives taken by the women's wing to increase female participation in the sector. Patil said it is helping in imparting skill training, besides promoting green buildings and water conservation. At the event, real estate consultant Square Yards released a report, 'Square Yards Green Living Index'. The index introduces a 100-point scoring model for evaluating housing projects across resource efficiency, health and comfort, safety and resilience, and connectivity. Vivek Aggarwal, Co-founder & CTO, Square Yards, said, "Sustainability cannot become mainstream unless it becomes measurable, transparent, and easily understandable for consumers."

Need to further strengthen women's contribution to make India a developed nation by 2047: Mandaviya
Asia
The Hindu BusinessLine

Old is gold: Jewellers efforts to promote recycling pays rich dividend

The exchange of old gold jewellery for new ones has started picking pace with the recent fall in gold prices boosting purchases by consumers. Gold prices have moderated from the highs seen early this year. As of June 15, domestic gold prices have fallen 3.7 per cent while the international prices were down 4.2 per cent from the end of May. The divergence in prices were largely due to 5 per cent rupee depreciation against dollar and increase in import duty to 15 per cent. The rise in jewellery recycling comes little more than a month after Prime Minister Narendra Modi’s call to consumers to cut down on jewellery purchase and promote recycling old gold for fresh purchases to reduce imports and bridge the widening current account deficit. Rajesh Rokde, Chairman, All India Gem and Jewellery Domestic Council said since Prime Minister’s appeal, awareness regarding gold recycling and exchange has increased significantly. The industry has witnessed a steady rise in old gold collection through jewellers, refiners and exchange programs, he said. While the exact volume varies across different regions and stakeholders, industry estimates indicate that several hundred tonne of old gold are recycled annually in India, and the trend has strengthened further due to growing consumer awareness and trust in organised processes, he added. “Gold recycling is not just an economic opportunity, but also a sustainability initiative. Every gram of gold recycled reduces the need for fresh mining and imports while preserving value within the Indian economy,” said Rokde. Most leading retailers have launched targeted old gold exchange programme to attract consumers. Anecdotal evidence suggests that the share of business from exchange of old gold has risen between 5–15 per cent and accounts for as much as 60-70 per cent of sales. Arun Narayan, Chief Executive Officer, Jewellery Division, Titan Company said over the past 8 months, Tanishq has been calling out for jewellery purchases through old gold exchange which was strongly promoted in partnership with Sachin Tendulkar. “We are thankful to 4.4 lakh customers who have responded by exchanging over 10 tonne (worth over ₹1,200 crore) of gold in this short period. We remain committed to this purpose and welcome customers to experience the best exchange process at Tanishq that is most transparent and offers the best value for old gold,” he said. Suresh Krishnan, VP- Sales, PNG Jewellers said the newly launched nationwide initiative “Swarna Swaraj” to promote recycling across all the company’s showrooms has delivered good response. “Historically, old gold exchanges and recycling accounted for roughly 25-30 per cent of our consumer transaction mix. In recent quarters, that share has nearly doubled to 50-60 per cent of our retail sales composition,” said Krishnan. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

Old is gold: Jewellers efforts to promote recycling pays rich dividend
Asia
The Hindu BusinessLine

Domestic flows help cash market defy correction

Indian equities may have fallen sharply in early 2026, but the cash market did not freeze. On the contrary, trading activity increased. In fact, trading activity rose. The average daily turnover (ADT) in the cash market climbed from ₹1.02-lakh crore in December 2025 to ₹1.35- lakh crore in March 2026, even as benchmark indices corrected about 15 per cent. Such resilience during a sell-off was last seen during the Covid-led market crash. The difference this time lay in who was driving the trade. Foreign portfolio investors (FPIs) pulled out nearly ₹1.3-lakh crore in the first three months of 2026, but mutual funds pumped in about ₹1.5-lakh crore, helped by steady SIP flows. The result was a market correction without the usual collapse in cash-market activity, unlike the previous three corrections (see table). In fact, the cash market strength continued even after broader equity sentiment recovered. Cash ADT stood above ₹1.4-lakh crore in both April and May, hitting a two-year high. This indicates that the turnaround was not confined to the correction phase alone. For the January-May period, FPI outflows and mutual fund purchases stood at ₹2.25- lakh crore and ₹2.44-lakh crore, respectively. The latest episode also highlights a structural change in market ownership. During the Covid sell-off, foreign investors remained the dominant force in the market. Over the years, however, domestic institutions have steadily increased their presence. The shift became evident by March 2025, when domestic institutional investor (DII) ownership surpassed that of FPI. The DII share of ownership in Nifty 500 companies expanded from 14.9 per cent in March 2020 to 20.9 per cent in March 2026, an all-time high. Meanwhile, the FPI share dropped from 19.9 per cent to a new low of 17.1 per cent during the same period. The growing influence of domestic investors is also evident in their buying firepower. During the Covid-led sell-off, mutual funds invested a net ₹41,304 crore in equities between January and March 2020. In comparison, net investments by mutual funds during the first three months of 2026 stood at ₹1.53-lakh crore, nearly four times higher. For the January-May period, the figure rose to ₹2.87-lakh crore. This jump underscores the larger role domestic institutions now play in absorbing selling pressure during market corrections. The resilience in turnover has also been aided by a revival in participation among non-institutional investors, particularly in the small- and mid-cap segments. Activity in these pockets had slowed during the correction but has since picked up. “Small- and mid-cap stocks are seeing greater participation from non-institutional investors. Activity in these segments had fallen earlier but has picked up in recent months. That has helped support turnover in the cash market,” said Deepak Jasani, an independent market veteran. Interestingly, the resilience in the cash segment stands in contrast to developments in the derivatives market. While cash market ADT rose during the correction, derivatives turnover remained below the levels seen before SEBI tightened norms in the F&O segment. Average daily derivatives turnover across exchanges declined from ₹472-lakh crore in December 2025 to ₹462-lakh crore in May 2026. However, it has recovered significantly from the low of ₹296-lakh crore recorded in December 2024, shortly after the new regulations came into effect. The sharp decline in late 2024 followed SEBI’s measures aimed at curbing excessive speculation, including higher contract sizes for index derivatives and other changes to the trading framework. Since then, market participants have gradually adapted to the new environment.

Domestic flows help cash market defy correction
Asia
The Hindu BusinessLine

Tech Query: Ashok Leyland, Persistent Systems, Jupiter Life Line Hospitals, Inox Wind - What is the outlook? Where are these stocks headed?

I have bought Ashok Leyland shares at ₹162. Can I accumulate now or wait? What is the outlook? Ashok Leyland (₹157): The trend is down since March.. However, the monthly chart paints a different picture. The 21-Month Moving Average (MMA) has been giving very good support since 2022. The recent bounce is also happening from this 21-MMA. That leaves the bias positive and keeps the chance high for the stock to breach ₹173, a key resistance. Such a break can trigger a fresh rally to ₹270 in a year or two. You can accumulate on dips at ₹149. Keep the stop-loss at ₹128. Move the stop-loss higher to ₹163 as soon as the stock goes up to ₹180. Revise the stop-loss higher to ₹195 and ₹220 when the price touches ₹215 and ₹245 respectively. Exit the stock at ₹260. Can I buy Persistent Systems now? Buy investment time frame will be three to four years? Persistent Systems (₹4,728): The short-term picture is weak. The stock has been struggling to rise past ₹5,600. That keeps it vulnerable fall to ₹4,200-₹4,000, a crucial support zone. Failure to bounce back from this support zone will increase the danger of the price tumbling towards ₹3,500. A strong bounce either from ₹4,000 itself or from ₹3,500 will have the potential to target ₹6,500 on the upside. Considering your investment time frame, you can buy stock in three tranches at ₹4,230, ₹4,110 and ₹3,760. Keep the stop-loss at ₹3,120. Move the stop-loss up to ₹4,640 when the price goes up to ₹5,120. Revise the stop-loss higher to ₹5,380, ₹5850 and ₹6,120 when the price touches ₹5,750, ₹6,050 and ₹6,230 respectively. Exit the stock at ₹6,380. Jupiter Life Line Hospitals (₹1,336): The trend is down since March last year. This fall is happening inside a bear channel. Within that the stock is now moving up from the lower end of this channel. Resistance is in the ₹1,430-₹1,450 region which can be tested in the short term. A downward reversal from this resistance zone will keep the bear channel intact. That in turn can drag the share price down to ₹1,200-₹1,000 in the coming months. A strong break above ₹1,450 is needed to mark the end of the downtrend. Only then the sentiment can turn positive, and the share price can rise to ₹1,800-₹1,900. It is better to stay out of this stock for now. You can consider entering this stock only if it breaks above ₹1,450 from here. I am having Inox Wind shares. My purchase price is ₹129. Can I accumulate now and hold it for one year? Inox Wind (₹90): The long-term trend is down. There are no signs of a bullish reversal yet. Strong resistances are at ₹95 and ₹110. As long as the stock stays below ₹110, there is a danger of seeing a fall to ₹63 in the coming months. In a worst-case scenario, the downside can remain open to see ₹43 as well. A strong break above ₹110 is needed to get a breather. That can trigger a relief rally to ₹140. Ideally the stock has to rise past ₹150 to indicate that the downtrend has ended. Only then the upside will open up for a fresh rally to ₹200 and higher. But that looks unlikely at the moment. Exit the stock and accept the loss. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Tech Query: Ashok Leyland, Persistent Systems, Jupiter Life Line Hospitals, Inox Wind - What is the outlook? Where are these stocks headed?