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• Rising tanker freight costs are eroding the economics of long-distance crude shipments, prompting Indian refiners to favour Persian Gulf supplies over Russian oil.
• Iraqi crude cargoes were reportedly offered at discounts of more than $25 per barrel to Dubai crude before loading, translating into a few dollars per barrel below spot Brent on an India-delivered basis.
• Russian crude grades are being quoted at around $2 per barrel above regional benchmarks, making them less attractive to many Indian refiners.
• Bharat Petroleum’s CFO said Russian oil shipments for November had fallen sharply as their commercial viability deteriorated.
• Saudi Aramco reportedly sold a spot cargo at a discount of up to $10 per barrel to Dubai, while ADNOC sold around 20 million barrels for December loading at a slight discount.

BPCL Cuts Russian Oil Purchases Sharply as Middle East Crude Supply Improves bigbreakingwire.in

• Meta Platforms plans to raise approximately $35 billion through a combined offering of Class A common stock and preferred-stock depositary shares.
• The offering includes around $22.5 billion in Class A shares and $12.5 billion in depositary shares through a forward sale agreement.
• Nvidia, AMD and Broadcom are expected to purchase up to $5 billion of Class A shares, according to the report.
• Meta also plans a separate $60 billion at-the-market offering programme for Class C common stock in the first quarter of 2027.
• The company projects 2026 capital expenditure of $135 billion–$145 billion, with the lower end of its previous range raised by $5 billion.
• Meta says AI presents significant opportunities across its core business and new products and services. Its shares briefly fell as much as 4% in premarket trading, while the latest reported move was down 0.96%.

• Asian buyers are paying elevated prices for Canadian heavy crude, strengthening the economic case for expanding Canada’s west-coast oil export capacity.
• Canadian Cold Lake crude delivered to South Korea fetched a record $9.50 per barrel premium over Dubai crude in September, according to S&P Global Platts.
• The premium has averaged $4.33 per barrel this month, after Canadian crude traded at a discount before the Iran war.
• In contrast, Western Canadian Select (WCS), the benchmark for Canadian oil sands, faced a $28.25 per barrel discount to WTI crude in Alberta last week, the widest gap in nearly four years, according to General Index data.
• The diverging prices highlight the difference between stronger Asian demand for Canadian crude and weaker pricing in its largest market, the United States.

• International Energy Agency (IEA) chief Fatih Birol warned that surging diesel prices and disrupted fertiliser supplies could drive food prices higher in the coming months.
• Speaking at Singapore International Energy Week, Birol said oil prices were “flirting with US$120 a barrel” and that energy markets might not return to pre-war levels in 2027.
• Diesel prices have reportedly doubled since the Iran war began, increasing pressure on farmers as the planting season approaches.
• Birol warned that shortages of diesel and heating gasoil could worsen during winter, potentially tightening energy supplies further.
• Wholesale diesel prices in South Africa have risen sharply over the past year, highlighting the pressure on fuel-dependent economies.

• Sashidhar Jagdishan retires as MD and CEO on Monday, with Anup Bagchi beginning a three-year term on Tuesday.
• Bagchi, 55, joins from ICICI Prudential Life Insurance and becomes the bank’s first chief executive recruited from outside the organisation, Reuters reported.
• Bloomberg reported that an internal probe found two senior executives had leaked confidential strategic information.
• The leadership transition comes amid executive departures and continued scrutiny of the bank’s internal governance.
• HDFC Bank shares fell again on Monday, approaching a 52-week low.

• A group of 21 Indian news publishers has challenged the country’s digital privacy law in the Supreme Court, arguing it threatens press freedom and investigative journalism, according to documents reviewed by Reuters.
• The group includes media companies owned by billionaires Mukesh Ambani and Gautam Adani.
• The publishers argue that the law could allow authorities to identify journalists’ confidential sources and impose restrictions on investigative reporting.
• The Digital News Publishers Association (DNPA) said the absence of an explicit exemption for journalists was alarming, despite assurances from the government that press freedom would be protected.
• The government introduced the law to protect users’ digital personal data, with compliance requirements affecting platforms such as Meta and Google.
• The publishers pointed to protections for journalism in jurisdictions including the European Union, Singapore and the UK, arguing that India should provide a clear written carve-out for media organisations.

• SK Hynix: The company is reportedly preparing an additional KRW 50–60 trillion shareholder-return plan, according to the Seoul Economic Daily.
• The move follows a reported KRW 40 trillion share cancellation. Combined shareholder returns could reach a record KRW 100 trillion this year, according to the report.
• SK Hynix aims to leverage record earnings and strong AI-driven memory demand to boost its global corporate valuation.
• Morgan Stanley: The bank warned semiconductor stocks could face another 10–15% downside, with the Philadelphia Semiconductor Index potentially falling to around 9,500.
• The bank identified semiconductor stocks and other capital-expenditure beneficiaries as key areas of financing risk amid uncertainty over the timing and scale of AI-driven revenue.
• Morgan Stanley expects the sector’s correction to approach its final phase and potentially end by mid-November, while maintaining its S&P 500 year-end target at 8,000.

• L&T Technology Services (LTTS) has signed a five-year contract with Nokia to support its engineering and R&D operations in India.
• LTTS will establish a dedicated Offshore Development Centre (ODC) focused on next-generation telecom solutions.
• The centre will combine data-centre-grade computing capabilities with AI infrastructure engineering, supporting technologies including 5G.
• The contract aligns with LTTS’ Lakshya 31 strategy, which emphasises AI infrastructure and advanced engineering services.
• LTTS shares rose in Monday’s trading following the announcement, according to Moneycontrol.
• The financial value of the contract has not been disclosed.

• Union Commerce Minister Piyush Goyal said India and the European Union aim to sign their free trade agreement (FTA) by the end of 2026.
• Following the conclusion of negotiations, the European Commission has sought authorisation from the EU Council to sign the agreement.
• Goyal said the pact could come into effect by March-April 2027, subject to the required approvals and procedures.
• India expects to source semiconductor equipment, defence equipment and data-centre-related capabilities from Europe.
• Goyal also urged Indian entrepreneurs in Europe to help Indian MSMEs expand into European markets.

• The Sensex and Nifty 50 rebounded sharply from their intraday lows on Monday after a steep early decline.
• Metal and pharma stocks led the recovery, with bargain buying emerging after four consecutive sessions of losses.
• Infosys weighed on sentiment after cutting its FY27 revenue growth guidance to 1–2%, from 1.5–3%.
• Elevated Brent crude prices and ongoing West Asia tensions kept investors cautious.
• Markets also remained focused on the US Federal Reserve’s October 27–28 meeting, while foreign portfolio investors (FPIs) continued heavy net selling in October.

Centre May Consider Cutting 12.5% LTCG Tax on Equities in Budget 2027-28 bigbreakingwire.in

• Israel had reportedly been preparing to strike Iran in recent days, but the US asked it to wait, signalling the possibility of a joint operation later, according to CNN.
• A conversation between Israeli military chief Eyal Zamir and the Chairman of the US Joint Chiefs of Staff reportedly included concerns that an attack could negatively affect the US elections.
• The US military is reportedly prepared to launch an attack on Iran within 96 hours of receiving an order from President Donald Trump.
• The reports indicate that military options remain under consideration, but they do not confirm that Trump has ordered an attack.

• Tata Motors’ acceptance period for its €3.91 billion bid for Iveco is due to end on Monday, October 26, unless extended.
• Shareholder acceptances reached around 35% by October 22, up from 31.2% on October 19, according to Borsa Italiana data.
• Tata Motors needs 80% acceptance to meet its target, leaving a substantial gap ahead of the deadline.
• On October 9, Tata raised its offer to €14.40 per share after Petrus Advisers rejected the original bid.
• Tata has said it will not increase the offer price further, while some major investors continue to hold out.

Samsung and SK Hynix to Begin 8-Layer HBM4 Shipments to Nvidia in Q2 2027

• Mass production planned for next year: Samsung Electronics and SK Hynix have reportedly scheduled mass production and deliveries of 8-layer HBM4 memory for Nvidia around Q2 2027, according to ZDNet Korea.
• Nvidia’s Rubin Ultra systems in focus: An industry source said Nvidia plans to use 8-layer HBM4 in its Rubin Ultra-based NVL rack-scale systems, depending on system configuration.
• 12-layer HBM4 remains the priority: The 12-layer version is expected to remain the main focus this year, while the share of 8-layer HBM4 could rise significantly from mid-2027.
• Memory competition intensifies: The planned shipments highlight the race between Samsung and SK Hynix to supply advanced high-bandwidth memory for Nvidia’s next-generation AI infrastructure.

Iranian Parliamentary Delegation Meets Om Birla in India as Pezeshkian Plans Moscow Visit

• Iranian delegation visits New Delhi: An Iranian parliamentary delegation arrived in India to attend the 12th BRICS Parliamentary Forum, according to Iranian media reports.
• Meeting with Lok Sabha Speaker: The delegation met Lok Sabha Speaker Om Birla on Monday morning to exchange views on parliamentary and other relevant issues.
• Diplomatic discussions at Iranian Embassy: On Sunday evening, delegation members met Iranian Ambassador to India Mohammad Fathali and Iran’s Supreme Leader representative in India, Abdulmajid Hakim Elahi.
• Pezeshkian plans Moscow visit: Iranian Foreign Minister Abbas Araqchi said President Masoud Pezeshkian plans to travel to Moscow this week for discussions on energy-related issues.
• Natural gas cooperation on agenda: Pezeshkian is expected to discuss energy matters with representatives of 11 other natural gas-producing countries, according to Iran’s IRNA news agency.

BlackRock Poised to Turn Positive on Indian Stocks but Seeks Clearer Signals

• BlackRock signals potential shift: Ben Powell of BlackRock Investment Institute told The Economic Times that the firm is “poised” to turn tactically constructive on Indian equities but wants more evidence before changing its stance.
• Indian markets face pressure: The Sensex and Nifty 50 have declined in 2026 amid sustained foreign investor selling.
• ₹4.55 lakh crore FII outflows: Foreign investors have sold approximately ₹4.55 lakh crore worth of Indian stocks, weighing on market sentiment.
• High crude prices pose a risk: Powell highlighted elevated oil prices as a concern for India, a major energy importer, because higher crude costs can pressure inflation, corporate margins and economic growth.
• Valuation outlook has evolved: In July, Powell said India’s valuation premium had disappeared. His latest comments suggest potential optimism, but the firm is still assessing the evidence.

179 S&P 500 Companies to Report Earnings This Week as Investors Assess AI Risks

• Busy earnings week ahead: Approximately 179 S&P 500 companies, representing 36% of the index, are scheduled to report quarterly results this week, according to FactSet.
• Big Tech in focus: Investors will closely watch results from Amazon, Alphabet and Microsoft, whose performance has played a significant role in the S&P 500’s gains.
• Earnings growth remains strong: Analysts expect S&P 500 companies’ third-quarter earnings to increase 29.5% year-on-year, based on FactSet’s Friday report.
• AI investment concerns persist: Investors are questioning the sustainability of AI-driven market gains amid concerns over valuations and the durability of AI-related spending.
• Oil prices and bond volatility add pressure: Elevated gasoline prices and fluctuations in bond markets are adding to uncertainty ahead of major earnings announcements.
• Higher expectations raise the stakes: Investors are becoming less tolerant of disappointing results, meaning even companies that beat Wall Street estimates may struggle to lift their share prices.

BPCL Cuts Russian Oil Purchases Sharply as Middle East Crude Supply Improves

• Russian crude purchases reduced: Bharat Petroleum Corporation Ltd. (BPCL) has significantly cut its Russian crude oil purchases for November as declining commercial viability makes the supplies less attractive.
• Russian oil remains attractively priced: A BPCL executive said Russian crude prices remain favourable, but the economics of buying the oil have weakened.
• Middle East procurement resumes: BPCL has gradually resumed crude purchases from the Middle East as regional supplies improve.
• Supply expected to increase: The company expects Middle Eastern crude oil availability to rise further in November.
• Red Sea shipments continue: A BPCL executive said substantial volumes of crude oil are being transported from the Red Sea region.
• Indian oil executive: Russian oil imports dropped in November as Middle Eastern oil prices fell.

Jio Platforms’ $3.1 Billion IPO Generates Just 0.65% in Fees for 19 Underwriting Banks

• Record IPO, lower banking fees: Jio Platforms Ltd. reportedly paid ₹1.96 billion ($20.7 million) in fees to 19 underwriting banks for its approximately $3.1 billion IPO, according to filing documents cited by Sina Finance.
• Fees account for just 0.65%: The underwriting fees represent around 0.65% of the total offering, below the fee levels recorded in several previous major Indian IPOs.
• Hyundai paid significantly more: Hyundai Motor India paid bankers approximately ₹4.9 billion for its ₹278 billion IPO in 2024, equivalent to roughly 1.76% of the offering.
• Paytm and Swiggy also paid higher fees: Paytm’s parent, One 97 Communications, paid about ₹3.2 billion on its ₹183 billion IPO in 2021, while Swiggy paid approximately ₹2.8 billion for its ₹113 billion share sale.
• Competition squeezes commissions: Intense competition among investment banks is driving down underwriting fees on high-profile deals, as banks compete for prominent roles in major IPOs.
• Strategic value for banks: Underwriters may accept lower commissions to gain deal credentials, improve industry rankings and strengthen their chances of securing future large transactions.

Bank of Japan Expected to Hold Rates on Friday but Keeps December Hike in Play

• Rate decision expected to remain unchanged: The Bank of Japan (BOJ) is widely expected to hold interest rates at its Friday policy meeting while signalling that further monetary tightening remains possible.
• Nearly 14-year inflation battle nearing success: The BOJ may indicate that Japan has largely achieved its long-standing 2% inflation target, while warning that prices could rise faster than expected.
• December rate hike remains possible: Policymakers could raise rates in December or wait until January, depending on incoming economic data and market conditions.
• Gradual tightening approach: Sources familiar with the BOJ’s thinking said moderate price and wage increases favour gradual rate hikes rather than an aggressive tightening cycle.
• Inflation forecast may rise: The BOJ could slightly increase its inflation forecast for the next fiscal year and signal that underlying inflation is broadly around its 2% target.
• Balancing inflation and market stability: Mitsubishi UFJ Morgan Stanley Securities strategist Naomi Muguruma described the moment as pivotal, noting that the BOJ must manage inflation risks without disrupting already strained financial markets.

France Ranked Most Exposed to Debt Crisis Among 43 Advanced Economies as Bond Yields Hit 23-Year High

• France tops debt-crisis risk ranking: The International Monetary Institute (IMI) ranked France as the most exposed of 43 advanced economies to a potential debt crisis, followed by Belgium, Italy, the United States and the United Kingdom.
• French bond yields cross 5%: France’s 10-year government bond yield briefly exceeded 5% on October 21, its highest level since 2002, amid political protests and a budget dispute.
• Moody’s maintains France’s rating: Moody’s kept France’s credit rating at Aa3 with a negative outlook on Friday, avoiding the downgrade that markets had feared, according to Le Monde.
• Fiscal and political pressures persist: France’s budget uncertainty and political instability continue to weigh on investor confidence and government borrowing costs.

Indian Oil Prices Hit 15-Year High as Diesel Losses Near ₹20 per Litre; Bond Yields Surge

• Oil prices strain Indian refiners: Average Indian oil prices have reached a 15-year high, while oil marketing companies (OMCs) are reportedly losing nearly ₹20 per litre on diesel by selling below cost, according to ICRA and Business Standard.
• Government subsidy burden rises: Fertiliser subsidies are heading towards a record level, adding pressure to government finances amid elevated energy costs.
• 10-year G-sec yield hits highest since March 2023: India’s benchmark government bond yield rose nearly 30 basis points in October, amid expectations of further RBI rate hikes.
• Fiscal deficit may exceed budget target: Bank of Baroda economist Madan Sabnavis expects the fiscal deficit to reach 4.6% of GDP, above the government’s budgeted target of 4.3%.
• Brent eases after rally: Brent crude traded below $116 per barrel in early Asian trading on Monday, while US West Texas Intermediate hovered near $102, following last week’s rally driven by Houthi attacks on Saudi Arabia and fears of renewed conflict involving Iran.
• Global markets face pressure: Higher oil prices weighed on Australian equities, with the S&P/ASX 200 expected to open lower as investors assessed geopolitical risks and the outlook for energy supplies.