Some Indian bank shares ended Thursday with sharply diverging closing prices on the country’s two main exchanges, another sign of market disruption tied to the new closing auction system. According to Sina Finance, after the 20-minute auction ended, IndusInd Bank closed at 1,002.9 rupees on the National Stock Exchange of India, while the stock fell more than 3% on the Bombay Stock Exchange to 970 rupees. The nearly 33-rupee gap was the highest level in more than two decades. AU Small Finance Bank, IDFC First Bank, and Federal Bank also saw large closing price divergences. The Bombay Stock Exchange bank index fell as much as 3.3% during the auction before recovering part of the loss and ending down 1.7%. Some mid- and small-cap banks failed to rebound because of weak liquidity and the monthly expiry of the bank index futures contract, which has 14 constituents. The index closed up 1% on Friday. Since the auction system launched on August 3, Indian equities and derivatives markets have repeatedly seen unusual moves. The incidents have raised concerns about how the mechanism works and the risk of manipulation, while price gaps between the National Stock Exchange of India and the Bombay Stock Exchange have drawn further regulatory scrutiny. “I trade in multiple markets around the world, and I have never seen such unusual moves: the same stock had a closing price gap of as much as 3% across exchanges,” Dubai hedge fund trader Mayank Bansal said. Varun Khandelwal, founder of Gurgaon proprietary trading firm Bullero Capital, said the gap can persist because no reliable model can predict the closing level of a stock on the two exchanges during the auction period. The trading system used to determine the closing prices of more than 200 stocks has faced strong market opposition and regulatory review. India’s Securities and Exchange Board recently barred two firms from trading, including a subsidiary of JPMorgan Chase, accusing them of manipulating stock prices during the auction phase. Kartik P., a partner at Karla Securities Brokerage, said trader and other market participants are losing confidence and that such sharp volatility may prompt them to avoid the market.

Colombian Finance Minister Miguel Gómez said the government will slash spending to address a fiscal crisis he described as probably the worst in the country’s history, according to Bloomberg. Gómez made the pledge as Colombia confronts the fiscal strain.

Affirm Holdings CEO Max Levchin told Bloomberg Businessweek Daily that the company’s customers are “healthy, paying us back on time, and shopping,” according to Bloomberg. He also discussed Affirm’s recent earnings report, including an upbeat revenue outlook, its most profitable quarter on record, recent partnerships and e-commerce growth.

Iran's Islamic Revolutionary Guard Corps Navy said U.S. officials were lying about the Strait of Hormuz remaining open, accusing them of trying to control oil prices and cover up failure. The navy said Iran's control over the strategic waterway is absolutely secure and ordered that any vessel attempting to pass through the strait without Iranian coordination must not be allowed to transit, according to Jiemian News. It said the action will continue until U.S. military operations against Iran end completely and Washington fulfills its obligations.

According to Wallstreetcn, U.S. President Donald Trump said the United States had just reached an oil deal with Venezuela and had obtained majority control of Venezuela's more than 65 billion barrels of proven oil reserves.

According to Axios, Rep. Alexandria Ocasio-Cortez (D-N.Y.) is making personnel changes on her team months before she decides whether to launch a presidential campaign or run for Senate Minority Leader Chuck Schumer's seat in 2028. Her longtime campaign manager and senior adviser, Oliver Hidalgo-Wohlleben, is leaving in September, while Fiorella Bini has taken over as interim campaign manager, Aya Saed has returned as a deputy chief of staff and campaign adviser, and Tanushri Shankar-Ross has come back as a senior adviser. Ocasio-Cortez's creative director, Tyler Evans, also left this summer, according to his LinkedIn page. The changes have coincided with an expanded portfolio for chief of staff Mike Casca, who joined her team in late 2023 after serving as a senior communications adviser on Sen. Bernie Sanders' 2020 presidential campaign.

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