Bloomberg Business

Asian stocks are poised for a weak start Thursday on concern turmoil in the US banking sector will squeeze lending and trigger a recession.

Oil tumbled to the lowest level since 2021 after a chaotic opening in Asia as weak demand data from the US added to concerns that the global economy is set for a recession.

Executives from Paramount Global, Fox Corp. and other entertainment companies said it’s inevitable that films and TV shows will be written using artificial intelligence.

National Australia Bank Ltd.’s first-half profit fell short of analyst estimates as a boost to margins from higher interest rates was offset by caution on the economic trajectory. The stock opened 6% lower.

Aditya Chopra isn’t looking for a new job, but recruiters keep calling him anyway. The 36-year-old data-science specialist works in artificial intelligence, perhaps the most coveted experience on the planet after OpenAI demonstrated the breakthroughs of ChatGPT. Chopra, who works outside of New Delhi, sees friends in the field get pay hikes of 35% to 50% each time they switch jobs. “There’s a real shortage of data and AI talent,” he said.

A jump in holiday spending may do little to give Chinese stocks a much-needed boost.

Rooftop solar companies SunPower Corp. and Sunrun Inc. posted higher-than-expected sales in the first-quarter as homeowners in California rushed to install panels before a cut in a key state solar subsidy. Now, customers will have a months-long wait for new installations.

Coinbase Global Inc., the largest US crypto exchange, will stop issuing new loans through a service that lets people borrow using Bitcoin as collateral.

Barclays Plc named Yun Zhang as sole head of macro trading for Asia-Pacific as the London-based lender seeks to bolster revenue from structured products sales, according to an internal memo.

Equities in Asia face further headwinds and the yen may find fresh support as investors look beyond the Federal Reserve’s Wednesday interest-rate increase to what may be peak of its tightening cycle, according to strategists and fund managers.