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Stock Market Falls On Soaring Oil Prices, Yields, But Finishes Strong; CPI Inflation, Apple, Oracle, Meta In Focus: Weekly Review

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Stock Market Falls, Rebounds Bullishly; Snowflake, Dell, Tesla, Jobs Report In Focus: Weekly Review

The stock market retreated this past week as crude oil prices and Treasury yields surged, but the indexes rebounded on Friday, paring losses. The Dow Jones fell through its 50-day line while the small-cap Russell 2000 hit a three-month low. The S&P 500 just undercut its 50-day line on Thursday while the Nasdaq tested that level, but both rebounded Friday…

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August CPI: The Fed May Hike And Stocks Don't Care

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August CPI: The Fed May Hike And Stocks Don't Care

August CPI: The Fed May Hike And Stocks Don't Care

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Can you really juggle a job and study for a degree?

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Students in Glasgow say the cost of living is making part-time work increasingly important.

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Record U.S. cyclosporiasis outbreak is over, CDC says

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Record U.S. cyclosporiasis outbreak is over, CDC says

People shop at a Manhattan grocery store on August 13, 2026, in New York City.

Spencer Platt | Getty Images

The largest ever outbreak of cyclosporiasis in the U.S. has ended, the Centers for Disease Control and Prevention said Friday.

The foodborne illness sickened 12,833 people in 21 states in recent months in the largest cluster, the CDC said. Health officials have linked that outbreak to shredded iceberg lettuce supplied by Taylor Farms in Mexico.

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It fueled the worst cyclosporiasis season in U.S. history, with 19,595 overall cases of the illness caused by the parasite cyclospora. The U.S. recorded two deaths, both in Michigan, the epicenter of the biggest outbreak.

The foodborne illness spread sparked scrutiny of U.S. food safety procedures and corporate consolidation in the country’s food supply, along with staffing and funding at the U.S. Food and Drug Administration. The outbreak also led to lower sales at restaurants that offer fresh lettuce — particularly Taco Bell, which served shredded iceberg lettuce from Taylor Farms — and dampened lettuce sales at grocery stores.

Cyclospora was challenging for health officials to track because of its long incubation period. It can take weeks to trace back the source of the illness, after which implicated produce may have spoiled.

Taylor Farms recalled the iceberg lettuce, including packages sold in grocers such as Walmart, in July. Taco Bell also pulled the lettuce from its restaurants that month.

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Wiluna lodges prospectus, seeks $180m

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Wiluna lodges prospectus, seeks $180m

Wiluna Mining Corporation will seek to raise $180 million to fully recapitalise its balance sheet and re-list on the ASX debt-free, according to its prospectus released today.

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Alcohol-Linked Cancer Deaths Double in U.S.; Colorectal and Breast Lead Among Adults Under 55

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Lynch Irish Pub Beer

MIAMI — Cancer deaths attributed to alcohol in the United States roughly doubled between 1990 and 2023, and among adults ages 20 to 54 the leading killers were not liver tumors, researchers reported.

The analysis, published in The Lancet Regional Health — Americas and led by physicians at the University of Miami’s Sylvester Comprehensive Cancer Center, estimated 23,126 alcohol-attributable cancer deaths in 2023, up from 11,361 in 1990. Men accounted for 17,477 of the later total. The work drew on more than three decades of Global Burden of Disease data.

“The most surprising finding was the breadth of alcohol’s potential impact across cancer types,” said Chinmay Jani, corresponding author and chief fellow in hematology and oncology at Sylvester. “Although its relationship with liver cancer is widely recognized, its contribution to cancers such as colorectal, esophageal, breast, pancreatic and prostate cancer is less well understood by the public.”

That gap is sharpest under age 55. “Notably, among adults aged 20 to 54, colorectal cancer was the leading cause of alcohol-attributable cancer mortality in men and the second leading cause in women, surpassing liver cancer in both groups,” Jani said. For women in that age band, breast cancer ranked first and colorectal second. Esophageal cancer followed colorectal among younger men. Liver cancer sat below both in each sex.

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The raw death rate in ages 20 to 54 was unchanged at 2.4 per 100,000 from 1990 to 2023. What changed was alcohol’s share. The percentage of cancer mortality attributed to drinking in that group rose from 4.5% to 6.6%. Among people 55 and older, the age-standardized rate climbed from 15.8 to 19.2 per 100,000, and alcohol’s share rose from 1.7% to 3.0%.

“Even though overall the cancer mortality was going down for some of these cancers … alcohol associated mortality was going up,” Jani told The Washington Post. “Which means that alcohol as a risk factor was impacting more cancer deaths in 2023 than it was in 1990.” He told MedPage Today the same pattern held “for both males and females, and for the younger and elderly population as well.” “For the younger population, cancer mortality from colorectal cancer has taken over from liver cancer, especially among males, which is concerning,” he said.

Among older men, liver cancer still produced the highest alcohol-linked death rates, then esophageal and colorectal cancers. Among women of all ages, breast cancer was the leading alcohol-attributable cancer death. The study found rising alcohol shares across most tumor types except liver cancer in some older groups. The largest proportional jumps included stomach, pancreatic and colorectal cancers.

The International Agency for Research on Cancer classifies alcoholic beverages as a Group 1 carcinogen. Ethanol and its metabolite acetaldehyde can damage DNA, raise estrogen and promote inflammation. Public surveys still show limited awareness of that list beyond the liver.

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The estimates are modeled, not death-certificate counts that list “alcohol” as the cause. They apply population drinking patterns and established risk ratios to cancer mortality. That method can miss binge patterns, underreporting and other overlapping risks such as obesity and smoking. It cannot prove that any single patient’s tumor was caused by drinking. State rates varied: the District of Columbia was highest and Utah lowest in the paper’s maps.

An earlier version of the analysis, using data through 2021, was presented at the American Society of Clinical Oncology meeting. Gilberto Lopes, Sylvester’s chief of medical oncology, co-led the work.

The clinical implication is screening, not slogans. Early-onset colorectal cancer has been rising in the United States for years. Breast cancer remains the most common cancer in younger women. Neither is framed in most public-health ads as an alcohol disease. Jani’s tables say that, among drinkers who die of cancer before 55, those two sites now outrank the organ people picture when they cut back.

The study does not prescribe a safe number of drinks. It does say the death count tied to alcohol is larger than it was a generation ago, that men and older adults still carry most of it, and that the mix under 55 has shifted toward the colon, rectum and breast. Physicians who ask only about the liver are asking the wrong first question.

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Gold Miner’s Luster Lures Funds; Stock Hovers Near Buy Point

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Gold Miner's Luster Lures Funds; Stock Hovers Near Buy Point

Oil-driven inflation hurts wallets, but it can also be a strong catalyst for other commodity markets. Wheaton Precious Metals (WPM) is among the gold miners reaching a buy point ahead of the Federal Reserve’s September rate-setting meeting. The stock is part of Investor’s Business Daily’s most stringently selected list, sector leaders. Wheaton Precious Metals heads the mining sector, one of…

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In 1943, US built an entire city, and it didn’t exist on a single map

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In 1943, US built an entire city, and it didn't exist on a single map
Picture a city with 75,000 people, its own grocery stores, movie theatres, and swimming pools. Now imagine that city was invisible. No road signs pointed to it. No state map showed it. If you asked a local where it was, they legally couldn’t tell you, because most of them didn’t fully know either. This isn’t fiction. It’s Oak Ridge, Tennessee, and it was one of the strangest, most audacious secrets the U.S. government has ever pulled off.

A City That “Didn’t Exist”

When Japan attacked Pearl Harbor in December 1941, Oak Ridge didn’t exist at all. There was no city, no name, nothing but quiet farmland tucked into the valleys of East Tennessee.

Also Read: Gray Hair Reason Found: A Japanese study explains why people get grey hair and it may be linked to cancer
Then, in 1942, the US government quietly began buying up roughly 60,000 acres of that farmland ‘on land framed by the foothills of the Appalachian Mountains’. Families who had lived there for generations were told to pack up and leave, often with only a few weeks’ notice, no explanation given, and no say in the matter.

By July 1943, the takeover became official. An army captain handed Tennessee’s governor a proclamation, straight from President Franklin Roosevelt, declaring the land a total exclusion area no longer under state control. The governor reportedly tore it up on the spot. It didn’t matter. The federal government now controlled the land, no questions asked.

Why This Sleepy Valley?

The location wasn’t chosen by accident. Oak Ridge sat far from either coast, making it an unlikely bombing target, and its valleys offered natural cover, plus room to separate massive industrial plants in case something went catastrophically wrong.
It was also cheap and remote, sparsely populated, which meant fewer people to notice, and fewer people to ask questions. Within months, this “nowhere” spot became one of three secret sites, alongside Los Alamos, New Mexico, and Hanford, Washington, chosen to build the world’s first atomic bomb as part of the Manhattan Project.

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Life Behind the Fence

What rose out of that Tennessee mud was almost unbelievable. By its peak, Oak Ridge was home to ‘75,000 people, making it the fifth-largest city in Tennessee’, bigger than many cities that actually appeared on maps.

Also Read: ‘Honey helps wounds, burns to heal faster’: Study finds that it has anti-bacterial and anti-inflammatory properties

And yet, officially, it was blank space. Guards stood at every entrance. Every resident wore a badge at all times. Access required special approval, and visitors were essentially banned. Locals in nearby Knoxville reportedly knew something odd was happening, Oak Ridge workers were recognizable by their mud-caked shoes, a giveaway of the town no one was supposed to talk about.

Inside the fence, life looked almost normal, grocery stores, dances, churches, swimming pools. But almost nobody living there understood the true purpose of their own jobs. Workers were given fragments of tasks with zero context, deliberately kept in the dark so that even if information leaked, it wouldn’t add up to anything useful. One young chemist who arrived in 1943 later recalled being warned never to say the word “uranium” again after his very first day.

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Some estimates suggest Oak Ridge briefly used more electricity than New York City, largely to power the massive uranium enrichment plants humming day and night behind the checkpoints.

When the Secret Finally Came Out

The truth broke in August 1945, when the U.S. dropped atomic bombs on Hiroshima and Nagasaki. Only then did the outside world, and most of Oak Ridge’s own residents, learn what they’d actually built: the enriched uranium used in the first atomic weapon ever deployed in war.

Also Read: Humans have a ‘third eye’ in the brain: Study links it to a 600-million-year-old Cyclops ancestor

Even after that, Oak Ridge stayed a closed, gated city for years. It wasn’t until March 1949 that its roads finally opened to the public, ending seven years of total secrecy.

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What’s Left Today

Oak Ridge is no longer hidden, it’s a real, mapped city near Knoxville, and part of it is now preserved as the Manhattan Project National Historical Park. Visitors can tour surviving facilities, ride a scenic train along old supply routes, and see remnants of the plants that once ran around the clock behind armed checkpoints.

It remains one of the most remarkable facts of American history: for seven years, tens of thousands of people lived, worked, and raised families in a city the federal government built from nothing, and then simply erased from every map in the country.

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Trump announces a deal for Hamas to disarm in Gaza, but many hurdles and uncertainty remain

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Trump announces a deal for Hamas to disarm in Gaza, but many hurdles and uncertainty remain
WASHINGTON – President Donald Trump said Thursday that a deal has been reached for Hamas to disarm and Israel to withdraw its forces from Gaza, but many hurdles, conditions and long timelines remained to wind down the war in the Palestinian territory. Neither Hamas nor Israel gave immediate indication that they had agreed.

The White House announcement comes nine months after a U.S.-brokered ceasefire was signed. Negotiations between Israel and Hamas had largely deadlocked over the implementation of its second phase, including the disarmament of Hamas and the reconstruction of Gaza.

“The agreement will be carried out in carefully structured phases,” Trump said on social media. “As disarmament is completed, Israeli forces will withdraw, and the International Stabilization Force will work with a new Palestinian police force to take responsibility for Gaza being safe for its residents and its neighbors.”

Trump’s 20-point ceasefire plan calls on the Iran-backed militant group to surrender its weapons and destroy its vast network of tunnels. It also envisions Israeli forces withdrawing from Gaza, the arrival of a new technocratic Palestinian government, deployment of an international security force and the rebuilding of the battered Palestinian enclave after more than two years of war.

But Hamas had insisted on implementing the first phase before moving to discuss its weapons. The group’s founding charter calls for armed resistance against Israel, and it has been reluctant to give up an arsenal, including rockets, anti-tank missiles and explosives, that lies at the heart of its identity.

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Hamas announced earlier this month that it had dissolved its government in Gaza and was preparing to transfer power to a technical committee backed by the United Nations as part of the ceasefire deal.
U.S. and Board of Peace officials, describing the deal to reporters on condition of anonymity under guidelines set by the White House, gave an extremely optimistic assessment of the agreement that laid out a scenario very similar to the one described by Trump and his top aides when the Board of Peace, an international body established by Trump to oversee the ceasefire in Gaza, was first formed.The officials were unable to offer specific timelines for the disarmament of Hamas or other groups that operate in Gaza such as Palestinian Islamic Jihad, but said the Gaza police force would turn over weapons to the technocratic Board of Peace-backed Gaza administration in the next two weeks.

The Gaza police force, however, does not include the vast majority of Hamas militants and heavy weaponry is not included in that part of the agreement, according to the officials.

Instead, the surrender of heavy weapons and the decommissioning of Hamas tunnels and other infrastructure are to come later in a process that could take between 200 and 350 days, a Board of Peace official said.

A U.S. official said that Israel, which has been deeply skeptical about Hamas’ willingness to give up its guns or relinquish at least behind-the-scenes control of Gaza, had been consulted at every step of the negotiation.

However, the official said Israel was not being asked to do anything more than what it had initially committed to when it agreed to Trump’s 20-point plan, which essentially involves withdrawing its forces from Gaza and committing to ending airstrikes on the territory.

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Israel’s U.N. Mission said it had no immediate comment.

The official added that Hamas sponsor Iran remains a wildcard in the equation because although it counseled Hamas members not to accept a deal, it is also not in a position to offer the group much support because it is preoccupied with the conflict with the United States.

The war in Gaza began after the Hamas-led attack on southern Israel on Oct. 7, 2023, killed around 1,200 people and saw 251 taken hostage. Israel’s retaliatory offensive in Gaza has killed more than 73,000 Palestinians, including those killed since the ceasefire, Gaza’s Health Ministry said.

Israel’s military now controls more than half of Gaza, leaving Palestinians confined to squalid tent camps and heavily damaged urban neighborhoods.

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How ‘Rocketbooster’ partnership could change Oldham forever

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Mayoral Development Corporation aims to power town centre growth

Aerial view of Oldham

Greater Manchester Mayor Bev Craig has backed the masterplan for Oldham(Image: Sean Hansford | Manchester Evening News)

A new ‘rocketbooster’ could turbo-charge major changes in Oldham over the next decade. This could see a new indoor arena built, thousands of new homes, and millions of pounds of investment.

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Earlier this week, leaders of Oldham’s various political parties gave the thumbs up for the creation of a Mayoral Development Corporation (MDC), a partnership between Oldham council and the Greater Manchester Combined Authority (GMCA) that will look to fuel further growth in the town centre.

Those plans have also now been approved by Greater Manchester Mayor Bev Craig, subject to GMCA approval later this month.

The MDC in Oldham has been modelled off the one created in Stockport which is regarded as a blueprint for delivering town centre regeneration in the UK. The council leader there Coun Mark Roberts recently described the MDC as a ‘rocketbooster’ that has driven investment forward, including major infrastructure projects like the Stockport Interchange bus station.

If approved by the GMCA, the proposed MDC for Oldham will go to the UK Government and Parliament for approval. If everything goes according to plan, Oldham council hopes to set up the MDC in early 2027.

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Overseeing the delivery of major investment will be a board made up of an independent chair, three non-executive directors with private sector experience, a senior officer from both the council and the GMCA, as well as representatives from Oldham’s three largest parties. This is currently Labour, Reform, and the Oldham Group.

Town hall bosses hope that by having political representation on the board, this will provide investors with reassurance going forward they can put their money into Oldham and see a return. There will still be public oversight with public engagements over plans as well as future planning applications.

There are three elements to the council’s current plans under the MDC. One is a new “Sports Town” around Oldham Athletic Football Club which could include plans for a 5,000-capacity indoor arena and conference space close to Royal Oldham Hospital.

Another element is building on the refurbishment of the Oldham Coliseum and investing in Oldham’s historic town centre. The local authority is currently looking at revamping five historic buildings on Union Street including the Prudential Building as well as the old Post Office.

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The final element is building on the Northern Roots urban farm project and expanding that further. Northern Roots is due to open next week.

Developer Muse also wants to deliver 2,000 new homes in the town centre across six sites including the former Oldham Civic Centre, Oldham Mumps, and the former Magistrates Court. Prince’s Gate, one of the first major developments, recently began construction.

While MDCs have to operate in a particular boundary with Oldham’s running from the town centre down to Alexandra Park, sections of the River Medlock valley, and Oldham Edge, town hall bosses are keen to stress the impact will be felt across the borough.

It is hoped the Sports Town will lead to wider investment in sports facilities. The local authority may also look to use the investment by the MDC in the town centre to free up other resources the council has to invest in a number of buildings across the borough.

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This could include the Diggle Clock Tower, the Chadderton Wellbeing Centre, as well as Failsworth Library.

A GMCA survey found 83.4 per cent of online respondents supported the creation of the MDC, while 80.9pc agreed or strongly agreed that it would support development, growth and improvement. However there were concerns about accountability, the area covered by the partnership, green spaces, and making sure benefits were felt across the borough and not just in the town centre.

Emma Barton, the council’s deputy chief executive for Place said: “We have been observing how other GM authorities have established their MDCs, and we are keen to learn and share from best practice elsewhere, to ensure Oldham’s MDC is effective and efficient from the very start.

What the Sports Town development in Oldham could look like.

What the Sports Town development in Oldham could look like. (Image: Oldham Council)

“Oldham’s MDC is about accessing new investment opportunities to support the acceleration of delivering the changes our communities, residents and businesses have been asking for, and deserve. Better transport connections, new homes, job opportunities, more cultural activity and retention and refurbishment of the beautiful but empty heritage buildings.

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“It’s having that private sector voice around the table, to support and collaborate with us in a new style partnership. The MDC Chair and non-executives will have relevant expertise, experience and contacts within their networks to open doors that would not otherwise get opened for Oldham.

“This MDC opportunity is huge because this is the next delivery big ticket item linked to the continued Greater Manchester Devolution. We want to ensure we grasp every opportunity to secure necessary funding for Oldham and we are excited that the new Mayor continues to support Good Growth in all areas of Greater Manchester – with the same mindset as the previous Mayor.

“Without this, Oldham would struggle to secure investment funding and important opportunities and much needed capital works would miss out.”

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HDFC Bank ADRs Rise 2.5% as Mumbai Shares Rebound From 52-Week Low After CEO Exit

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HDFC Bank ADRs Rise 2.5% as Mumbai Shares Rebound From

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HDFC Bank ADRs Rise 2.5% as Mumbai Shares Rebound From 52-Week Low After CEO Exit

MUMBAI — HDFC Bank Ltd. American depositary receipts rose 2.47% to $22.38, up 54 cents, as the Mumbai listing bounced from a fresh 52-week low a week after Chief Executive Sashidhar Jagdishan said he will not seek another term.

The NSE stock closed at 708.25 rupees, up 14.45 rupees or 2.08%, after printing a 52-week floor on the same session. Volume was heavy. The ADR quote at 10:05 a.m. Eastern tracked that rebound, not a new earnings print. Next scheduled results are Oct. 19 for the quarter through September.

Jagdishan, 61, told the board on Aug. 29 he will retire when his term ends Oct. 26. Bloomberg later reported that new part-time Chairman Rajiv Kumar had pressed for faster loan growth and executive changes, and that Jagdishan chose to step aside rather than remake the bench. Any successor needs Reserve Bank of India approval. The bank is India’s most valuable lender, with a market value that has slid with the stock — down about 28% this calendar year versus a small decline in the Nifty Bank index, Bloomberg calculated, wiping more than $60 billion from last year’s peak.

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The operating numbers underneath the leadership news are slower growth and thinner margins, not a credit blow-up. For the year ended March 31, net profit rose 10.9% to 746.71 billion rupees. Advances grew 12.1%. Deposits grew 14.4%. Net interest margin was 3.34%. Gross nonperforming assets were 1.15%, down from 1.33%. Return on average net worth was 14.3%. Basic earnings were 48.62 rupees a share.

On the April full-year call Jagdishan said system credit had come in around the 10.5% to 11.5% band the bank had expected and that HDFC did 12%, “up from 5 and 1/2% last year.” “Deposit growth rate at 14.4% continues to grow faster than the credit growth, which is what we’ve always been doing,” he said. “The yield on assets had a faster transmission as against deposits on a full year basis leading to a NIM drop.”

The June quarter, reported July 18, showed the same squeeze. Standalone profit after tax was 190.6 billion rupees, up 5.0%, or about 9.8% after stripping prior-year gains, one-off provisions and tax credits. Net interest income rose 6.7% to 335.3 billion rupees. NIM was 3.26% on total assets and 3.40% on earning assets. Average deposits were 30.12 trillion rupees, up 13.3% year on year and 5.6% from March. The balance sheet was 43.98 trillion rupees. Credit cost was 0.40%. Jagdishan opened that call by saying, “It’s been a very tough period, but I really am proud of them.”

Asset quality is not the bear case. Gross NPAs are among the lowest at a large Indian bank. The bear case is multiple compression after the 2023 merger with HDFC Ltd., a loan-to-deposit ratio that still needs deposits to grow faster than loans, and a liquidity coverage ratio that analysts at Prabhudas Lilladher flagged near 114%. About 70% of the book is linked to external benchmarks, so rate cuts hit asset yields before deposit costs ease.

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Thursday’s 2% bounce does not restore the premium the stock used to carry. Price-to-book on the Indian listing is about 1.8 times. Some domestic houses still have Buy notes with targets of 960 to 1,100 rupees. Those targets assume a successor who can lift loan growth without blowing the deposit franchise Jagdishan spent a career defending.

The ADR at $22.38 is a claim on that franchise after a year of relative underperformance, a CEO countdown and a margin that has not yet found a floor. The 2.5% uptick is a dead-cat bounce until Mumbai names the next managing director and the October quarter shows whether deposits still outrun loans.

MUMBAI — HDFC Bank Ltd. American depositary receipts rose 2.47% to $22.38, up 54 cents, as the Mumbai listing bounced from a fresh 52-week low a week after Chief Executive Sashidhar Jagdishan said he will not seek another term.

The NSE stock closed at 708.25 rupees, up 14.45 rupees or 2.08%, after printing a 52-week floor on the same session. Volume was heavy. The ADR quote at 10:05 a.m. Eastern tracked that rebound, not a new earnings print. Next scheduled results are Oct. 19 for the quarter through September.

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Jagdishan, 61, told the board on Aug. 29 he will retire when his term ends Oct. 26. Bloomberg later reported that new part-time Chairman Rajiv Kumar had pressed for faster loan growth and executive changes, and that Jagdishan chose to step aside rather than remake the bench. Any successor needs Reserve Bank of India approval. The bank is India’s most valuable lender, with a market value that has slid with the stock — down about 28% this calendar year versus a small decline in the Nifty Bank index, Bloomberg calculated, wiping more than $60 billion from last year’s peak.

The operating numbers underneath the leadership news are slower growth and thinner margins, not a credit blow-up. For the year ended March 31, net profit rose 10.9% to 746.71 billion rupees. Advances grew 12.1%. Deposits grew 14.4%. Net interest margin was 3.34%. Gross nonperforming assets were 1.15%, down from 1.33%. Return on average net worth was 14.3%. Basic earnings were 48.62 rupees a share.

On the April full-year call Jagdishan said system credit had come in around the 10.5% to 11.5% band the bank had expected and that HDFC did 12%, “up from 5 and 1/2% last year.” “Deposit growth rate at 14.4% continues to grow faster than the credit growth, which is what we’ve always been doing,” he said. “The yield on assets had a faster transmission as against deposits on a full year basis leading to a NIM drop.”

The June quarter, reported July 18, showed the same squeeze. Standalone profit after tax was 190.6 billion rupees, up 5.0%, or about 9.8% after stripping prior-year gains, one-off provisions and tax credits. Net interest income rose 6.7% to 335.3 billion rupees. NIM was 3.26% on total assets and 3.40% on earning assets. Average deposits were 30.12 trillion rupees, up 13.3% year on year and 5.6% from March. The balance sheet was 43.98 trillion rupees. Credit cost was 0.40%. Jagdishan opened that call by saying, “It’s been a very tough period, but I really am proud of them.”

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Asset quality is not the bear case. Gross NPAs are among the lowest at a large Indian bank. The bear case is multiple compression after the 2023 merger with HDFC Ltd., a loan-to-deposit ratio that still needs deposits to grow faster than loans, and a liquidity coverage ratio that analysts at Prabhudas Lilladher flagged near 114%. About 70% of the book is linked to external benchmarks, so rate cuts hit asset yields before deposit costs ease.

Thursday’s 2% bounce does not restore the premium the stock used to carry. Price-to-book on the Indian listing is about 1.8 times. Some domestic houses still have Buy notes with targets of 960 to 1,100 rupees. Those targets assume a successor who can lift loan growth without blowing the deposit franchise Jagdishan spent a career defending.

The ADR at $22.38 is a claim on that franchise after a year of relative underperformance, a CEO countdown and a margin that has not yet found a floor. The 2.5% uptick is a dead-cat bounce until Mumbai names the next managing director and the October quarter shows whether deposits still outrun loans.

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