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- Rubio India visit puts energy security in focus as crude costs rise amid global disruptions : Kotak Neo Banerjee
Anindya Banerjee of Kotak Neo said India will keep prioritizing crude with the lowest landed cost, as U.S. Secretary of State Marco Rubio's visit highlights New Delhi's Russian oil imports. Brent futures are at $110, spot premiums of $10 to $15 and freight of $10 to $15 push the landed cost above $120, and he sees a $100 to $120 near-term range with an upward bias over two to three weeks. RBI measures have kept the rupee within a narrow 94 to 96 range despite foreign institutional outflows of nearly $11 billion over eight weeks. Key triggers ahead are developments in West Asia and the U.S. election on November 3. Government and oil companies have so far absorbed the impact of higher crude costs, with no official indication of an immediate increase in petrol and diesel prices.
- Rubio India visit puts energy security in focus as crude costs rise amid global disruptions: Kotak Neo Banerjee
Anindya Banerjee of Kotak Neo says India will keep sourcing crude based on the lowest landed cost, while Secretary of State Marco Rubio's visit has renewed focus on India's imports of Russian oil. Brent futures are at $110, spot trades $10 to $15 above futures, and freight adds another $10 to $15, so the landed cost could exceed $120, and he sees Brent in a $100 to $120 near-term range. RBI measures have helped keep the rupee within a narrow range of 94 to 96 per USD, despite foreign institutional investor outflows of nearly USD 11 billion over eight weeks. He identifies the US presidential election on 3 November and developments in West Asia as key triggers for commodities and currencies. So far, the government and oil companies have absorbed the impact of higher crude costs, and there are no official signs of an immediate rise in petrol and diesel prices.
- Another Country Welcomes Positive News from Russia and the US
On October 16, President Trump issued an executive order suspending some sanctions and tariffs related to Russia, including tariffs on Russian goods and penalties on countries buying Russian oil, which were set to take effect this week under the Graham Act. The move is especially important for India, one of the five largest buyers of Russian oil, which had faced tariffs of up to 100%. Russian oil once accounted for nearly half of India's oil imports earlier this year, though purchases have fallen since August, and switching to pricier supplies could push up domestic fuel prices. Washington said progress in trade talks with New Delhi was one factor in the decision, and Secretary of State Marco Rubio, who plans to visit India from October 20, said the two sides are very close to a trade deal. Michael Kugelman of the Atlantic Council, a senior expert, said the suspension could build trust and help the two sides overcome the last obstacles.
- Customers Want Tank Manufacturing Moved Out of Russia
The Russian tank industry has entered a new phase, with customers increasingly demanding production technology rather than finished vehicles, according to Uralvagonzavod (UVZ) CEO Alexander Potapov. UVZ is willing to support this trend despite concerns that customers could eventually become competitors, especially India's localization demands under 'Make in India' and similar interest from Arab buyers. Because traditional markets have shrunk considerably, UVZ is turning to Africa and Southeast Asia, while continuing negotiations and improving after-sales service. UVZ tanks have been exported to dozens of countries, with India being the most prominent customer, operating about 1,000 T-72M1 and T-90S tanks.
- Indian refiner fuel exports to the West jump 43% as they keep processing Russian crude
- Indian refiner fuel exports to the West jump 43 % as they keep processing Russian crude
Refineries in India, Turkiye and Brunei that process Russian crude shipped 1 billion euros ($1.2 billion) of oil products to sanctioning countries in September, up 43 per cent from August, according to CREA. Reliance's Jamnagar refinery supplied six of the seven cargoes unloaded at EU ports that month despite the EU ban on fuel refined from Russian crude, though the ban's exemption for net crude exporters leaves a gap, CREA says. CREA estimated 295 million euros of the exports came from Russian crude and urged refinery-level restrictions, a recommendation from an advocacy group rather than policy. India's Russian crude imports fell 13 per cent in September, their second straight monthly decline, while Kpler analysts expect October imports to hold at 1.8–1.9 million barrels per day.
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- Bank Profits Surge
The 9-month 2026 results show many banks continued to grow profits, with some posting record quarterly earnings. VPBank's pre-tax profit reached nearly VND 30,000 billion, up nearly 47%, equal to its full-year 2025 result and about 72.4% of its 2026 plan; Q3 pre-tax profit topped VND 11,000 billion. Techcombank posted VND 28,900 billion (up 23.7%), while LPBank reported VND 10,421 billion (up nearly 9%). SSI forecasts pre-tax profit of its monitored banks to rise 19.5% in 2026 before slowing to 15.4% in 2027, pressured by narrowing net interest margins and rising credit risk provisions. It also expects system-wide credit growth of 16-17% in 2027 and 17.9% for the monitored banks.
- World's Largest Gold Fund Dumps Over 10 Tonnes of Gold as Prices Slide
SPDR Gold Trust, the world's largest gold fund, continued net selling of nearly 12 tonnes of gold in the 22/10 session, bringing total sales over 2 sessions to nearly 15 tonnes and cutting its holdings to about 1,046 tonnes. Spot gold fell more than 2.8% to around USD 4,025 per ounce at the close of 22/10, and briefly dipped below USD 4,000 per ounce in the morning session of 23/10. Tensions in the Middle East pushed crude oil prices higher, raising concerns about inflation and further Fed tightening, and gold has still not attracted sustained safe-haven demand even as US Treasury yields fell. US September CPI rose 0.6% month on month and 3.7% year on year, while PPI rose 1.3% and 6.3%. Markets price about an 84% chance the Fed holds rates steady at its 27-28/10 meeting and a 16% chance of a 25 basis-point increase; September PCE data due on 29/10 is the next key factor to watch.
- Gold Prices Continue to Fall
On the morning of 23/10, domestic gold prices kept falling, with SJC bar prices varying by seller and the premium over world gold widening. Công ty TNHH Vàng bạc đá quý Sài Gòn listed SJC bars at VND 139-142 million per tael (buy-sell), down VND 300,000; Phú Quý was at VND 138-141.8 million, down VND 500,000; and Mi Hồng at VND 140-141.5 million, down VND 800,000. Gold rings also fell by varying amounts, with DOJI at VND 138-142 million and Phú Quý at VND 138-141 million per tael. World gold dropped USD 129 to around USD 3,992 per ounce, equal to about VND 125.3 million per tael, leaving SJC bars about VND 16.7 million per tael above the world price. The State Bank's central rate was set at 25,627 VND/USD, down 5 dong, while Vietcombank quoted 25,660-26,040 VND/USD (buy-sell).
- Company Linked to Billionaire Pham Nhat Vuong Announces Major Good News
VEFAC (ticker VEF), a Vingroup subsidiary, posted Q3 net revenue of nearly VND 77 billion, up 67% year on year, but a gross loss of about VND 27 billion as cost of sales from its exhibition business exceeded revenue. Q3 profit rose mainly thanks to a gross gain of about VND 65 billion from transferring some schools in a project to a partner, while financial income reached over VND 388 billion, mostly from loan and investment income. For the first nine months of 2026, after-tax profit was nearly VND 865 billion, down about 94% from VND 15,418 billion in the same period of 2025, as the prior year included large gains from transferring part of the Vinhomes Global Gate project. As of 30/9/2026, total assets stood at over VND 31,905 billion, up 36% from the start of the year, while total liabilities exceeded VND 24,364 billion, with short-term customer advances rising from VND 411 billion to over VND 8,373 billion.
- Lotte and Phat Dat Officially Break Ground on VND 60,000 Billion Mega Project in Thu Thiem 'Golden Land'
A joint venture between Lotte Group (South Korea) and Phát Đạt (HoSE: PDR) officially broke ground on 23/10 on Lotte Eco Smart City Thu Thiem in the Thu Thiem New Urban Area, HCMC, with total investment of about VND 60,000 billion. The project covers nearly 7.5 ha and will combine Grade A offices, retail, services, accommodation and housing, adjoining the central plaza and central lake of Thu Thiem. Phát Đạt holds 35% of Lotte Properties HCMC, the project developer, and will develop the housing blocks along with two towers (2-1 and 2-3) with about 219,722 m2 of floor area, while Lotte handles block 2-5. Lotte Properties HCMC paid VND 17,569 billion in land-use fees on 31/7/2026, and Phát Đạt completed its VND 7,666 billion payment to take its 35% stake. MB is funding all of Phát Đạt's capital contribution, while VietinBank and BIDV also support the project.
- International Business : Global stocks nosedive as Meta dents AI optimism
Global stocks retreated as tech earnings failed to ease concerns about the AI outlook, with MSCI's All-World index set for its largest daily fall in two weeks, down 0.4 per cent. Meta beat third-quarter revenue expectations, but its plan to issue non-voting stock revived worries about its mounting capital commitments, and a New Mexico judge ordered it to pay a $25 billion penalty in a data privacy case. Brent crude rose nearly 3% to $112 a barrel, near a five-month high, after more Houthi attacks in Saudi Arabia raised supply risks. Investors moved into government bonds, pushing the US 10-year yield down to 5.05%, below France's for the first time in 13 years, while French yields have climbed above 5% amid concerns over social unrest and debt. The France-Germany 10-year spread reached 177.7 basis points, its widest since 2011, while gold fell 1.8% to $4,070 an ounce.
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