US equities are the best of a bad bunch amid global turmoil: Investors are still piling into US stocks despite their weak performance as they seek a safe haven from even rockier international markets, the Wall Street Journal reports. US equity-focused stock and mutual funds saw net inflows in four of the past six weeks, according to Refinitiv data cited by the WSJ. By contrast, investors have been pulling out of international stock funds for 20 consecutive weeks — the longest streak of outflows in almost three years. “The US looks the least challenged in a very challenging world,” said Christopher Smart, chief global strategist at Barings.

Porsche could go public in what could be one of the world’s biggest IPOs this year: Volkswagen plans to float a 25% stake in its iconic sports car brand Porsche on the Frankfurt exchange later this month or early October, the carmaker said in a statement. The IPO could value Porsche at some USD 60-85 bn, making it the the largest in Europe since 1999 and among the biggest in German history, Reuters reports, citing data from Refinitiv. The Qatari sovereign fund could come onboard as a cornerstone investor and is eyeing a 4.99% stake, according to the newswire.

Don’t get too excited: The listing remains subject to market conditions — which haven’t been too great recently. Sources close to the negotiations told Reuters the sale could be extended or pulled if investor interest is weak.

ALSO IN PLANET FINANCE-

• Accounting giant Ernst & Young is expected to approve this week a breakup plan splitting its auditing and consulting firms. (WSJ)
• Instagram handed large fine for privacy violations: Irish regulators have levied a record EUR 405 mn fine against Instagram over mishandling children’s data. (WSJ)

THE CLOSING BELL-

The EGX30 rose 1.5% at yesterday’s close on turnover of EGP 1.90 bn (53.6% above the 90-day average). Local investors were net buyers, with market chatter suggesting locals are positioning themselves in names they think will benefit what they hope is a market rally after the announcement of an IMF assistance package. The index is down 13.6% YTD.

In the green: Fawry (+7.6%), Elsewedy Electric (+5.0%) and Heliopolis Housing (+4.0%).

In the red: Eastern Company (-1.3%), Rameda (-1.1%) and Telecom Egypt (-1.0%).

Asian markets are solidly in the red this morning with the singular exception of Shanghai, where shares are clinging to modest gains. CNBC says investors to our east are holding in place in anticipation of today’s release of the so-called Beige Book — the US Federal Reserve’s summary of current economic conditions. Futures suggest shares in Europe, the US and Canada will all open in the red later today, with only Paris’ CAC 40 bucking the trend.