Elon Musk’s xAI in advanced talks to raise $15 bln at $230 bln valuation- WSJ

The UK is preparing for a high-stakes budget that is expected to impact its financial markets significantly. This budget comes amid ongoing economic challenges and is anticipated to include measures aimed at stimulating growth and addressing inflation concerns. Investors are closely watching the government's fiscal strategies as they could influence market stability and economic recovery in the UK.

Australia's stock market closed lower, with the S&P/ASX 200 index declining by 0.25%. This downturn reflects a broader negative sentiment in global markets, influenced by concerns over economic stability and potential interest rate cuts. Investor apprehension has been heightened by recent selloffs in other markets, indicating a cautious outlook among traders.

Musk's xAI is reportedly in advanced discussions to raise $15 billion, aiming for a valuation of $230 billion, according to the Wall Street Journal. This potential funding round highlights the growing interest and investment in artificial intelligence technologies. The discussions come at a time when the AI sector is experiencing significant growth and scrutiny, with major players like Nvidia also under the spotlight for their earnings and impact on the market.

Japan is facing economic repercussions due to China's travel boycott amid escalating diplomatic tensions. The boycott has raised concerns about its impact on Japan's tourism sector and broader economic stability. As tensions rise, Japan's markets are showing signs of instability, reflecting investor apprehension about future economic conditions.

China has announced a suspension of imports of Japanese seafood amid escalating diplomatic tensions between the two countries. This decision reflects ongoing disputes and has raised concerns about the economic implications for Japan's seafood industry. The move comes as both nations navigate complex geopolitical issues, impacting trade relations significantly.

Elon Musk attended a dinner hosted by former President Donald Trump for Saudi Crown Prince Mohammed bin Salman, signaling a potential reconciliation between Trump and the Saudi leadership. This event reflects ongoing efforts to strengthen ties between the U.S. and Saudi Arabia, particularly in light of recent discussions surrounding significant investments and defense agreements. Musk's presence at the dinner highlights his influential role in the tech and business sectors, especially as he navigates relationships with global leaders.

Oil prices have dipped due to concerns over oversupply in the market, although sanctions have limited the extent of the decline. The negative sentiment among investors reflects fears of an imbalance between supply and demand, exacerbated by rising crude stock levels reported by the American Petroleum Institute. This situation raises questions about future price stability and market dynamics as global economic conditions remain uncertain.

Star Entertainment in Australia has failed to meet its performance hurdles for the seventh consecutive year, indicating ongoing challenges for the company. This continued underperformance raises concerns about its operational strategies and market competitiveness. The negative sentiment surrounding Star Entertainment reflects broader issues within the Australian gaming and entertainment sector.