The race to launch an exchange-traded fund tracking XRP, the seventh-largest digital token, has begun.

A software company controlled by Indian entrepreneur Byju Raveendran drained cash from US affiliates in violation of US bankruptcy rules, according to a lawsuit filed Tuesday in federal court in Delaware.

Citigroup Inc. said US banks will be forced into a “dramatic shift” in how electronic payments are processed if New York state wins a lawsuit claiming the company doesn’t do enough to prevent online fraud.

Faced with a moribund share sale outlook and emboldened by their growing recognition on the global stage, some Chinese biotechnology companies have found a new way to cash in on their innovative therapies.

Bloomberg's Caroline Hyde and Ed Ludlow discuss the state of Roblox as short seller Hindenburg Research bets against the company over alleged inflated metrics. Plus, multiple US states sue TikTok for allegedly deceiving users about its safety for children, and Meta adds new AI video features for advertisers. (Source: Bloomberg)

"Balance of Power" focuses on the intersection of politics and global business. On the show today, Craig Fugate, Former FEMA Administrator, discusses FEMA's response to Hurricane Milton's anticipated destruction to the state of Florida and storm recovery misinformation. Former Senator of Pennsylvania Pat Toomey talks about Vice President Kamala Harris and Former President Donald Trump close in polls in Pennsylvania. (Source: Bloomberg)

Generac Holdings Inc. is running low on portable backup generators after Hurricane Helene and other recent storms knocked out power for millions of Americans.

Ever since President Xi Jinping sought to draw a line under China’s slowdown last month, investors have clamored for him to back up monetary easing with a powerful fiscal stimulus to help fuel one of the nation’s biggest stock rallies in years.

Good morning. US tech stocks are rallying. South Korea is set to join FTSE Russell’s benchmark bond index. And traders are priming for central bank decisions in New Zealand and India. Here’s what’s moving markets. —Isabelle Lee

Equities in Asia were primed for early gains Wednesday after a tech rally lifted Wall Street and bets on Federal Reserve rate cuts stabilized.