Markets

A basket of unprofitable tech companies tracked by UBS has jumped 21% since the end of July, compared with a 2.1% advance for its profitable tech counterpart and the Nasdaq 100 Index’s 5.9% advance. The run-up has sent the group, which includes lesser-known companies like SoundHound AI Inc. and Unity Software Inc., near its highest since late 2021, back when rock-bottom interest rates were fueling a bubble in speculative assets that popped the following year.

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With access to the US curtailed, Chinese manufacturers have shown they aren't backing down: Indian purchases hit an all-time high in August, shipments to Africa are on track for an annual record and sales to Southeast Asia have exceeded their pandemic-era peak. Indian authorities have received 50 applications in recent weeks for investigations into goods dumping from nations including China and Vietnam, according to a person familiar with the matter who asked not to be identified as the information isn’t public. Indonesia’s trade minister pledged to monitor a deluge of goods, after viral videos of Chinese vendors touting plans to export jeans and shirts for as little as 80 US cents to major cities caused an outcry.

Powell on Tuesday noted that asset prices, a category that typically includes stocks and other risk instruments, are at elevated levels.