US and China are set to hold trade talks in Malaysia from October 24-27, aiming to ease escalating tensions. Vice Premier He Lifeng will lead China’s delegation, with discussions focusing on key economic and trade issues. This meeting follows recent tariff threats and ship arrival fees, despite President Trump’s desire for a favorable deal.
India’s crude oil import costs are rising as its reliance on discounted Russian oil declines. While Russia remains the largest supplier, its share has slightly decreased, leading to higher premiums from alternative sources. This shift impacts refiners’ margins as geopolitical pressures mount.
New US sanctions on major Russian oil firms Rosneft and Lukoil are likely to lead India to halt crude oil procurement from Russia, which constituted over 36% of its imports this year. Indian refiners are reviewing documentation to ensure compliance, with upcoming orders expected to shift to alternative sources.
Asian markets mirrored Wall Street’s dip on Wednesday, as investors grew concerned about the sustainability of the tech rally. Reports of potential US actions against China’s rare earth curbs and new sanctions on Russia fueled geopolitical jitters. While some corporate earnings disappointed, many companies still exceeded expectations, though a cautious sentiment prevails.
US sanctions on Russia’s top oil companies, Lukoil and Rosneft, triggered a sharp rise in oil prices. This, coupled with robust US energy demand and falling inventories, boosted Brent crude and WTI. Investors also monitored US-China trade talks and a postponed summit with Russia.
Top stock market recommendations: Navin Fluorine International, Lloyds Metals And Energy, and Bank of Maharashtra are recommended as top buy calls by Aakash K Hindocha. Nifty has broken out of a cup and handle formation, targeting 26200, while Bank Nifty hit fresh all-time highs, with upside potential to 58650.
Union commerce minister Piyush Goyal met with EU Trade Commissioner Maros Sefcovic to discuss outstanding issues in the proposed India-EU free trade agreement. This engagement precedes Goyal’s visit to Brussels, aiming to boost ongoing negotiations. Both sides are committed to resolving differences and redefining their relationship, with a goal to conclude talks by December.
India’s peak power demand during Diwali saw a slight decrease this year, a departure from the usual festival surge. While Monday’s peak reached 180.14 GW, down from last year’s 182.87 GW, overall consumption also dipped. This trend contrasts with higher projected summer demand, which was not fully realized due to favorable weather conditions.
