Live News Blog

• Credit insurer Allianz Trade estimates that the US-Iran war has caused more than $200 billion in physical damage across the Gulf region, with most losses concentrated in energy infrastructure.
• The conflict began on February 28, 2026, when the US and Israel attacked Iran. Tehran subsequently restricted shipping through the Strait of Hormuz and targeted energy facilities across the Gulf.
• More than 80 energy facilities were reportedly hit, mainly in Kuwait, Qatar and Bahrain, with approximately one-third suffering severe damage.
• Allianz Trade projects a cumulative $790 billion loss in GCC economic output through 2030 compared with pre-war expectations, equivalent to a 5.9% gap relative to the region's projected GDP trajectory.
• The insurer expects GCC GDP to contract by 4% in 2026, 8.2 percentage points below its pre-war forecast. Kuwait, Qatar and Bahrain are expected to suffer the steepest economic declines.
• Saudi Arabia and the UAE are relatively less exposed because they have alternative routes to bypass the Strait of Hormuz, while Oman has benefited from its position as a gateway to global markets.
• The report projects cumulative GCC budget deficits of $475 billion between 2026 and 2030, expected to be financed largely through additional borrowing and withdrawals from foreign-exchange reserves.
• The economic impact is also visible in tourism and property markets. Tourism flows declined 22% year-on-year in the first half of 2026, while Dubai property prices fell 10.2% from their January peak by September.
• Gulf governments are shifting spending priorities away from mega-projects towards economic resilience and security. Allianz Trade estimates infrastructure and defence commitments of $380 billion to $400 billion through 2030, potentially creating around $160 billion in opportunities for private and foreign investors.
• Higher crude prices have benefited some producers. Saudi Aramco reported a 34.6% year-on-year increase in third-quarter net profit, despite expectations of a 3.3% contraction in Saudi Arabia's economy this year by the IMF.

• The Union Cabinet has approved Nutrient Based Subsidy (NBS) rates for phosphatic and potassic (P&K) fertilisers for the rabi 2026-27 season, covering October 1, 2026, to March 31, 2027.
• The provisional subsidy outlay stands at ₹62,370.02 crore, approximately ₹24,417.73 crore higher than the ₹37,952.29 crore allocated for rabi 2025-26.
• The new nutrient subsidy rates per kg are:
  • Nitrogen: ₹94.21, compared with ₹43.02 previously.
  • Phosphorus: ₹66.11, compared with ₹47.96 previously.
  • Potash: ₹2.38.
  • Sulphur: ₹10.42.
• Union Minister Ashwini Vaishnaw attributed higher global fertiliser prices to the West Asia crisis and the Russia-Ukraine war, saying the government was shielding farmers from geopolitical disruptions.
• The government will provide additional support to keep Di-Ammonium Phosphate (DAP) prices unchanged at ₹1,350 per 50 kg bag. The special support also covers triple superphosphate and imported monoammonium phosphate.
• Freight subsidy for single superphosphate and subsidy for ammonium sulphate will continue. A separate sulphur package will reimburse domestic manufacturers for 20% of their sulphur procurement costs, subject to a floor price of $800 per tonne.
• Under the NBS scheme, subsidies are provided to fertiliser manufacturers and importers supplying 28 grades of P&K fertilisers. The scheme has been operational since April 2010.
• Fertiliser company shares gained as much as 9% following the announcement.
• India's fertiliser stocks stood at 235.21 lakh tonnes on November 10, compared with 173.46 lakh tonnes a year earlier. DAP inventories were 28.65 lakh tonnes against 24.86 lakh tonnes last year.

• Northwestern Polytechnical University, a Chinese institution with close ties to the People's Liberation Army (PLA), purchased two Nvidia H200 AI chips despite being on a US export blacklist, according to Reuters.
• The university paid 874,700 yuan (approximately $123,000) to a domestic supplier for the processors in October. It did not purchase them directly from Nvidia.
• The university is part of China's "Seven Sons of National Defense", a group of institutions closely associated with defence-related research.
• Procurement records and corporate documents reviewed by Reuters indicate that several Chinese universities and research institutions, including organisations linked to defence research, have obtained US-restricted Nvidia processors or access to computing services powered by them.

• Anthropic has secured approximately $10 billion in additional cloud computing commitments from Microsoft and Google over the past month, according to a regulatory filing on Tuesday.
• The new commitments increase the company's projected cloud server leasing expenditure through 2033 by around $10 billion compared with previously disclosed figures.
• At the same time, Anthropic disclosed that its $34.9 billion server leasing agreement with smaller cloud provider Lambda could be cancelled if Lambda fails to build data centres within the agreed timeline.
• Although the contract gives Anthropic the right to terminate the agreement under those circumstances, the company said it "currently has no intention" of doing so.
• The disclosures highlight Anthropic's growing demand for computing capacity to train and run its AI models, alongside concerns about whether smaller cloud providers can deliver infrastructure on schedule.
• Lambda's data centre deployment challenges reflect broader difficulties across the cloud infrastructure industry in scaling computing capacity quickly enough to meet surging AI demand.

• US Treasury Secretary Scott Bessent called for a "more balanced relationship" with China, urging both countries to restore "a spirit of reciprocity", according to the Associated Press.
• Washington and Beijing are pressing each other to fulfil commitments under the October 2025 Busan trade agreement ahead of the APEC meeting in Shenzhen on November 18-19.
• US Trade Representative Jamieson Greer and Bessent held a video call with Chinese Vice Premier He Lifeng, stressing the need for concrete progress on agricultural purchases, rare earths and other critical minerals.
• Beijing said it remains open to buying more US agricultural products but linked additional purchases to an agreed arrangement to reduce tariffs on approximately $30 billion worth of goods on each side.
• China said tariffs on roughly 90% of the covered products would be reduced to most-favoured-nation rates after both countries complete domestic legal procedures.
• Chinese state media said Beijing raised serious concerns over recent US trade restrictions during the discussions.
• US officials believe China has fulfilled around two-thirds of its rare earth commitments, although Beijing disputes that assessment, according to reports citing the Financial Times.
• China has extended the suspension of an additional 24% tariff on US imports for two months, while retaining a 10% levy. The extension, along with critical-mineral export-control waivers and sanctions relief for certain US companies, runs until January 10, 2027.
• Washington has also extended the suspension of its affiliates rule targeting subsidiaries of blacklisted companies and renewed tariff exclusions for 178 Chinese products.
• Under the Busan agreement, China committed to purchasing 25 million metric tonnes of US soybeans annually for three years and increasing other agricultural purchases by $17 billion a year.

• Nvidia shareholders have filed a securities class-action lawsuit against Nvidia and CEO Jensen Huang, alleging misconduct and misleading statements that harmed investors.
• The case centres on statements made on October 9, 2025, which shareholders claim were misleading.
• US President Donald Trump publicly expressed support for Huang at a White House press conference on November 9, saying, "I believe in him."
• However, Laurence Rosen, the attorney representing the shareholders, said Trump's comments would not determine the outcome of the litigation.
• Rosen argued that even if Trump's statements about Huang's lack of knowledge and Nvidia's board's assurances that national security was not compromised were accurate, the central question remained whether the October 9 statements misled investors.
• He said the existing facts support the shareholders' claim that the statements were misleading.
• The lawsuit currently names Nvidia and Huang as defendants. Rosen said it remains unclear whether Nvidia board members or other individuals will be added.

• Anthropic filed an amended prospectus on November 10, setting a valuation range that could value the AI company at up to $1.4 trillion, according to Reuters.
• The filing warns that advanced AI systems could pose "catastrophic or existential risks to humanity", particularly if misused, weaponised, replicated or allowed to operate with significant autonomy.
• Anthropic disclosed that it has crossed an internal safety threshold under its Responsible Scaling Policy. The threshold is linked to AI potentially doubling the pace of the company's research.
• The company is evaluating additional safeguards to ensure humans retain control as AI capabilities advance.
• The prospectus also warns that AI models could develop self-preserving behaviour and independently carry out harmful actions at scale without human intervention.
• The disclosures have reignited debate over AI safety. Anthropic alignment science lead Evan Hubinger previously estimated a greater than 10% probability of AI causing human extinction within a decade.
• University of Texas at Dallas professor Sriraam Natarajan questioned the scientific basis of such estimates, arguing that humans using AI to attack critical infrastructure represent a more plausible threat.
• Natarajan also called for independent AI safety testing, comparing it with independent crash tests in the automobile industry.
• A South China Morning Post opinion column described Anthropic's existential-risk warnings as potentially effective marketing.

• SBI Research estimates India's July-September 2026 GDP growth at approximately 7.8%, higher than the RBI's estimate of 7.2%. Official GDP data is scheduled for release on November 30.
• Its Dynamic Factor Model, based on 54 high-frequency indicators across agriculture, industry and services, projects GVA growth of 8%-8.2% and nominal GDP growth of 11%-11.5%.
• Around 88% of leading indicators gained momentum during the quarter. SBI Research estimates manufacturing growth at 8.7% and services growth at 9.7%.
• Among approximately 2,300 listed non-financial companies, EBITDA increased 35% year-on-year and net profit rose 33%. Bank credit growth reached 18.2% in the fortnight ended October 15.
• Separately, Moody’s raised its FY2026-27 India GDP growth forecast to 7% from 6.5%, citing strong domestic demand and resilience to energy supply challenges.
• Moody’s said stronger capital goods production, faster industrial credit growth and higher capacity utilisation indicate that India could be approaching a new private sector capex cycle.
• The agency expects India's economy to grow 7% in 2028 as well.
• However, Moody’s warned that inflation near the upper end of the RBI's 2%-6% target range, a weak monsoon and El Niño could weigh on consumption and rural demand.

• IBM will stop sponsoring US work visas and green cards for most roles in IBM Consulting, its largest division, according to Reuters.
• A document reviewed by Bloomberg said affected employees can continue working for IBM by relocating outside the US or leave the company by the end of 2026.
• The policy covers H-1B visa petitions and PERM labour certification, the first step in the most common employment-based green card process.
• IBM has not disclosed how many employees will be affected or which consulting roles may remain eligible. Sponsorship policies in other IBM divisions are reportedly unchanged.
• IBM received 1,611 H-1B approvals in fiscal 2026, down from more than 2,000 in FY2025 and nearly 3,000 in FY2024, according to US government data cited by media reports.
• The move comes amid tighter US immigration policies, including a $100,000 fee on certain new H-1B petitions and restrictions on PERM processing involving several technology companies and IT services firms.
• Employees whose jobs end generally have up to 60 days under US immigration rules to find another sponsor, change their immigration status or leave the country, subject to applicable conditions.

• Israel's opposition parties have submitted several bills to the 26th Knesset seeking to reverse judicial reforms introduced by the Netanyahu government, according to Israeli media reports.
• Proposals submitted by Gadi Eisenkot's Yashar! Party and Yair Golan's Democrats include repealing legislation that weakened the Attorney General's powers and changed the composition and functioning of the Judicial Selection Committee.
• The opposition has also proposed establishing a national commission of inquiry to investigate whether the government was negligent in preventing the October 7, 2023 Hamas attack.
• Additional proposals seek to amend laws governing the prime minister's inability to perform official duties and introduce limits on the prime minister's tenure.

• South Korea's Financial Services Commission (FSC) is scheduled to hold a capital markets seminar at the Korea Exchange in Yeouido, Seoul, on November 13, according to Yonhap News Agency.
• Discussions are expected to focus on measures to improve corporate valuations and revive the KOSDAQ market, which is home to many startups and growth-oriented companies.
• The meeting comes amid a recent sell-off in South Korean equities and heightened market volatility.
• Investor concerns over potential tighter US regulations on data centres following the US midterm elections have also weighed on technology-related stocks.

• Moody’s has raised its India GDP growth forecast for FY2026-27 to 7% from 6.5%, citing broad-based economic strength and the country's ability to manage energy supply challenges.
• In its Global Macro Outlook 2027-28 report, the agency said strong domestic consumption, improving investment activity and robust economic fundamentals will support growth.
• Moody’s expects India’s economic growth to remain around 7% over the medium term.
• The agency identified rising inflation and a potentially weak monsoon as near-term risks, warning that higher consumer prices could weigh on household spending. Retail inflation is currently close to the upper end of the RBI’s 2%-6% target band.
• Growth could exceed 7% if private investment accelerates further, supporting manufacturing, employment and productivity.
• Improving capital goods production and imports, faster industrial credit growth and better capacity utilisation point towards a potential new private sector capex cycle.
• Moody’s said India has managed higher global energy prices better than previously expected through diversified crude oil and gas sourcing, support from state-run oil companies and tax reductions to limit the immediate impact on consumers.
• India's large and modern refining capacity has helped maintain domestic fuel supplies and strengthen its position as a major exporter of refined petroleum products.
• Manufacturing and services PMIs remain in expansion, while GST collections, vehicle sales and merchandise exports have recorded double-digit year-on-year growth.

• Foreign portfolio investors (FPIs) have invested a net $8.2 billion in Indian equities since mid-October, including $5.8 billion during the first six trading sessions of November, according to Jefferies.
• The buying marks a potential reversal after approximately $61 billion exited Indian equities between September 2024 and October 2026.
• In October, FIIs remained net sellers with outflows of $2.2 billion, although selling slowed compared with September. Domestic institutional investors (DIIs) bought $6.3 billion, extending their buying streak to 39 consecutive months.
• Motilal Oswal said foreign investors selectively increased exposure to technology stocks ($1.4 billion) and telecom ($700 million). FMCG and financial services each saw outflows of around $1 billion, while automobiles lost $800 million.
• Overall, 14 of the 20 sectors tracked by Motilal Oswal recorded net foreign outflows in October.
• For 2026 so far, FIIs have sold a record $30.4 billion of Indian equities. Financial services accounted for $13.2 billion, automobiles $4.9 billion and FMCG $4.5 billion in outflows.
• Motilal Oswal believes a cooling global AI trade could redirect foreign capital towards relatively underperforming emerging markets such as India, supported by strong domestic liquidity, corporate earnings and improving valuations.
• Jefferies said improving foreign investor sentiment and easing geopolitical risks could help offset pressures that have weighed on Indian markets over the past two years.

• CoreWeave is preparing a multi-billion-dollar chip-backed loan to finance purchases of Nvidia chips and other computing equipment for a contract with an unnamed investment-grade client, according to the Financial Times.
• The company expects borrowing costs of around 7%–7.5%, significantly below yields of up to 15% on its unsecured high-yield debt.
• CEO Michael Intrator told analysts that chip-backed financing could cover 70%–100% of equipment costs, depending on the customer.
• The financing will test investor appetite for loans backed by AI infrastructure and semiconductor equipment.
• CoreWeave expects to receive approximately $9 billion in customer upfront payments and deposits over the next three months and plans to pursue additional funding through similar arrangements.

• European equities advanced towards record highs, supported by lower oil prices, a weaker US dollar and renewed investor interest in artificial intelligence stocks.
• Mining stocks led gains, benefiting from cheaper oil and dollar weakness, while technology stocks also moved higher.
• AI computing provider CoreWeave's optimistic earnings outlook and growing expectations around an Anthropic IPO boosted sentiment towards the AI sector.
• Siemens Energy surged 6.5% after projecting profit margins of up to 22% by 2030, supported by strong demand for gas turbines and grid equipment. The company said this demand helped more than double its profits last year.
• Since the US midterm elections last Wednesday, the pan-European STOXX 600 has gained approximately 2%, while the S&P 500 has declined 0.6%.
• Roger Lee, head of equity strategy at Cavendish, said post-election scepticism around AI had triggered some reversal in fund flows, benefiting markets outside the US.

• India has immediately banned the export of lithium-ion battery black mass, a recycled material containing critical metals such as lithium, cobalt, nickel and manganese.
• The government has changed its export status from "free" to "prohibited", according to notifications issued by the Ministry of Commerce and Industry.
• The ban also covers unsorted battery waste that does not contain lead, cadmium or mercury.
• The move aims to encourage domestic processing of critical battery materials, strengthen India's battery recycling industry and support its electric vehicle supply chain.
• India is targeting electric vehicles to account for 30% of new car sales and 80% of new two-wheeler and three-wheeler sales by 2030.

• Bajaj Finance is preparing to raise up to ₹11,700 crore ($1.2 billion) from institutional investors through a qualified institutional placement (QIP), potentially launching as early as this week, according to people familiar with the matter.
• The company has completed investor roadshows and could launch the offering within the next one or two days. However, the size and timing remain subject to change.
• The proposed QIP would be India's first major equity offering since Jio Platforms' $3.1 billion IPO last month.
• On October 1, Bajaj Finance's board approved a fundraising plan of up to ₹17,500 crore, comprising a ₹11,700 crore QIP and ₹5,800 crore through warrants.
• On November 10, the company raised approximately ₹5,800 crore by allotting 57.43 million warrants to promoter and holding company Bajaj Finserv at ₹1,010 apiece.
• India has raised approximately $50.25 billion through equity offerings so far this year, compared with $58.78 billion during the whole of last year.
• Major transactions this year include Jio Platforms' $3.1 billion IPO, NSE India's $2.4 billion listing and LIC's $3.3 billion share sale.

• Monthly mutual fund SIP inflows declined to ₹32,160 crore in October, compared with ₹32,490 crore in September and ₹32,297 crore in August, according to AMFI data.
• Overall mutual funds recorded net inflows of ₹1.73 lakh crore in October, reversing net outflows of ₹1.33 lakh crore in September.
• Equity mutual fund inflows fell to ₹32,994 crore from ₹38,307 crore.
• Large-cap fund inflows increased to ₹1,032 crore from ₹859 crore, while mid-cap inflows declined to ₹4,893 crore from ₹7,835 crore.
• Small-cap inflows dropped to ₹6,408 crore from ₹9,039 crore, while flexi-cap inflows fell to ₹4,980 crore from ₹6,702 crore. Large and mid-cap funds saw inflows rise to ₹8,484 crore from ₹4,271 crore.
• Fixed-income mutual funds attracted net inflows of ₹1.13 lakh crore, compared with net outflows of ₹1.83 lakh crore in September.
• Gold ETF inflows declined 22% month-on-month to ₹3,474 crore from ₹4,451 crore. Fund houses reportedly paused large subscriptions ahead of the festive season.
• Total ETF inflows increased to ₹20,304 crore from ₹15,501 crore.
• Mutual fund industry's net assets under management rose to ₹83.38 lakh crore from ₹82.64 lakh crore in September.

• SEBI is considering a common framework requiring all stock exchanges to verify margin before displaying pre-open orders in the order book, while retaining the original order receipt timestamp, according to Moneycontrol.
• NSE and Metropolitan Stock Exchange (MSE) already check margins before displaying orders. BSE currently displays orders first and checks margin afterwards, cancelling those that fail the requirement.
• SEBI believes these differences can give investors placing orders across multiple exchanges different queue positions, creating inconsistencies in execution priority.
• Under the proposed system, an order received at 9:00 am would retain its original timestamp even if the margin verification takes another two seconds.
• Pre-open orders contribute to the indicative equilibrium price, which determines a stock's opening price. Orders without sufficient margin could temporarily create misleading demand signals.
• The proposed change aims to reduce spoofing, where traders place orders without intending to execute them, potentially distorting opening prices.
• Stakeholders are broadly supportive, but SEBI has not finalised the framework or announced an implementation timeline. The approach could eventually be extended to closing auctions.

• UBS tracking of approximately 800 actively managed foreign funds shows foreign institutional investors’ overall exposure to Chinese equities remained broadly unchanged in Q3, according to China equity strategist Wang Zonghao.
• Foreign investors increased holdings most in healthcare, internet and technology stocks, partly driven by IPOs and placements.
• Investors reduced exposure to insurance, basic materials and automobile stocks.
• UBS remains optimistic about Chinese AI technology hardware, citing an attractive risk-reward profile. However, the recent global technology sell-off could trigger further spillovers into domestic stocks.
• With AI market sentiment still fragile and mutual funds holding elevated positions in AI hardware stocks, Wang recommends a barbell strategy combining technology hardware and banking stocks.

• Qualcomm has begun laying off employees in India as part of a global workforce restructuring, with around 1,000 jobs potentially at risk. However, the actual number of affected employees remains unclear and could be significantly lower.
• The first round of job cuts reportedly began at its Bengaluru facility on November 9. The exercise is expected to take place in phases across Indian operations.
• Qualcomm has not officially confirmed the number of layoffs. India is one of its largest engineering and R&D bases outside the US, employing approximately 20,000 people across Bengaluru, Hyderabad, Delhi NCR and Chennai.
• CEO Cristiano Amon described the exercise as a “performance-focused reduction” in an internal communication in October.
• The restructuring comes amid pressure on Qualcomm’s smartphone chip business due to weakening consumer electronics demand and rising memory prices.
• Qualcomm reported Q4 FY2026 non-GAAP revenue of $10.44 billion, down 7% year-on-year. Handset revenue declined 26% to $5.14 billion in the September quarter, according to Reuters.
• The company is diversifying into automotive technology, IoT and AI data centres, while maintaining its target of generating $5 billion in data-centre revenue in FY2027.

Japanese Bond Yields Surge as US Treasury Sell-Off and Inflation Concerns Trigger Global Bond Rout

• Japanese government bond yields climbed sharply on Wednesday, tracking an overnight sell-off in US Treasuries after stronger-than-expected US inflation revived expectations of more aggressive Federal Reserve rate hikes.
• The five-year Japanese government bond yield rose 9.5 basis points to 2.195%, while the 10-year yield gained 10.5 basis points to 2.795%.
• The two-year yield, which is more sensitive to monetary policy expectations, increased 8.5 basis points to 1.86%.
• In the US, the two-year Treasury yield surged 18 basis points to 4.74%, marking its biggest single-day increase since April 2025.
• The Japanese bond sell-off reverses the recent trend, when falling US equities had boosted safe-haven demand and reduced expectations of further Bank of Japan rate hikes.
• Barclays' Japan interest rate strategist Shinichiro Kadota said the previous decline in Japanese bond yields had gone too far and expected further room for yields to rise.
• US Treasury markets are closed on Wednesday, November 11, for Veterans Day, although US stocks and CME Treasury futures continue trading.

Moonshot AI Reportedly Signed Contract for 32 Nvidia B300 Servers in China, Raising Export Control Concerns

• Chinese AI startup Moonshot AI signed a contract in August to rent 32 servers equipped with Nvidia's B300 GPUs inside China, according to Bloomberg.
• Financing documents valued the servers at 432 million yuan, or approximately 13.5 million yuan per server, raising questions over whether the equipment was supplied in violation of US export controls.
• US regulations restrict exports of advanced AI chips such as the Nvidia B300 to China without a licence. Bloomberg said it could not independently confirm whether the required export authorisation was obtained.
• The documents included financing agreements signed on August 4 by Lingmeixin (Beijing) Technology and Beijing Zhongguancun Bank. The bank provided a 200 million yuan loan, with the servers pledged as collateral.
• The financing also included 345.6 million yuan in expected revenue from a computing services contract with Moonshot's main entity, Beijing Dark Side of the Moon Technology.
• The documents stated that Moonshot had the right to use computing services but did not own the equipment. The servers are reportedly located in Qingyang, a national computing hub in western China.
• Moonshot disputed the documents, saying it had no business relationship with Lingmeixin and neither authorised nor participated in the financing arrangements.
• Nvidia said the entities involved were not its customers, while Super Micro said it did not conduct business with them and remained committed to complying with US export controls.

Iran Unveils Underground Missile Facility, Warns Retaliation Could Extend Beyond the Middle East

• Iran's Islamic Revolutionary Guard Corps (IRGC) unveiled footage of an underground facility stocked with ballistic and cruise missiles on Tuesday, as senior military officials warned of retaliation extending beyond the region.
• The footage showed Armed Forces Chief of Staff Maj. Gen. Ali Abdollahi and IRGC Aerospace Force Commander Brig. Gen. Majid Mousavi touring underground tunnels containing Fattah and long-range Khorramshahr missiles.
• Iranian media said the facility also houses other missile systems, some of which were blurred in the released footage. Officials did not disclose its location or when the visit took place.
• Abdollahi warned that any fresh attack on Iran would trigger a response “beyond the region”. Mousavi said Iran could target enemy capabilities across the region and beyond.
• IRGC spokesman Brig. Gen. Hossein Mohebbi said missile and drone production lines had been moved from surface facilities into deeply buried underground complexes to maintain manufacturing capabilities even under heavy bombardment.
• The Jerusalem Post said the facility could not be independently verified and questioned whether it was newly established.
• The unveiling comes as US President Donald Trump describes renewed American strikes as “highly unlikely” but says US forces remain “locked and loaded”. Qatar is continuing mediation between Washington and Tehran.

Promoter Holdings in NSE-Listed Companies Hit 3-Year High of 41.93% as Insiders Buy the Dip

• Private promoter shareholding in NSE-listed companies rose to a three-year high of 41.93% in the September quarter of 2026, according to PRIME Database Group.
• Promoters have reversed their earlier trend of reducing stakes, with purchases exceeding $4 billion in 2026 as market corrections created more attractive valuations.
• This follows approximately $56 billion in promoter stake sales during 2024 and 2025, when stock valuations were near record highs.
• Rising promoter ownership is being viewed as a signal of confidence in their businesses and expectations that current valuations offer long-term value. However, it does not necessarily confirm that the broader market has bottomed out.
• Promoters are also increasing stakes to consolidate control ahead of business expansion. Jio Financial Services is among the companies where promoter ownership reportedly increased from 47% to above 49%.
• Stake increases have been carried out through open-market purchases, preferential warrants and participation in rights issues.
• Domestic mutual fund ownership also reached a record 11.82%, supported by sustained household investments through SIPs, while foreign institutional investor ownership declined to 15.57%, its lowest level in 14 years.

Moody’s Expects Global Growth to Stabilise at 2.6% in 2027, Oil Prices to Decline From Mid-Year

• Moody’s expects global economic growth to slow from 2.8% in 2025 to 2.6% in 2026, before stabilising around that level through 2027 and 2028.
• Developed economies are forecast to grow by approximately 1.7% next year, while emerging market growth is expected to slow from 4.5% in 2025 to around 4% by 2027.
• Moody’s expects oil prices to remain near the upper end of the $90 to $110 per barrel range before beginning to decline around mid-2027.
• Easing oil prices are expected to help moderate headline inflation, while central banks are likely to favour limited interest rate increases rather than a prolonged monetary tightening cycle.
• Capital expenditure by hyperscale cloud providers is expected to remain around $1 trillion next year. However, spending growth could slow sharply from approximately 100% this year to 25% in 2027, reducing its contribution to economic growth.
• Separately, Goldman Sachs now expects the Federal Reserve to raise interest rates by 25 basis points in December 2026 and another 25 basis points in March 2027. Previously, it had forecast only a December hike.

Nvidia Faces Potential $470 Billion Market Cap Wipeout in Two Sessions as Shares Slide; Microsoft Reclaims Second Spot

• Nvidia is facing a potential $470 billion loss in market capitalisation over two trading sessions as shares extend their decline amid growing scrutiny of CEO Jensen Huang's reported links to Singapore-based businesswoman Alice Huang, who US officials suspect of having ties to Chinese intelligence.
• Nvidia shares closed at $168.80 on November 10, down 5.5% from the previous close of $178.68. The stock has also fallen from $186.65 on November 6.
• The latest decline puts Nvidia's market capitalisation at approximately $4.07 trillion.
• The controversy centres on allegations surrounding Huang's reported relationship with Alice Huang and questions over the movement of Nvidia chips to Chinese companies.
• Nvidia's board has launched an independent investigation, while US lawmakers have sought a closed-door briefing with Huang.
• The company has said it has no reason to believe that its trade secrets or US national security have been compromised.
• The sell-off has pushed Nvidia below Microsoft in market capitalisation rankings, allowing the software giant to reclaim the position of the world's second-most valuable company.
• Investors are also reassessing the sustainability of massive AI infrastructure spending and the potential returns from the sector.
• Nvidia is scheduled to announce its next quarterly results on November 17, which will provide fresh insight into AI chip demand and its business outlook.

South Korea’s Exports Surge 112% in First 10 Days of November as Semiconductor Shipments Jump 331%

• South Korea’s exports reached $33.5 billion in the first 10 days of November, up 111.9% year-on-year, according to preliminary data from the Korea Customs Service.
• The figure marks a record for the first 10 days of November and the second-highest export value recorded in any 10-day period, behind early September’s $35.1 billion.
• After adjusting for working days, daily exports increased 97.7% to $4.46 billion. The latest period had 7.5 working days compared with seven a year earlier.
• Semiconductor exports surged 331.2% to $16.6 billion, recording the strongest growth among major export categories.
• South Korea’s year-to-date exports reached $963.7 billion. At the current daily pace, the country could cross the $1 trillion mark around November 20.
• Separately, third-quarter goods exports increased 72.3% year-on-year to $318.6 billion, the highest quarterly level since records began in 2015.
• The top 10 exporters accounted for more than 60% of total exports in Q3, the highest share since records began in 2010. Exports from large companies rose 103.5%, while small and medium-sized firms recorded growth of 12.8% and 10.7%, respectively.
• Semiconductor exports jumped 219% to $148 billion in Q3, accounting for 46.5% of total exports, compared with 25.1% a year earlier.

US Commerce Secretary Received Classified Memo on Nvidia CEO Jensen Huang’s Reported Ties to Suspected Chinese Spy

• US Commerce Secretary Howard Lutnick received a highly classified intelligence memo concerning Nvidia CEO Jensen Huang’s reported relationship with Alice Huang, whom US officials suspect of being linked to China's Ministry of State Security, according to Axios.
• The memo was drafted under Secretary of State Marco Rubio this spring and reportedly cited intelligence suggesting Alice Huang was recruited to gather information on Jensen Huang and potentially encourage Nvidia to seek access to its most advanced chips for China.
• The two individuals are not related. The memo reportedly drew on surveillance of Alice Huang and a chip-smuggling investigation involving her company, Singapore-based Megaspeed.
• According to Axios, the memo was circulated before President Donald Trump's China visit on May 13–15.
• On May 14, the Commerce Department cleared around 10 Chinese companies to purchase Nvidia's H200 chips, Reuters reported. Some approvals reportedly came before the intelligence warning, and it remains unclear how many resulted in actual shipments.
• The Information reported that the relationship helped facilitate at least $7.5 billion in Nvidia chip shipments to Chinese companies, according to Reuters.
• Nvidia shares declined for a second consecutive session on Tuesday as lawmakers from both parties called for investigations. Huang is expected to face a closed-door congressional briefing next week.

Oil Prices Fall for Second Straight Day, Hit Lowest Close Since August 31 as Trump Signals No Immediate Strikes on Iran

• Brent and WTI crude futures fell for a second consecutive session on Tuesday, closing at their lowest levels since August 31 after US President Donald Trump signalled that further military strikes against Iran were unlikely for now.
• Brent briefly dropped below $90 per barrel for the first time since August before recovering some losses after Iranian security official Mohsen Rezaei said Tehran was not currently negotiating with Washington.
• Trump said Iran was “militarily effectively over” and suggested the conflict could end “fairly soon”. However, he confirmed that the US naval blockade in the Strait of Hormuz would remain in place and that American forces were still “locked and loaded”.
• US Secretary of State Marco Rubio told G7 allies that economic sanctions and the naval blockade were proving effective, reducing the need for major military operations.
• Brent has fallen around 22% from its six-month high of $118 per barrel reached on October 30. It had already declined 5.85% on Monday, following a 16% weekly drop the previous week.
• Eurasia Group analyst Gregory Brew said oil prices may struggle to remain below $90 without more durable signs of de-escalation and a US-Iran agreement.
• ING strategists estimated that Gulf crude exports have recovered to around 80% to 85% of pre-war levels, while refined fuel shipments have recovered to only 35% to 40%.