Oil Gets Assist From India, China Buys as Global Glut Looms

The European Union has raised its growth expectations for the eurozone this year. However, it has lowered its outlook for 2026 due to higher-than-forecast tariffs from the United States, which are anticipated to negatively impact economic growth in the region.

Japan and Switzerland's economies have contracted, primarily due to the impact of US tariffs on exports. The European Commission has raised its growth forecast for the eurozone, citing better-than-expected economic performance in the first nine months of the year. This growth was driven by a surge in exports and strong investment in equipment and intangible assets, particularly in Ireland. The continued growth in the third quarter indicates resilience in the European economy despite challenges.

India's financial regulator is expected to decline a data request from Jane Street, a prominent trading firm, according to sources. This decision comes amid ongoing scrutiny of financial practices and regulatory compliance within the trading sector. The regulator's stance reflects a cautious approach to data sharing, which may impact Jane Street's operations and its ability to navigate regulatory landscapes effectively.

The U.S. is making significant efforts to establish rare earth supply chains both domestically and internationally as it faces China's substantial control over these critical materials. This initiative is part of a broader competitive landscape referred to as 'Cold War 2.0.' The U.S. aims to reduce its dependence on China for rare earths, which are essential for various technologies and industries.

Grant Thornton International Ltd. is exploring options for its Indian unit, which is valued at $2 billion. A senior executive in India indicated that the company is considering a potential minority stake sale or a merger with its operations in the US or Europe.

India's trade deficit reached a record high in October, driven by a surge in imports linked to increased domestic demand following a reduction in consumption tax. In contrast, exports experienced a decline, largely attributed to tariff policies imposed by the United States. This situation highlights the challenges faced by India's trade balance amid changing global trade dynamics.

India has imposed restrictions on imports of certain platinum jewelry until April next year. This move is part of the government's efforts to tighten control over the precious metals trade and address revenue leakages in the sector.

The German Finance Minister has emphasized the necessity for fair trading conditions in dealings with China. This statement highlights the ongoing discussions regarding trade practices and the importance of equitable terms for both parties involved. The minister's remarks come amid increasing scrutiny of international trade relationships and the need for transparency and fairness in global markets.