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Fire Reported Near Saudi Arabia’s Largest Oil Export Hub as Missile Threats Escalate
- A fire broke out early Tuesday near Ras Tanura, Saudi Arabia’s largest oil export hub on the Persian Gulf coast, a source familiar with the matter said.
- Saudi authorities brought the fire under control, but the extent of the damage remains unclear.
- Ras Tanura hosts critical oil export infrastructure, Saudi Arabia’s largest refinery and extensive oil storage facilities.
- Saudi Arabia said its air defences intercepted and destroyed three ballistic missiles fired toward the kingdom’s eastern region.
- The Saudi-led coalition also claimed to have intercepted four drones and three missiles launched by Yemen’s Houthi rebels.
- The incident follows reports of attacks on Saudi energy infrastructure in recent weeks, including facilities linked to Saudi Aramco.
Russia Claims Large-Scale Strikes on Ukrainian Military and Logistics Infrastructure
- Russia’s Defence Ministry said its forces launched large-scale strikes on October 27 using precision land-based weapons and drones across Kyiv, Kharkiv region and other areas of Ukraine.
- Moscow claimed the attacks targeted Ukrainian military-industrial facilities, transport networks and logistics infrastructure.
- The ministry said a Kyiv industrial plant producing and storing long- and medium-range drones, along with two assembly workshops, was hit.
- Russia also claimed to have struck a road-and-rail bridge used to transport military supplies.
- In Kharkiv region, the ministry said it targeted a facility storing and distributing reconnaissance and attack drones, as well as military supplies.
- It further claimed that a dry cargo ship carrying supplies for Ukrainian forces was struck while heading toward the port of Chornomorsk in the Odesa region.
World Bank Estimates $11.4 Billion Needed to Expand Off-Grid Solar Access
- A World Bank and Global Off-Grid Solar Association (GOGLA) report estimates that $11.4 billion in investment over the next four years is needed to expand reliable off-grid solar power.
- Around 398 million people without electricity access could benefit from off-grid solar, which often provides the lowest-cost solution for communities beyond the reach of power grids.
- The funding requirement includes approximately $1.3 billion annually in grants and subsidies to make solar products more affordable.
- An additional $1.6 billion annually is needed through equity, debt and accounts receivable financing.
- Despite solar leading new global power generation capacity additions, affordability remains a major barrier to wider adoption of off-grid systems.
- The report estimates that the broader energy transition will require $3 trillion to $5 trillion in investment annually by 2030.
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Jefferies Stays Bullish on 5-Year US Treasuries, Expects Fewer Rate Hikes Than Markets
- Jefferies maintains a bullish view on 5-year US Treasury bonds, expecting yields to decline, according to global economist Mohit Kumar.
- The firm believes major central banks will deliver fewer interest-rate hikes than financial markets are currently pricing in.
- Jefferies expects neither the US Federal Reserve nor the European Central Bank to raise rates at their meetings this week.
- Kumar expects both the Fed and ECB to deliver one rate hike each in December.
- Jefferies’ base case is that oil prices will begin declining by March 2027, reducing inflationary pressure and removing the need for further rate hikes.
Citadel Securities’ India Revenue Growth Slows to 4% as Trading Regulations Tighten
- Citadel Securities’ Indian operations reported a 4% rise in operating revenue to ₹41.7 billion ($438 million) for the financial year ended March, according to data from Tofler.
- Net profit after tax fell 5% to ₹19.6 billion, as rising costs weighed on earnings.
- The slowdown marks a sharp reversal from the previous fiscal year, when revenue jumped 39% and profit surged 41%.
- Tighter regulations targeting speculative trading in options and futures have weighed on market activity, affecting market makers such as Citadel Securities and Hudson River Trading.
- Foreign institutional investors are also looking toward other markets amid the booming US AI trade and the rupee’s depreciation.
Indian IT Stocks Slide as Investors Rotate Back Into Global AI and Chip Stocks
- The Nifty IT index fell on Tuesday as investors shifted money back into global artificial intelligence and semiconductor stocks.
- Infosys, TCS and Mphasis led the losses, NDTV Profit reported.
- Anthropic filed its IPO registration document with the US SEC on Monday, targeting a Nasdaq listing under the ticker ANT, according to CNBC.
- The filing revealed soaring revenue alongside steep losses, Reuters reported, highlighting the massive costs associated with the AI boom.
- The decline in Indian IT stocks revived concerns that the recent rotation of money from global AI stocks into Indian IT services companies may have been premature.
- Asian semiconductor stocks rallied as investor interest returned to the global AI trade.
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India’s Banking Surplus Crashes to ₹50,000 Crore as Overnight Rates Rise Above RBI Policy Rate
- India’s banking system surplus has plunged to around ₹50,000 crore, down from a record ₹11 lakh crore last month, as the RBI limits liquidity injections, Bloomberg reported.
- The weekly average overnight call rate rose to 5.70% from 5.48%, moving above the RBI’s policy rate.
- RBI Governor Sanjay Malhotra had earlier indicated that the banking system’s excess liquidity would be absorbed during the current financial year.
- On October 23, Malhotra said the RBI does not target a specific rupee level but intervenes to maintain orderly conditions in the foreign exchange market.
- Bloomberg reported that tighter rupee funding conditions are making it more expensive for traders to bet against the Indian currency.
Banks Exit Dollar Arbitrage Trades After RBI Forex Hedging Curbs to Support Rupee
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Elon Musk Wants Tesla–SpaceX Merger Before Trump Leaves Office, Bloomberg Reports
- Elon Musk wants to complete a potential merger between Tesla and SpaceX before US President Donald Trump leaves office, Bloomberg reported, citing people familiar with the matter.
- During SpaceX’s October 20 earnings call, Musk described a merger as “a good idea” and confirmed that both companies had formed special committees to examine the proposal.
- Tesla shares climbed on Monday after Barclays upgraded the stock, identifying the potential merger as a key part of its bullish outlook.
- Bloomberg reported that sell ratings on Tesla had fallen to an 11-year low, reflecting a shift in analyst sentiment.
- However, securing Tesla shareholder approval remains a major hurdle to completing any deal.
Meta Prices $37.5 Billion Share Offerings to Fund Corporate Needs
- Meta has priced two separate offerings announced on October 26, targeting a combined $37.5 billion.
- The company will raise approximately $12.5 billion by offering 250 million Series A depositary shares at $50 each, representing 6.50% Series A Mandatory Convertible Preferred Shares.
- The preferred shares carry an annualized 6.50% dividend and will automatically convert on August 15, 2029.
- Meta has increased its Class A ordinary share offering through a forward sale agreement to $25 billion, at a reference price of $625 per share.
- The initial forward price is approximately $622.92. Underwriters have also been granted an over-allotment option.
- Morgan Stanley and Goldman Sachs are the joint lead bookrunners. The two offerings are independent, and neither is conditional on the other closing.
Meta Launches $35 Billion Stock Offering to Fund AI Expansion; Plans Separate $60 Billion Share Sale Programme
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Noel Tata Challenges Reappointment of N. Chandrasekaran as Tata Sons Chairman, Seeks Records Within 7 Days
- Tata Trusts Chairman Noel Tata has challenged the validity of the September 17 resolution reappointing N. Chandrasekaran as Tata Sons chairman, according to NDTV Profit.
- Noel Tata has demanded meeting minutes and unedited audio and video recordings, giving Tata Sons seven days to provide the records, reports said.
- He questioned why the reappointment was filed before the meeting minutes had been finalised, according to the Financial Express.
- The letter also raised a potential conflict-of-interest concern involving director Venu Srinivasan in relation to TVS Motor dealings.
- Tata Sons has maintained that the board validly approved Chandrasekaran’s reappointment.
Asian Chip Stocks Rally as South Korea GDP Grows 1% in Q3, Beating Estimates
- Japan’s Nikkei 225 rose nearly 2% in early trading, led by semiconductor-related stocks. Kioxia gained 6.8%, SoftBank Group rose 6.0% and Advantest climbed 7.3%.
- South Korea’s KOSPI surged nearly 4%, with Samsung Electronics rising more than 4% and SK Hynix gaining nearly 7%.
- South Korea’s economy grew 1.0% quarter-on-quarter in Q3 2026, exceeding market expectations of 0.7%, according to preliminary Bank of Korea data.
- Exports increased 2.3%, supported by strong shipments of semiconductors, machinery and electrical equipment. Equipment investment rose 4.1%, reflecting increased spending on chip-manufacturing equipment.
- Private consumption declined 0.2%, while government consumption increased 1.9%, highlighting uneven domestic demand.
- The Bank of Korea expects semiconductor-led exports and investment to remain growth drivers but flagged risks from inflation, rising Seoul-area housing prices and increasing household debt.
Goldman Sachs Leads AI Mega-Deals: Co-Leads Meta’s $95 Billion Share Sale, Structures $40 Billion SpaceX Financing
- Goldman Sachs co-led Meta Platforms’ $95 billion share offering and structured a $40 billion SpaceX chip-financing deal on Monday, Bloomberg reported.
- The bank is also a lead-left bookrunner for Anthropic’s planned IPO, alongside Morgan Stanley, according to CNBC.
- Anthropic has filed to list on the Nasdaq under the ticker ANT, marking another major AI-related transaction for Goldman.
- The fundraising activity comes amid growing concerns about the sustainability of the AI investment boom.
- Anthropic disclosed an approximately $80.7 billion net loss for the first half of 2026, largely driven by a non-cash convertible-debt charge, while Elon Musk warned that financing pressures could force AI startups to collapse.
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Anthropic Reports $16.3 Billion Revenue but $80.7 Billion Net Loss in IPO Filing; Secures $63 Billion AI Chip Financing
- Anthropic publicly filed its Form S-1 with the US SEC on October 26, preparing for a proposed Nasdaq listing under the ticker ANT. The company has not yet disclosed its share count or IPO price range.
- Revenue reached $16.29 billion in the first half of 2026, while Anthropic reported an $80.7 billion net loss, largely driven by a $72.4 billion non-cash charge related to convertible debt.
- Anthropic held $6.2 billion in debt at the end of June, according to CNBC.
- Bank of America, Blackstone, Citi and Morgan Stanley committed $63 billion in financing for Broadcom AI chips. A special-purpose vehicle will purchase the chips and lease them to Anthropic, with Broadcom backing part of the debt.
- The filing says Google holds an option to purchase up to $10 billion in Anthropic stock. Amazon has invested a reported $18 billion in total, while conversion of its notes is capped at 12% ownership unless Amazon waives the limit.
- Anthropic says its Claude Opus 5.5 model reduced customers’ cost per task by about 40% without hurting margins. However, the company warned that margins could fluctuate as new computing capacity comes online.
- The filing comes amid intensifying AI price competition, with OpenAI and Anthropic cutting prices as cheaper Chinese competitors put pressure on the market.
Airtel Generates Nearly 2x Jio’s Revenue per GB as Jio Platforms Prepares for October 28 Listing
- New Street Research estimates Bharti Airtel generates ₹9.6 per GB of data traffic, compared with ₹4.9 per GB for Reliance Jio, according to TelecomTalk.
- Despite Jio’s larger subscriber base of 533.3 million users, Airtel reports a higher average revenue per user (ARPU).
- Airtel’s ARPU stands at ₹263.9, compared with Jio’s ₹215.6, according to the Financial Express.
- Jio Platforms is scheduled to list on the BSE and NSE on October 28, following its ₹30,213-crore IPO.
- The IPO was reportedly subscribed more than 22 times, ahead of the company’s stock-market debut.
Banks Exit Dollar Arbitrage Trades After RBI Forex Hedging Curbs to Support Rupee
- Several large banks have reportedly withdrawn from buy-sell foreign exchange swaps after receiving informal signals of disapproval from the Reserve Bank of India (RBI), The Economic Times reported.
- The trades reportedly offered gross returns of nearly 9%, but new RBI restrictions have reduced their attractiveness.
- On October 10, the RBI cut the limit for hedging unproven foreign exchange exposure to $5 million and mandated an interest-free cash reserve equal to 20%.
- Private-sector lenders are expected to face the greatest impact from the restrictions, according to analysts.
- Former Finance Secretary Subhash Chandra Garg warned that banks could pass the additional costs on to businesses and other customers seeking currency hedges.
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Iran Says Regional Security Must Be Built Within the Region, Citing Links With Pakistan, Türkiye and Saudi Arabia
- Iran’s Deputy Secretary of the Supreme National Security Council, Bagheri, said Iran’s geographic position connects Pakistan, Türkiye and Saudi Arabia, placing Tehran at the centre of regional connectivity.
- Bagheri claimed Iran had stood against what it described as Israeli actions and US aggression, asserting that recent developments had challenged existing regional security assumptions.
- He argued that relying on Israel to guarantee regional security had been disproved by recent events.
- Bagheri said regional countries were increasingly seeking a lasting security framework built within the region rather than relying on external powers.
- His remarks reflect Tehran’s push for a region-led security arrangement involving neighbouring countries.
US Strategic Petroleum Reserve Falls to 282.6 Million Barrels, Lowest Since 1982
- US Strategic Petroleum Reserve (SPR) crude inventories fell to 282.6 million barrels last week, the lowest level since October 1982, according to the US Department of Energy.
- The decline is part of an agreement requiring the release of 172 million barrels of crude oil from the reserve.
- The Department of Energy also approved an emergency exchange of up to 400,000 barrels from the SPR to address supply disruptions affecting Phillips 66’s refinery in Lake Charles, Louisiana.
- The latest drawdown highlights continued use of the emergency reserve to manage supply disruptions and support refinery operations.
Apple Investigates iPhone Duo Internal Screen Failures After Reports of Cracks Near Hinge
- Apple has acknowledged a small number of iPhone Duo devices experiencing internal screen malfunctions, while saying most devices remain unaffected.
- Users have reportedly heard cracking sounds when opening their phones, noticed bulges or looseness near the hinge, and subsequently found cracks on the internal display.
- Some affected devices have also reportedly developed white spots and abnormal bright lines on the screen.
- Repair platform iFixit suspects a possible failure involving internal hinge components, though the root cause has not been confirmed.
- Apple has launched an investigation, with engineers reportedly seeking affected devices for examination.
- Some customers have received replacement devices, while others face delays because of limited store inventory or difficulties securing repair appointments.
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Anthropic Files IPO Documents as CEO Dario Amodei Earns Nearly $18 Million; Nasdaq Listing Planned Under ‘ANT’
- Anthropic, the maker of Claude, made its IPO filing public on Monday, outlining executive compensation, business risks and plans for a potential stock-market listing.
- CEO Dario Amodei received nearly $18 million in compensation for 2025, largely in stock and options, including about $2.7 million in personal security costs, according to CNBC. President Daniela Amodei earned approximately $16.4 million.
- Goldman Sachs and Morgan Stanley will lead a 22-bank underwriting syndicate for the planned Nasdaq listing under the ticker ANT, according to MarketWatch.
- Reports suggest Anthropic’s IPO could value the company at $1.5 trillion to $2 trillion, although the valuation and listing timeline remain unconfirmed.
- The filing warns that disruptions to semiconductor supplies from Taiwan or TSMC could hurt Anthropic’s business. Other risks include losing key employees, regulatory changes and access to computing capacity.
- Anthropic also disclosed substantial long-term commitments, including a reported $125 billion Broadcom-related lease, with certain commitments extending to 2045.
- Fortune reported that the seven co-founders each hold stakes valued at around $14 billion at the company’s last private funding price. The co-founders have pledged to donate 80% of their equity, but the pledges are reportedly non-binding and would not reduce their voting control.
- Shares of Nvidia, Broadcom and Micron rose on Monday amid a broader market rally, while reports suggested Anthropic’s trading could begin before Thanksgiving.
Microsoft Offers Voluntary Severance to 60,000 Eligible Employees in US, UK, Canada and India
- Microsoft is offering voluntary severance packages to eligible employees as it seeks to streamline its workforce while limiting further compulsory layoffs, according to Business Insider.
- Chief People Officer Amy Coleman announced the programme in an internal memo on Monday, describing it as a way to give employees greater flexibility in planning their careers.
- A Microsoft spokesperson said approximately 60,000 employees are eligible for the programme.
- The offer is available to eligible employees at level 70 and below in participating teams across the United States, United Kingdom, Canada and India.
- Severance terms will be similar to Microsoft’s standard packages, according to the report.
- The initiative comes as Microsoft has reduced headcount this year while investing heavily in artificial intelligence infrastructure.
Sitharaman Targets Public Debt at 50% of GDP by 2030 as Rupee Weakens
- Finance Minister Nirmala Sitharaman said on Monday that the Centre will continue reducing the fiscal deficit and aims to bring public debt down to 50% of GDP by 2030.
- She clarified that the Reserve Bank of India (RBI) intervenes to curb sharp currency fluctuations rather than determine the rupee’s value.
- The rupee weakened for a third consecutive session amid elevated crude oil prices, adding pressure to India’s external balances.
- Sitharaman cited the pandemic, geopolitical conflicts and crude oil prices as major drivers of inflation.
- She said the government manages agricultural supplies and takes measures to protect consumers from oil-price shocks.
India-US Trade Deal Nears Completion as Piyush Goyal Says Most Negotiations Are Concluded
- Commerce Minister Piyush Goyal said India and the US have concluded most negotiations on their trade pact and are fine-tuning the remaining details.
- Goyal previously said the first phase of the agreement had been finalised and was undergoing legal drafting.
- US Ambassador Sergio Gor said the broad framework had been settled, while limited negotiations on outstanding issues continue.
- The framework agreed in February reportedly reduced US tariffs on Indian goods to 18% from 50%.
- Speaking in The Hague on Monday, Goyal also said India is negotiating trade agreements with eight other countries.
- The latest comments follow US President Donald Trump’s statement that a trade deal with India was close.
Meta Launches $35 Billion Stock Offering to Fund AI Expansion; Plans Separate $60 Billion Share Sale Programme
- Meta Platforms, Facebook’s parent company, launched approximately $35 billion in common and convertible preferred stock offerings on Monday to support its AI expansion.
- The offering includes $22.5 billion in Class A common shares through forward sale agreements and $12.5 billion in convertible preferred stock.
- Nvidia, AMD and Broadcom have expressed interest in purchasing up to $5 billion of Meta shares.
- Meta also plans a separate share sale programme of up to $60 billion once its non-voting Class C shares debut.
- Meta shares fluctuated during early trading as investors assessed the fundraising plans and the company’s growing AI investment requirements.
ECB Expected to Hold Rates at 2.5% as French Bond Yields Hit Highest Since 2002
- The European Central Bank (ECB) meets on Thursday, October 29, with economists expecting interest rates to remain unchanged at 2.5%.
- Economists had anticipated a possible final rate hike in December, but tighter bond-market conditions have reduced expectations for further tightening, according to ING economist Carsten Brzeski.
- French government bond yields reached their highest levels since 2002 last week amid a budget standoff and protests that turned violent, AFP reported.
- ECB President Christine Lagarde said the solution to France’s fiscal challenges “lies at home,” signalling that the country must address its problems domestically.
- The ECB is not expected to offer France a special bond-buying lifeline to ease pressure on its government debt.
India Cuts Russian Oil Purchases as Shipping Costs Surge and Gulf Crude Becomes Cheaper
- 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
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Meta Plans $35 Billion Stock Offering and $60 Billion Equity Programme as AI Spending Soars
- 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%.
Asia Pays Record Premiums for Canadian Oil as US Prices Weaken, Boosting Case for West Coast Pipeline
- 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.
IEA Chief Warns Oil Near $120 and Diesel Shortages Could Push Food Prices Higher
- 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.
HDFC Bank Gets First Outside CEO as Anup Bagchi Takes Charge Amid Leadership Exits and Data-Leak Probe
- 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.
21 Indian News Publishers, Including Ambani- and Adani-Owned Groups, Challenge Modi Government’s Privacy Law
- 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.