Live News Blog

Data Centre Concerns Pressure AI Stocks; Microsoft and Amazon Show Relative Resilience

• US technology stocks linked to AI infrastructure faced heavy selling as investors assessed the potential impact of tighter data centre regulations following the Democrats' strong performance in the midterm elections.
• Around 40 of 41 local referendums seeking restrictions on data centre construction are expected to pass, reflecting growing opposition to large-scale projects.
• Microsoft shares fell approximately 2.5% and Amazon declined around 1.5%, outperforming several other companies across the AI cloud computing, data centre equipment and power supply chains.
• Investors are increasingly questioning whether massive data centre capital expenditure, chip costs and infrastructure spending will generate sufficient returns. A slowdown in construction could ease spending pressure and improve free cash flow for major technology companies.
• Market attention is shifting towards the AI and data centre regulatory agenda under a Democratic-controlled Congress, particularly how newly elected Democratic governors in Texas and Ohio implement their campaign promises to restrict data centre construction.

Google Announces $17 Billion Investment in First Wyoming Data Centre

• Google has committed $17 billion to build its first data centre in Wyoming, with the project planned in Laramie County.
• The company has signed binding agreements with Tallgrass Energy, Black Hills Energy, American Electric Power and Related Digital to develop the required infrastructure and support job creation.
• The project includes a proposed 702-megawatt fuel cell development backed by Bloom Energy technology, with carbon capture and storage facilities.
• American Electric Power has also signed a contract connected to the project.

Iran Reviews Nuclear Proposals as Qatar Pushes US-Iran Diplomatic Talks

• Iran is reviewing a package of detailed nuclear proposals presented by mediators, signalling potential progress in Qatar-led diplomatic efforts to ease tensions with the United States, according to The New York Times, citing five people familiar with the discussions.
• Qatar has held two rounds of talks in Tehran, a third in Doha and engaged Iranian officials in Armenia over the past week. US Vice President JD Vance has also pushed for progress in negotiations.
• While Iran has publicly ruled out negotiations until Washington meets its conditions, sources say senior security official Ali Larijani has privately shown greater openness to diplomacy.
• Tehran's key demands include unfreezing Iranian assets, removing oil sanctions and lifting the US maritime blockade on Iranian ports.
• The biggest obstacle remains Iran's highly enriched uranium stockpile. Washington wants the material transferred out of Iran, while Tehran rejects exporting it and has discussed diluting the stockpile domestically under international supervision.
• Meanwhile, US and Israeli military planners have prepared target lists that reportedly include Iranian energy facilities and critical economic infrastructure.
• Iran has warned that any fresh attack would trigger broader retaliation. Senior Iranian leaders have also discussed the possibility of withdrawing from the Nuclear Non-Proliferation Treaty (NPT).
• Gulf countries are pushing for a diplomatic settlement amid concerns about the economic consequences of further escalation. UAE presidential adviser Anwar Gargash has also called for negotiations.
• Oil prices briefly retreated, with WTI falling around $1.50 per barrel and Brent declining $0.60. Their intraday gains narrowed to approximately 2% and 1.7%, respectively.

Two of Three Russian Diesel Tankers Divert as US Import Deal Faces Legal Hurdles

• Two of three Russian diesel cargoes reportedly bound for the US under an arrangement linked to President Donald Trump and Russian President Vladimir Putin have changed course, according to the Financial Times.
• The tanker Leruo has diverted towards Brazil, while the Talisman is waiting off Algeria for further instructions. A third tanker is still heading towards New York, although its buyer and discharge port remain unconfirmed.
• A separate sanctioned tanker has also sailed from Russia towards the US, adding to uncertainty over the proposed arrangement.
• New Jersey Governor Mikie Sherrill has warned port operators against accepting Russian diesel, citing potential violations of federal law and the threat of severe penalties.
• Congressional Democrats and some Republicans have challenged the legality of the arrangement and called for its reversal, pointing to the 2022 US ban on Russian oil imports.
• Kpler analyst Matt Smith said regulatory uncertainty and sanctions risks have prompted two cargoes to change routes, while the third could also be diverted.
• TORM CEO Jacob Meldgaard said operational barriers would make it difficult to reintegrate Russian petroleum products into US supply chains, even if government policy changed.
• The disruption comes as US diesel inventories have fallen below 100 million barrels, their lowest level in more than 20 years, with reports putting stocks at their weakest since 2003.

Israel Faces $10 Billion US Arms Funding Requirement Beyond 2028

• Israel will need approximately $10 billion beyond 2028 to pay for outstanding US weapons orders, according to a State Department document cited by The Wall Street Journal.
• The funding requirement complicates President Donald Trump's plan to halt around $4 billion in annual US military aid to Israel, announced on Tuesday.
• The existing US-Israel military aid agreement, signed in 2016, provides assistance through 2028.
• Israeli opposition leader Gadi Eisenkot said defence officials learned about the proposed policy shift through media reports.
• The Associated Press reported that the US Congress will have a significant say in any decision to change military assistance to Israel.

Russia Reportedly Agreed to Supply Iran With 90 Missile Launchers

• Russia agreed to supply Iran with 90 APU-L launchers for LMUR guided missiles, according to a Financial Times report citing leaked defence documents.
• A May 2024 production schedule from Russian defence company Vympel reportedly lists the buyer as "K-10", a code used by state arms exporter Rosoboronexport for Iran.
• The deliveries were scheduled to be completed by December 2025, although it remains unclear whether any launchers were actually delivered.
• The APU-L launchers are designed for helicopter-mounted LMUR missiles, which Russian forces have widely used in the war in Ukraine.
• US President Donald Trump said in October that he doubted Russia was providing military assistance to Iran.
• Analyst Hanna Notte described Moscow's reported assistance as operationally useful but said it was not a game changer.

US Semiconductor Stocks Extend Selloff as AI Investment Outlook Faces Doubts

• US semiconductor stocks plunged on Thursday as investors reassessed the outlook for AI-related investments following the Democrats' strong performance in the US midterm elections.
• The Philadelphia Semiconductor Index (SOX) fell as much as 11.48%, putting it on track for its steepest single-day decline since March 2020. The index has dropped around 12% this week.
• If losses hold, the index will record its worst weekly performance since April 2025 and its fifth consecutive week of declines, marking its longest losing streak since April 2025.
• NVIDIA plunged more than 8%, AMD slumped 15.6% and SanDisk tumbled 19.4%.
• Storage companies Western Digital and Seagate Technology both fell more than 14%, while AI infrastructure companies CoreWeave and Nebius Group also recorded significant losses.
• The broader market selloff pushed the VIX above 25 for the first time since April, signalling rising volatility. The Russell 2000 dropped 2.5%, heading for its biggest daily decline since June 5.
• However, Deutsche Bank maintains that semiconductor stocks remain attractive relative to software companies, citing the sector's continued investment appeal.

US Markets Tumble as Report Says Military Plans for Fresh Iran Strikes Are Ready

• Thousands of US Air Force and Navy personnel are reportedly on standby to resume large-scale military operations against Iran if ordered by President Donald Trump, according to The New York Times.
• The personnel are deployed across more than a dozen ships and military bases in the Middle East and the United States.
• US and Israeli forces have reportedly developed plans for a short but intensive military campaign targeting Iran’s energy infrastructure, nuclear facilities, and missile and drone stockpiles.
• Although Trump has indicated that he is not in a hurry to resume bombing operations, military options remain available. Former diplomats and military officials have warned that political pressure could narrow his choices.
• The report also notes concerns that Trump could face pressure to demonstrate military strength following the Republican Party's losses in the US midterm elections.
• US stock market losses deepened amid the broader market selloff. The Dow Jones Industrial Average fell 2%, while the Nasdaq Composite dropped more than 4.8%.
• NVIDIA plunged over 8%, AMD fell 15.6% and SanDisk tumbled 19.4%.
• The Philadelphia Semiconductor Index dropped 11.48%, putting it on track for its biggest single-day decline since March 2020.
• The VIX volatility index climbed above 25 for the first time since April, while the Russell 2000 fell 2.5%, heading for its biggest daily decline since June 5.

Adani Ports to Acquire Dutch Liquid Storage Operator Evos for €2.56 Billion

• Adani Ports and Special Economic Zone (APSEZ) has agreed to acquire 100% of Netherlands-based Evos at an enterprise value of €2.56 billion.
• Evos is Europe's second-largest independent liquid storage operator, with eight terminals across five European countries and total storage capacity of 6.3 million cubic metres.
• The company reported EBITDA of €219 million in 2025.
• The all-cash acquisition will be funded through debt, with MUFG underwriting the financing.
• The transaction is subject to regulatory approvals and is expected to close within 15 months.
• Following the acquisition, APSEZ's global network will expand to 28 ports across 10 countries.

NBFCs Shift to Term Loans as RBI Maintains Draft Ban on Revolving Credit

• Bajaj Finance began rolling out new term loan variants on November 1, while Tata Capital is testing modified flexi loan products, according to Mint.
• The move follows the RBI’s August 6 draft guidelines, which propose allowing NBFCs, except authorised credit card issuers, to offer only term loans.
• Under the proposed framework, borrowers would not be able to withdraw money again from a loan limit once the repaid amount has been settled.
• RBI Governor Sanjay Malhotra described the draft as a clarification of existing rules rather than the introduction of a new regulation.
• Bajaj Finance has warned that the proposed changes could temporarily affect its assets under management (AUM) growth and margins.

CERT-In Warns of AI-Powered Cyberattacks Targeting NBFCs, Fintechs and Crypto Exchanges

• CERT-In issued a critical cybersecurity advisory on Wednesday warning that a hacking group identified as Crafty Falcon has breached non-banking financial companies (NBFCs), fintech firms and cryptocurrency exchanges, according to Reuters.
• The attackers are reportedly using AI tools and exploiting victims’ own payment APIs to drain funds. Researchers have linked two of the AI tools used in the attacks to China.
• Hackers reportedly begin with small test transfers of just ₹1 before attempting to move larger sums.
• The Home Ministry’s Indian Cyber Crime Coordination Centre (I4C) has urged banks and fintech companies to adopt the recommended security measures.
• Financial institutions have also been asked to report cybersecurity incidents within six hours, according to All India Radio.

JPMorgan Says US Stock Sector Rotation Is Driven More by Positioning Than Fundamentals

• US stock index futures traded mixed on Thursday as investors continued to pull money out of semiconductor stocks for a second consecutive session.
• Chipmakers and memory stocks remained under pressure amid concerns that a Democratic controlled Congress could impose tighter regulations on US data centres, potentially affecting future semiconductor demand.
• Disappointing earnings reports from Arm and Qualcomm added to the selling pressure.
• However, JPMorgan Chase’s equity derivatives team cautioned against viewing the recent market movement as a major shift in investor preferences.
• JPMorgan’s Christina Jones said the sector rotation appears to be driven more by adjustments in market positioning than by changes in underlying fundamentals.
• The bank has not seen clients making large moves into long positions in other sectors or aggressively buying previously underperforming stocks. The rotation remains largely limited to technology, media and telecommunications.
• Jones added that investors continue to favour high quality large cap companies, particularly those with clear access to financing and computing resources, including some hyperscale technology companies.

Amazon Partners With Uber Eats to Offer Free Delivery for Prime Members on Orders Above $25

• Amazon and Uber are expanding their partnership by integrating Uber Eats into Amazon’s shopping platform, giving US Prime members access to restaurant delivery benefits.
• Prime members will receive free Uber Eats delivery on orders of $25 or more placed through a new Uber Eats interface on Amazon’s website or app.
• The integration will allow customers to order directly from hundreds of thousands of restaurants available on Uber Eats without switching apps or creating a separate Uber account.
• The announcement comes just a week after DoorDash agreed to acquire Instacart, highlighting growing competition in the food delivery and online shopping markets.
• Uber has not disclosed the commercial terms of the partnership, including whether it will pay Amazon referral fees for orders placed through its platform.
• Amazon Prime membership in the US costs $139 annually and includes benefits such as delivery discounts and access to Prime Video.

Bomb Threats Disrupt European Air Travel; At Least 13 Flights Targeted on Thursday

• At least 13 passenger flights across Europe received bomb threats on Thursday, triggering diversions, emergency landings and security checks. This marks the second major wave of threats this week, following around 10 incidents on Tuesday.
• An Aer Lingus flight from Dublin to Rome was diverted to the Évreux military airbase in Normandy, France. All 151 passengers and six crew members were reported safe.
• A Finnair flight from Helsinki to Rome received a bomb threat and was escorted safely to Rome by Italian Air Force fighter jets.
• A Wizz Air flight from Milan to Warsaw was diverted to Vienna. Earlier, another Wizz Air service from London to Sofia was diverted to Budapest on November 2.
• Other incidents were reported in Bulgaria, the Czech Republic, Austria and Italy. Warsaw airport also reported a bomb alert involving two inbound flights from London and Copenhagen on November 3.
• No explosives have been reported found on any of the affected aircraft, and no group or individual has claimed responsibility.
• Authorities have not identified a clear pattern involving any particular airline or route. Bomb threats against passenger flights are uncommon and are often found to be false alarms.

Saudi Arabia and Syria Sign Defence Cooperation Agreement Amid Rising Houthi Threat

• Saudi Arabia and Syria have signed a defence cooperation agreement between their defence ministries, according to Saudi sources on November 4. Details of the agreement have not been disclosed.
• The agreement was signed during the visit of Syria’s transitional government President Ahmad Shara to Riyadh, where he met Saudi Crown Prince and Prime Minister Mohammed bin Salman. It was their second meeting in less than a month.
• Syria reportedly began cautiously considering military assistance to Saudi Arabia last month as Houthi forces continued missile and drone attacks on Saudi territory.
• Saudi Arabia is also seeking offensive and defensive support from the United States, European countries and regional partners.
• The Saudi-led coalition said its air defences intercepted and destroyed a ballistic missile launched by Houthi forces towards Saudi Arabia’s Medina region.
• Brent crude rose 1.18% intraday, moving above $95 per barrel.

Japan Considers Emergency Exception to Its Three Non-Nuclear Principles

• The Japanese government is considering allowing the introduction of nuclear weapons into the country during emergency situations, according to sources cited in reports on November 5.
• The proposal could be included in Japan’s revised National Security Strategy, which is scheduled to be finalised by the end of this year.
• The current preferred approach is to create an exception for emergency situations without formally changing the Three Non-Nuclear Principles.
• Japan’s Three Non-Nuclear Principles state that the country will not possess, produce or permit the introduction of nuclear weapons.

European Stocks Hit Record High as Investors Shift Away From AI Trade

• European stocks climbed to fresh record closing highs, with the pan-European Stoxx 600 rising 0.5% and surpassing its previous peak from August.
• Mining and consumer goods stocks led the gains, while strong corporate earnings also supported the rally.
• Investors have increasingly shifted money away from crowded AI trades towards defensive sectors such as healthcare and consumer staples.
• European markets also gained after the US midterm election results became clear, improving investor risk appetite. Falling international oil prices below $100 a barrel provided additional support.
• Since early October, the Stoxx 600 has outperformed the MSCI All Country World Index and is on track for its strongest relative quarterly performance since the first quarter of 2025.
• Investors are now watching how the US election results could influence the Iran war, trade tariffs and renewable energy policies, as potential policy changes may further affect investment flows between renewable energy and AI-related stocks.

India Plans Mandatory Energy Storage Requirement for Power Distributors

• India plans to require electricity distribution companies to procure a specified amount of energy storage capacity alongside renewable power purchases.
• Power Ministry Secretary Pankaj Agarwal said the policy details, including the required storage capacity, are still under discussion. The government aims to finalise the regulations by March 2027.
• The proposed requirement aims to boost investment in battery storage and reduce wastage of renewable electricity.
• Solar power generation typically peaks during the day, while wind power fluctuates with weather conditions. This creates periods of surplus supply and shortages on the electricity grid.
• Battery storage can help store excess renewable electricity and release it when demand is high or supply is limited. Without sufficient storage, grid operators may be forced to curtail renewable power generation.

Retail Sugar Prices Rise ₹4 Per Kg in a Month; Kolkata Rates Touch ₹65

• Average retail sugar prices have risen by more than ₹4 per kg in a month, with prices in Kolkata reaching ₹65 per kg on November 3, according to Business Standard.
• Weaker than expected sugar production in the 2025-26 season has driven the price increase.
• The government extended duty-free raw sugar imports until December 31 after only around 3 lakh tonnes arrived under the earlier arrangement.
• The new sugar season recorded production of 8.45 lakh tonnes in October, according to NFCSF. However, prices continued to rise ahead of Diwali on November 8.
• Average retail sugar prices now stand at ₹59.50 per kg, up ₹13 from a year ago, despite duty-free imports and stock limits.

AI Regulation Concerns Trigger Sharp Selloff in Asian Tech Stocks

• Japan’s Nikkei 225 fell 1.79%, or 1,110.73 points, to close at 61,077.90.
• South Korea’s KOSPI plunged 5.28%, or 300.15 points, to 5,383.65. The KOSDAQ dropped 5.11%, triggering intraday sidecar mechanisms and a temporary pause in program trading.
• Major South Korean chipmakers came under heavy pressure, with SK Hynix falling 9.45% and Samsung Electronics declining 7.56%.
• Taiwan’s weighted index dropped 3.2% to 41,574.72, its lowest level in more than three months. TSMC fell 0.9%, Foxconn 2.1%, MediaTek 6.9% and Unimicron 9.9%.
• Democrats’ strong performance in the US midterm elections has increased uncertainty over potential AI regulation. Investors fear tighter rules could affect near term AI-related capital expenditure and challenge optimistic technology earnings forecasts.
• BNP Paribas analyst William Bratton said Taiwanese semiconductor companies are particularly sensitive to these risks because their investment cycles are closely linked to major US technology companies.

Bharti Airtel Proposes 95 Lakh ESOPs for Senior Employees; HUL Seeks Higher Director Pay Limit

• Bharti Airtel has filed a postal ballot notice with the NSE on November 4, seeking shareholder approval for its ESOP Scheme 2026, covering 95 lakh stock options.
• The company's Employees' Welfare Trust will purchase shares from the secondary market using funds provided by Airtel, avoiding fresh share issuance and equity dilution.
• The ESOP pool represents around 0.15% of the company's paid-up capital and will be available only to employees at the Assistant Vice President (AVP) level and above.
• The move aims to retain senior leadership as Airtel expands into financial services, cloud computing and data centres.
• E-voting will run from November 6 to December 5.

• Hindustan Unilever will seek shareholder approval to increase the maximum remuneration payable to its non-executive directors through a postal ballot.
• The proposed ceiling is ₹15 crore or 1% of net profit, whichever is lower, compared with the existing ₹4 crore limit approved in June 2024.
• The revised limit would apply from April 1, 2026, to March 31, 2031.
• The proposal comes as parent company Unilever has committed an additional €35 million towards its research and development facilities in Mumbai and Bengaluru.

US Midterm Results Could Limit Fiscal Stimulus but Increase Market Volatility, Strategists Warn

• Franklin Templeton Research Institute Chief Market Strategist Stephen Dover said a divided US government could reduce the chances of major legislative reforms but would not necessarily lower policy uncertainty.
• He warned that increased confrontation between Congress and the White House could trigger greater market volatility, particularly for companies exposed to international trade, government spending and regulation.
• Healthcare companies could face tougher scrutiny over drug prices, insurance costs and public health insurance reimbursements. Financial institutions may face stricter congressional oversight, while defence contractors could be affected by changes in government spending priorities.
• Energy companies, including renewable energy developers, could also face uncertainty over regulatory policies and federal incentives.
• Syz Group Chief Economist Reto Cueni said the election outcome could slightly weaken US economic growth by reducing fiscal and investment momentum.
• However, lower energy prices could help control inflation, reduce interest rate pressure and improve household purchasing power.
• With Democrats controlling Congress and Trump retaining veto power, the likelihood of major new tax cuts and spending packages has declined significantly.
• Political gridlock could reduce the chances of additional fiscal stimulus but increase the risk of difficult debt ceiling negotiations or a temporary government shutdown.

South Korea to Monitor US AI Policy, Tariffs and Middle East War Amid Market Volatility Concerns

• South Korea's Finance Minister said authorities must prepare for the possibility of increased financial market volatility.
• The government will closely monitor changes in US artificial intelligence policy following the midterm elections, along with US tariff policies and developments in the Middle East war.
• The comments come as Samsung Electronics and SK Hynix face sharp share price declines amid concerns that tighter US regulations on data centres and AI infrastructure could affect semiconductor demand.
• However, Kiwoom Securities said the impact on ongoing data centre projects, existing supply contracts and earnings expectations for AI infrastructure suppliers is likely to remain limited, as investments already underway are unlikely to face major disruption.

FICCI Seeks LTCG Tax Exemption on Listed Shares in Budget 2027, Suggests Higher STT to Offset Revenue Loss

• The Federation of Indian Chambers of Commerce and Industry (FICCI) has urged the government to restore the long term capital gains (LTCG) tax exemption on listed securities in the Union Budget 2027-28.
• The industry body suggested that the government could increase the securities transaction tax (STT) on delivery based trades, if necessary, to compensate for the revenue loss.
• FICCI argued that investors have faced both LTCG tax and STT since the government reintroduced LTCG taxation in 2018, reducing post tax equity returns. It also called for the revised tax structure to remain stable for around 10 years to provide greater certainty.
• The 2018 Budget introduced a 10% LTCG tax on qualifying gains exceeding ₹1 lakh. The rate was increased to 12.5% and the exemption threshold raised to ₹1.25 lakh in the 2024-25 Budget. The tax on qualifying short term capital gains was also increased to 20%.
• SBI Research estimates that scrapping LTCG tax could cost the government around ₹50,000 crore in revenue.
• FICCI also proposed allowing foreign investors to calculate capital gains in their original investment currency, arguing that rupee depreciation can create taxable gains even when investors have no actual gains in their home currency.
• Separately, FICCI urged the government to remove the 0.1% tax deduction at source (TDS) on qualifying purchases of goods and e-commerce transactions between businesses, saying GST reporting already captures these transactions and the deduction increases working capital and compliance costs.

Government Reviews Capital Market Taxation; STT Abolition and Bond Tax Relief Among Options

• The government is undertaking a comprehensive review of capital market taxation to improve investor sentiment, with options ranging from scrapping the Securities Transaction Tax (STT) to offering tax concessions on corporate bond interest income for domestic and foreign investors.
• It is also examining a tiered long term capital gains (LTCG) tax structure for equities, with lower rates for longer holding periods and a possible tax exemption after three to five years.
• However, LTCG tax relief is currently a lower priority for the government. Equity investments held for more than 12 months currently attract a 12.5% LTCG tax.
• Three major options are under consideration: providing tax relief exclusively to Foreign Portfolio Investors (FPIs), extending the relief to all investors, or leaving equity taxation unchanged and focusing on debt markets.
• The government collected ₹46,840 crore through STT up to October 14 in the current financial year, an increase of 51.6% from the year ago period.
• For FY27, STT collections are projected to rise 15.8% year on year to ₹73,700 crore.
• Discussions on the proposed changes have reportedly been underway for the past two months.

Asian Rice Prices Near Two Year High as El Niño Raises Food Inflation Risks

• Asian rice prices have climbed to their highest levels in nearly two years as El Niño threatens crop production and raises concerns about food inflation.
• India, the world's largest rice exporter, is facing drier than usual conditions during the harvesting season, adding pressure to production prospects.
• The US Department of Agriculture expects global rice production to decline for the first time in more than a decade this season.
• Thailand's 5% broken white rice price rose to $499 per tonne as of Wednesday, its highest level since December 2024, according to the Thai Rice Exporters Association.
• Chicago brown rice futures have gained more than 80% this year, even as prices of other major grains, including corn and wheat, have declined.
• The impact is already visible in some importing markets. Philippine rice prices rose 7.8% year on year in October, according to government data.
• The UN Food and Agriculture Organization also expects global rice production to decline in the 2026-27 season.

Houthis Demand $51 Billion From Saudi Arabia for Ceasefire, Seek Recognition as Yemen’s Rulers

• Yemen’s Houthi rebels have demanded $51 billion from Saudi Arabia as compensation for years of Saudi airstrikes and a prolonged blockade, according to The Wall Street Journal.
• The demand reportedly followed Houthi attacks on Saudi oil tankers in the Red Sea and their seizure of the strategic Bab el-Mandeb Strait, prompting Riyadh to open negotiations to explore an end to hostilities.
• Negotiators later discussed other amounts, but the Houthis indicated that Saudi Arabia could face costs running into hundreds of billions of dollars if it wanted to withdraw from the conflict.
• The Houthis also demanded formal Saudi recognition of their rule in Yemen. This would effectively require Riyadh to accept an Iran-backed hostile force along its southern border.
• Neither the Saudi government nor Houthi leadership responded to requests for comment.

US Treasury Bonds Rise as Midterm Results Raise Hopes of Lower Government Borrowing

• US Treasury bonds gained for a second consecutive session as Democratic victories in the midterm elections raised expectations that the Trump administration could face greater difficulty implementing its tax and spending plans.
• Yields across all maturities fell by at least 3 basis points. The benchmark 10 year Treasury yield dropped to 4.84%, its lowest level since September 10.
• The US dollar index declined 0.2%, following its biggest single day fall in two months during the previous session.
• Investors expect tighter political constraints on government spending could limit Treasury issuance and help reduce the fiscal deficit next year, supporting bond prices.
• George Boley, chief fixed income investment strategist at Allspring Global Investments, said markets welcomed the orderly transition of power and expectations of a more moderate policy agenda.
• Meanwhile, copper prices rose in Asian trading as investors assessed the election outcome. Saxo Bank's Ole Hansen said long term fundamentals remain supportive, but concerns over tighter scrutiny of AI and data centre investment could weigh on future copper demand.
• Hansen added that tariff risks, inventory movements and the outlook for US demand could keep copper prices in a consolidation phase as investors reassess the market.

US Sanctions Chandigarh Businessman, Wife and Nine Indian Entities Over Alleged Iran Oil Trade Network

• The US Treasury Department has imposed sanctions on Chandigarh-based businessman Suniel Kumar Sharma, his wife Jaspreet Preeti Shahid and several Indian companies over allegations that they helped Iran evade international restrictions on its oil trade.
• The Treasury identified Sharma and Shahid as operators of a network that allegedly provided false ship registrations and fraudulent maritime certifications to vessels transporting Iranian petroleum.
• The network reportedly helped sanctioned vessels, including those linked to Iran's military and its proxies, continue transporting oil while concealing their identities through fraudulent documentation.
• According to the US Treasury, the couple operated from Chandigarh and allegedly created unauthorised maritime registries by impersonating authorities in several countries.
• They reportedly set up websites offering ship registration, flagging, seafarer training and vessel classification services without government authorisation.
• The sanctions also target Indian nationals Ashwani Kumar Dhiman and Ishwinder Singh, identified as directors of businesses associated with Sharma's network, along with nine India-based entities.
• The action was announced under the Trump administration's "Operation Economic Outcast", aimed at cutting off Iran's oil revenues and restricting its ability to finance its activities.

SEBI Eases KYC Rules for Overseas Individual Investors, Allows Remote Account Opening

• SEBI has relaxed KYC requirements for overseas individual investors, allowing eligible applicants to complete the digital account opening process without travelling to India.
• The revised rules apply to non-Indian citizens of Indian origin and foreign nationals from jurisdictions meeting Financial Action Task Force (FATF) criteria.
• The changes will take effect from December 3, SEBI said on Wednesday.
• However, foreign nationals seeking to invest in Indian markets through the Foreign Portfolio Investor (FPI) route will continue to be governed by SEBI's existing FPI framework.