Amid persistent global uncertainty and volatility, a more constructive view is emerging on Indian equities as valuations correct meaningfully across sectors. Sahil Kapoor from DSP Mutual Fund speaking with ET Now noted that the market backdrop has changed significantly over the past two years, pointing out, “Indian markets were trading upwards of 25 times multiple… valuations were also very-very challenging at that time.

Fast forward to today, Nifty trades below 20 times multiple… valuations have come down significantly.” While earnings growth has slowed to a more modest pace, he emphasised that the decline in valuations is now creating opportunities for investors willing to take a long-term view. “Earnings growth is still the challenge, but at least valuations have come down significantly… buying cheap or below fair value is in our control,” he said, underscoring the importance of focusing on what investors can control in uncertain environments.

Within sectors, Kapoor sees financials, particularly private sector banks, as offering compelling risk-reward.

He highlighted that “top private banks are trading close to two times price to book… some are near Global Financial Crisis lows,” adding that such levels provide a favourable entry point even without aggressive earnings assumptions. He further noted that “even if credit growth aligns with nominal GDP at 10% to 12%, it still makes sense to go overweight,” suggesting that reasonable growth expectations are sufficient to justify allocation to the sector. Addressing concerns about competition from public sector banks, Kapoor maintained that the feared disruption has not yet materialised in the data.

“If PSU banks were underpricing aggressively, it should reflect in market share… but it has not appeared in numbers,” he said, adding that private banks continue to gain share steadily despite the prevailing narrative. He also pointed out that investors are currently benefiting from a combination of negative sentiment and cyclical pressures, which have compressed valuations.

In the IT sector, Kapoor acknowledged that growth has slowed sharply, with “revenue growth… between zero to 3%… a very-very low number.” However, he noted that much of this weakness is already reflected in stock prices, making valuations more attractive. Importantly, he highlighted that “margins have not shrunk… that suggests businesses are managing the cycle well,” indicating resilience despite the slowdown. With large IT companies trading at compressed multiples, he believes selective accumulation could be warranted. “At 14–17 times multiples, there is no harm in nibbling into these names,” he said, pointing to strong return metrics and long-term business quality.
On the subject of foreign institutional investors, Kapoor pushed back against the widely held belief that flows drive returns. “Flows do not cause returns… there is no correlation,” he said, arguing that valuations and fundamentals remain far more important. He also noted that currency concerns may be less of a headwind going forward, observing that “the rupee is quite oversold… a lot is already priced in.” This combination of factors, he suggested, could make India more appealing to global investors at current levels. “This is the time to look at India more constructively,” he added.Beyond financials and IT, Kapoor sees emerging opportunities in other pockets of the market as well. He pointed out that “some FMCG names have been completely beaten down… even a small uptick in consumption can revive the sector,” while also highlighting select opportunities in auto ancillaries and chemicals. According to him, the current environment allows investors to build a diversified portfolio of quality businesses at more reasonable valuations.

Despite the improving valuation comfort, Kapoor remains cautious on broader market segments, particularly mid- and small-cap stocks. He concluded, “The preference for us is largecap… small and midcap are still not there,” signalling a continued tilt towards stability and quality in the current phase.

With valuations resetting across key sectors and much of the pessimism already priced in, Indian equities are gradually turning attractive again. However, the approach remains measured—focused on largecaps, quality businesses, and disciplined accumulation rather than aggressive risk-taking.

Health officials are closely monitoring the highly mutated COVID-19 variant BA.3.2, nicknamed “Cicada,” after detections in wastewater samples from at least 25 U.S. states and clinical cases as of early 2026. The Omicron descendant, first identified in South Africa in November 2024, has raised concerns over potential immune escape but has not yet driven a surge in severe illness or hospitalizations nationwide.

The Centers for Disease Control and Prevention detailed the variant’s spread in a March 19, 2026, report in its Morbidity and Mortality Weekly Report. BA.3.2 carries roughly 70 to 75 substitutions and deletions in the spike protein compared with JN.1 lineages used in the 2025-2026 vaccines, prompting laboratory studies suggesting reduced neutralization from existing antibodies.

As of February 11, 2026, the variant appeared in 23 countries, with notable rises in parts of Europe. In the U.S., it was first detected June 27, 2025, in a traveler arriving at San Francisco International Airport from the Netherlands. The initial clinical sample from a U.S. patient came January 5, 2026. Wastewater surveillance later identified it across diverse states, indicating broader circulation than confirmed cases suggest.

Origin and Nickname

Researchers coined “Cicada” because the variant remained largely undetected for months after its initial identification, much like the insect that spends years underground before emerging. It descends from the earlier BA.3 Omicron subvariant that circulated briefly in 2021-2022 before fading. BA.3.2 represents a genetically distinct lineage, separate from dominant JN.1 offshoots like XFG.

Two sublineages, BA.3.2.1 and BA.3.2.2, have been noted, with ongoing evolution observed. The World Health Organization placed it on its variants under monitoring list in December 2025, citing the high mutation count and potential antibody evasion without evidence of a clear growth advantage or increased severity at that time.

Spread in the United States

Wastewater samples detected BA.3.2 in 132 sites across 25 states by February 11, 2026, including California, New York, New Jersey, Michigan, Florida, Texas, Hawaii and others. Additional findings included four traveler nasal swabs, three airplane wastewater samples and five clinical respiratory specimens from four states.

By mid-March, some trackers showed detections in up to 29 states and Puerto Rico, though overall prevalence remained low — around 0.19% to 0.55% of sequenced samples in national surveillance from December 2025 to March 2026. In contrast, certain European countries saw BA.3.2 reach 10% to 40% of sequences between November 2025 and January 2026.

National COVID-19 case levels stayed relatively low in early 2026, with other Omicron subvariants still dominant. Experts emphasize that wastewater signals often precede clinical detections, serving as an early warning system.

Symptoms of the Cicada Variant

Symptoms linked to BA.3.2 mirror those of other recent Omicron subvariants and generally remain mild, especially in vaccinated or previously exposed individuals. Common reports include:

• Cough
• Fatigue
• Runny nose or congestion
• Headache
• Sore throat
• Mild fever or chills
• Body or muscle aches

No data indicates BA.3.2 causes more severe disease than circulating strains. Hospitalized cases identified so far involved older adults with underlying conditions or a young child receiving outpatient care; all survived. Doctors note that sore throat sometimes appears prominent.

Risk Factors and Immune Escape Concerns

The primary concern stems from the variant’s mutations potentially reducing protection from prior infection or the 2025-2026 vaccines targeting LP.8.1 antigens. Laboratory studies showed lower antibody neutralization against BA.3.2 compared with JN.1 strains, though real-world effectiveness data is still emerging.

Higher-risk groups include:

• Older adults, particularly those 65 and older
• People with comorbidities such as heart disease, diabetes or weakened immune systems
• Unvaccinated or under-vaccinated individuals
• Those with recent waning immunity

Prevention and Public Health Response

Health officials recommend staying up to date with COVID-19 vaccination, including the 2025-2026 formulation. While it offers the best protection against severe outcomes from current strains, its effectiveness against BA.3.2 may be somewhat lower. Additional layers of defense include:

• Testing when symptomatic
• Improved indoor ventilation
• Masking in crowded or high-risk settings
• Hand hygiene and respiratory etiquette

Broader Context in 2026

Six years after the pandemic’s start, COVID-19 remains endemic, causing millions of illnesses and thousands of deaths annually in the U.S. Seasonal patterns and new variants continue to influence transmission. BA.3.2’s slow emergence highlights how SARS-CoV-2 can evolve in under-monitored lineages before gaining traction.

Public health messaging focuses on preparedness rather than alarm. Most infections produce mild illness, and existing tools — vaccines, antivirals and basic precautions — help mitigate risks. WastewaterSCAN and similar projects have proven valuable for early detection.

For individuals, monitoring personal symptoms and consulting healthcare providers for testing or treatment remain key. Those at higher risk should discuss booster timing with their doctor.

As spring progresses, officials will watch whether BA.3.2 gains ground or remains a minor player. Continued vigilance, vaccination and surveillance will guide responses to this and future variants.

While Cicada adds another chapter to COVID-19’s evolution, current evidence suggests it does not signal an immediate major threat. Americans can reduce personal risk through familiar preventive steps while public health systems track its trajectory.

The business also has a presence in Edinburgh and Liverpool

A patent and trade mark firm with offices in Edinburgh and Liverpool has opened a new base in Bristol as part of plans to target the South West. Hindles said the region was an “absolute powerhouse of innovation” and held “significant opportunities” for the business.

The Bristol office is headed up by Chris Cottingham, a director at Hindles and a UK and European patent attorney. He said the launch of the new city base would place Hindles “at the heart of the UK’s premier deep-tech ecosystem outside the Golden Triangle of Cambridge, Oxford and London”.

“Bristol and the wider South West region are an absolute powerhouse of innovation, fuelled by world-class universities and R&D, startups, and globally renowned companies across a series of strategically important sectors, and it’s a perfect home for our third UK office,” he said.

“And when you look at the city and region’s fast-growing credentials in AI, we see significant opportunities to support some of the most exciting players here.”

Mr Cottingham said deep-tech innovation the South West was “excelling”, driven in part by new start-up and spinout companies as well as new incubators, such as the recently launched OMX deep-tech lab facility.

“This is leading to a significant increase in local patent filings with the number of international patent applications from Bristol-based applicants having doubled in the last decade, compared with only a modest five per cent increase in international patent applications UK-wide,” he said.

Hindles, which was founded in 2004, advises organisations including start-ups, scale-ups, spinouts, universities, listed companies and global corporations on establishing and protecting their intellectual property. The firm’s clients based or operating in the region include Par-Pak Europe and Holfeld Plastics, who recently divested from US parent company Novolex, and Cornwall-headquartered Topan Group.

As well as its UK offices, Hindles also has a presence in Europe, North America, Asia, and the Middle East through a network of international associates.

Alistair Hindle, Hindles’s founding director and a chartered and European patent and trade market attorney, added: “Hindles has always been about high quality, commercially-focused IP advice, underpinned by a team of legal experts and sector specialists dedicated to protecting our clients’ core technologies.

“We are already advising firms in Bristol and the surrounding region and it’s great to have Chris in place to guide our next phase of growth across the South West.”

The United States has warned that Sir Keir Starmer’s push to realign the UK more closely with European Union rules risks undermining transatlantic trade, in a rare public intervention that highlights growing tensions over Britain’s post-Brexit strategy.

Warren Stephens said Washington views the UK government’s plan to reintroduce elements of EU regulation, particularly in agriculture and food standards, as a potential obstacle to trade with the US.

“To the extent that that affects US trade and requirements, that’s going to be a problem,” he told a business audience in London, adding that such a move “will not be favourably received in Washington”.

The warning comes as Keir Starmer and Chancellor Rachel Reeves seek closer economic ties with Brussels, including plans to reintroduce an initial tranche of 76 EU directives into UK law.

The proposed alignment, largely focused on farming and food standards, is intended to smooth trade relations with the EU and reduce friction for exporters. However, US officials fear it could complicate market access for American goods, particularly where regulatory standards diverge.

Stephens suggested that the UK’s attempt to balance its relationships with both Brussels and Washington could create competing pressures.

“I know the EU is important to the UK, and you’ve got to do what’s best for you,” he said. “But it does have implications for our trade relationship.”

The comments also reflect broader frustration in Washington over the pace of progress on the UK-US trade deal agreed last year under Donald Trump.

While the agreement came into force in mid-2025, Stephens indicated that the US is keen to see faster implementation and deeper integration.

“We’re excited by these deals and ready to act,” he said. “We want to see the same urgency from our partners.”

Among the proposals under discussion is a framework that would allow companies to raise capital across UK and US markets using domestic regulatory filings, a move aimed at strengthening financial ties between the two economies.

The US ambassador contrasted Washington’s relatively smooth dealings with the UK against what he described as a more difficult relationship with the EU, despite a trade agreement signed last year.

Delays in ratifying that agreement, partly linked to geopolitical tensions, have underscored the complexity of EU negotiations and may be influencing US concerns about the UK moving closer to European regulatory frameworks.

Beyond trade, Stephens also weighed in on broader economic policy, urging the UK to make greater use of domestic energy resources, including North Sea oil and gas, to support competitiveness and reduce costs.

At the same time, he adopted a more measured tone on the UK’s engagement with China, acknowledging the importance of the market while warning of the need to protect sensitive technologies and intellectual property.

The intervention highlights the increasingly delicate position facing the UK as it seeks to recalibrate its global relationships in the post-Brexit era.

Efforts to rebuild ties with the EU are seen by the government as essential to boosting trade and economic growth. However, the US remains one of the UK’s most important economic partners, and any perceived shift towards European alignment risks creating friction.

For businesses, the potential divergence in regulatory standards raises questions about market access, compliance costs and long-term strategy.

As the UK pursues a more pragmatic approach to international trade, balancing relationships with both the EU and the US will be critical.

The latest warning from Washington suggests that alignment with Brussels may come with trade-offs, and that the path to maximising economic opportunity may be more complex than anticipated.

For policymakers, the challenge will be navigating these competing priorities without undermining the UK’s position in either of its most important trading relationships.

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Investigators are probing the cause of a fire that burned a section of a large automotive glass plant near Dayton, Ohio, that supplies components to several major automakers.

The roof of the Fuyao Glass America plant, said to be one of the largest automotive-glass manufacturing plants in the world, caught fire around 8:30 p.m. Sunday, according to city officials in Moraine, Ohio. 

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Octopus Investments is set to cut around a fifth of its workforce as it accelerates the adoption of artificial intelligence, in a move that reflects the rapid transformation underway across the asset management industry.

The City-based firm, which manages close to £15 billion in assets, is understood to be placing around 130 roles at risk of redundancy, primarily in back-office functions. With just over 600 employees, the restructuring represents a significant shift in how the business operates, as it seeks to streamline processes and modernise its infrastructure.

The cuts form part of a broader strategy to invest more heavily in technology, particularly AI, which is increasingly being used to automate routine tasks, improve efficiency and reduce operational costs across financial services.

The move underscores how quickly AI is reshaping the financial sector, particularly in areas such as administration, compliance and reporting, where repetitive processes are well suited to automation.

Asset managers have been among the fastest adopters of the technology, using AI tools to handle data processing, client onboarding and portfolio analytics. As a result, roles that were once labour-intensive are being reduced or redefined.

Octopus Investments said the decision was necessary to ensure the business remains competitive in a rapidly changing environment.

“We’ve made the difficult but necessary decision to ensure we are a simpler business that can respond to the pace of change,” a spokesperson said, adding that affected employees would be supported in finding new roles both within the wider group and externally.

The restructuring is not an isolated case. Across the City and globally, financial institutions are reassessing their workforce structures as AI capabilities expand.

HSBC, for example, is reportedly considering up to 20,000 job cuts over the coming years, partly driven by the efficiency gains offered by AI.

The shift reflects a broader recalibration of the industry, where firms are balancing cost pressures with the need to invest in new technologies that can enhance performance and client service.

Despite the job cuts, Octopus Investments remains financially robust. The firm reported a 10.3 per cent increase in net profit to £76.7 million in 2024, with revenues rising to £225.7 million.

It is one of the most profitable divisions within the wider Octopus Group, which also includes businesses such as Octopus Energy and Octopus Money.

The decision to reduce headcount is therefore not driven by financial distress, but by a strategic effort to adapt to technological change and maintain long-term competitiveness.

The firm has faced some criticism in recent years over the fees charged on certain investment products.

Its flagship venture capital trust, Octopus Titan VCT, agreed to reduce management fees by 17 per cent last year, while the company has also earned substantial fees from managing private investment vehicles, even in periods where those funds reported losses.

These issues have added to the pressure on the business to demonstrate efficiency and value for investors, a factor that may also be influencing its push towards automation.

For employees, the restructuring highlights the growing impact of AI on white-collar roles, particularly in financial services.

While front-office and client-facing positions are less immediately affected, back-office functions are increasingly being automated, reducing the need for large operational teams.

At the same time, new roles are emerging in areas such as data science, AI development and digital strategy, suggesting a shift in the types of skills required across the industry.

As AI continues to evolve, asset managers are likely to face further pressure to adapt their business models, balancing efficiency gains with the need to retain expertise and maintain client trust.

For Octopus Investments, the current restructuring represents a significant step in that transition, one that reflects both the opportunities and challenges posed by technological change.

Across the City, similar moves are expected to follow, as firms seek to position themselves for a future where automation plays an increasingly central role in financial decision-making and operations.

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