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January 12th - Bond investors overall bets on the Federal Reserves policy path and the direction of the US Treasury market in 2026 appear to have room for further expansion. Last Fridays non-farm payroll report showed weaker-than-expected job growth, maintaining market expectations for further Fed rate cuts. This result confirms market expectations that short-term Treasury bonds (most sensitive to monetary policy) will outperform long-term Treasury bonds this year, widening the yield spread between the two. This strategy, known as the "steepening trade," was one of the most popular bond trades for most of last year and continues to work at the start of 2026. Pramod Atrouli, fixed-income portfolio manager at Capital Group, stated, "There are many scenarios over the next 12 to 24 months that are very favorable for the yield curve steepening trade." An analysis of 25 of the largest actively managed core bond funds by JPMorgan shows that, historically, these funds still have a high exposure to this trade.According to Iranian state media, Iran summoned the British ambassador after protesters tore down the Iranian flag from the Iranian embassy building in London.Market news: Home Depot and Google Cloud have jointly launched the Agentic AI tool to help customers and employees transform projects from "how to do it" to "completed".Domestic News: 1. The "Tianma-1000" unmanned transport aircraft successfully completed its maiden flight. 2. Shanxi Province issued consumption subsidies for home appliances and digital smart products in 2026. 3. Hong Kongs new budget will be announced on February 25. 4. China Securities Regulatory Commission (CSRC): Focusing on cracking down on major, malicious, and key illegal activities, and severely punishing all kinds of malicious illegal activities. 5. Chinese Embassy: Due to scheduling conflicts, Wang Yis planned visit to Somalia on January 9 has been postponed. 6. Wang Yi held a telephone conversation with the Somali Foreign Minister: Opposing Somalilands collusion with the Taiwan authorities to seek independence. 7. National Business Work Conference: In 2026, efforts will be accelerated to cultivate new growth points in service consumption and optimize the implementation of the trade-in policy for consumer goods. International News: 1. A curfew has been imposed in Narathiwat Province in southern Thailand. 2. Israeli forces are reportedly planning a new round of attacks on the Gaza Strip. 3. British officials: The possibility of Britain deploying troops to Greenland cannot be ruled out. 4. South Korean Presidential Office: Will investigate the truth behind North Koreas claim of a "drone intrusion" and release the results promptly. 5. Iranian President: The government endorses peaceful protests and is willing to meet with protest groups. 6. Danish Parliament Chief: It would be "foolish" to go to war over Greenland. 7. Israel demands the EU designate Irans Islamic Revolutionary Guard Corps as a "terrorist organization." 8. US Media: Trump received a briefing on options for striking Iran but has not yet made a final decision; the government is considering multiple options for intervention in Iran. 9. Trump again pressures Cuba, threatening that if Cuba does not reach an agreement soon, it will face a situation of "zero oil and zero funds" flowing into Cuba. 10. Iranian Parliament Speaker warns Trump that any attack would lead Iran to consider Israel and US bases in the region as "legitimate targets" and strike them.On January 11, Cuban Foreign Minister Rodriguez posted on social media that the United States’ behavior was like “criminal and out-of-control hegemony,” threatening not only the peace and security of Cuba and the Western Hemisphere, but also the entire world.

MSCI Delays Weighting Adjustments For Two Adani Companies

Skylar Williams

Feb 16, 2023 10:50

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Index provider MSCI announced on Wednesday that it will delay the introduction of updated weightings for Adani Total Gas and Adani Transmission until the May benchmark review.


MSCI stated that the reversal of the modifications to Adani Total Gas and Adani Transmission in the February index review would be reflected in the MSCI Index Product files beginning on February 16.


Starting in February, MSCI will also apply a special treatment to all Adani Group-affiliated equities included in its Equity Indexes.


Adani did not react promptly to a comment request given outside of usual Indian business hours.


MSCI announced last week that it would reduce the weightings of four Adani Group firms, including Adani Enterprises, in its indexes after reevaluating the amount of freely traded shares.


The new index weightings were scheduled to take effect on March 1, however, the proposed modifications to Adani Total Gas and Adani Transmission have been deferred until May.


MSCI stated that "possible replicability concerns" motivated the decision. Its methodology requires indexes to be replicated "in a cost-effective manner in a real portfolio."


MSCI did not immediately respond to a request for comment from Reuters regarding why the changes were reversed quickly after their announcement last week.


Changes to the weightings of Adani Enterprises and ACC, a large Indian cement firm that the Adani Group purchased from Holcim (SIX:HOLN) last year, are still scheduled to occur.


MSCI investigated the level of free floats after concluding that there was "sufficient uncertainty" regarding certain Adani investors.


MSCI's decision followed a report published on January 24 by U.S. short seller Hindenburg Research, which accused the Indian giant of inappropriate use of offshore tax havens and stock manipulation. The organization has denied all wrongdoing.


The Hindenburg report has put Adani, led by billionaire Gautam Adani, into trouble, reducing the value of the group's companies by almost $120 billion.


According to a document seen by Reuters, Adani and two of its principal subsidiaries involved in a short-selling tempest in recent weeks will arrange calls with bond investors on February 16 and February 21.

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