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G7 looks to private capital to fill the trillion-dollar infrastructure gap in emerging markets
The Group of Seven industrialised countries' development finance institutions are launching an initiative in partnership with investors, to increase private money for the infrastructure projects that emerging markets require. Allianz Global Investors is a member and says that the world needs to spend $4.2 trillion on infrastructure every year. Two-thirds are in emerging markets. This is a huge task, made even more difficult by the cuts in aid from rich countries, as well as bilateral lending. Lori Kerr is the chief executive officer at FinDev Canada. She said, "This will mobilize capital in large amounts for infrastructure. It will also advance economic prosperity and sustainability in emerging and developing countries." The initiative, dubbed Infrastructure Investment Council, is being led by FinDev Canada under Canada's G7 Presidency. According to a private sector member, Natixis Investment Managers, development finance institutions from Britain and France, Germany, Japan, and Italy, are also part of this effort. Other private sector members include BlackRock Global Infrastructure Partners and General Atlantic's Actis, as well as Brookfield Macquarie, Ninety One and Brookfield. Many emerging markets lack the basic infrastructure that is needed to transform their economies. This includes clean water, power grids for all citizens, and ports, roads and rail lines. Private cash flow into some of these markets has been hindered by a variety of investment barriers. The press release also stated that the council's main goals will be to create investment vehicles to allow private capital to flow into emerging markets, and to facilitate the sharing of knowledge and expertise. (Reporting and editing by Dhara Raasinghe; reporting by Libby George)
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Sam Altman-backed Oklo to get $2 billion for US nuclear fuel development
The nuclear technology company Oklo announced on Friday that it had signed an agreement with Europe's newcleo in order to develop advanced fuel manufacturing and fabrication infrastructure in the U.S. According to the agreement, newcleo, a developer of nuclear reactors, plans to invest as much as $2 billion. Blykalla, a Swedish developer of advanced nuclear technology, is also interested in co-investing and purchasing fuel-related services. In premarket trading, shares of Sam Altman's Oklo rose 1.7%. After decades of stagnation in the U.S., nuclear power is gaining momentum. This is largely due to the surge in electricity demand for energy-hungry data centres and the electrification and transportation industries. The U.S. will regulate the investments, which include multiple projects. This will promote transatlantic co-operation and increase energy security. Further details about specific projects will be revealed in future agreements. The U.S. Energy Department selected Oklo along with three other firms in September for its pilot program, which builds advanced nuclear fuel pipelines as part of the Trump administration's efforts strengthening domestic supply chains. Oklo CEO Jacob DeWitte stated that fissioning excess plutonium was the best method to eliminate an legacy liability and create a near-term abundant fuel source. DeWitte stated that the fuel can be used to accelerate the deployment and scaling up of advanced reactors. (Reporting and editing by Shilpa Majumdar in Bengaluru, Mrigank Dhaniwala).
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India's central bank gold stockpile tops $100 billion due to surging bullion price
India's gold reserve has crossed $100 billion for the first-time, according to Reserve Bank of India data. The price surge in the global market helped the reserves reach this milestone, even though the central bank purchases have slowed down sharply. The Reserve Bank of India reported that India's gold reserves rose by $3.595 Billion to $102,365 Billion in the week ending October 10 while total foreign exchange reserves fell $2.18 Billion to $697.784 Billion. According to traders, gold's share in India's total reserve has risen to 14.7% - the highest level since 1996-1997. The gold share of India's foreign currency reserves has nearly doubled in the last decade, from below 7% up to almost 15%. This is due both to central bank accumulations and a rise in bullion prices globally. This has led to the RBI reaching the milestone of $100 billion despite the marked decline in its gold purchases during this year. According to World Gold Council figures, the central bank only bought gold four times in the first nine month of 2025 compared with nearly monthly additions in 2024. The cumulative buying between January and September was just 4 tons. This is a sharp drop from 50 tons during the same period last year. Kavita Chacko is the research director for India at World Gold Council. She said that the share of gold has grown significantly in India's reserves due to the increased value of gold. The gold price has risen by about 65% since 2025. This is due to a powerful mix of macroeconomics, institutions and psychological factors. Global central banks are continuing to accumulate gold in order to diversify their reserves away from the U.S. Dollar. This trend is a result of increased geopolitical risk, pressures due sanctions and dedollarization. India is the second largest consumer of gold in the world and imports are necessary to meet this demand. Indian culture is deeply rooted with the tradition of buying gold, as it's a status symbol and an investment.
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HSBC predicts that gold will reach $5,000 per ounce in 2026.
HSBC forecasted on Friday that the bull run in gold prices would reach $5,000 per ounce by 2026. This was supported by increased risks and the impact of the new entrants to the market. Spot gold broke through the $4,300 mark on Thursday. It was heading for its best week since December 2008. Geopolitical tensions have fueled the advance, as well as central bank purchases, increased exchange-traded fund inflows and expectations of U.S. interest rate cuts. HSBC stated in a note that the bull market would likely continue to push prices higher in 1H'26. We could reach a peak of $5,000/oz in 1H 2026. HSBC has also increased its forecast for the average 2025 gold price to $3,455 from $3,355. It raised its forecast for 2026 average gold prices to $4,600 from $3,950. The bank cited geopolitical risk, economic policy insecurity and the rising public debt to support the price. HSBC stated that given the sharp increase in prices during 2025's second half and the increased risks of new market entrants it expects the gold price to stay high and possibly spike even further until early 2026. The bank expects a significant amount of volatility in prices and some moderation to occur during the second half 2026. The bank stated that unlike previous rallies, many of these buyers will likely remain in the gold market - even when the rally is over - for the diversification and safe haven qualities of gold. HSBC analysts join those at Bank of America, Societe Generale and others who forecast earlier this week that gold would reach $5,000 per ounce by 2026. (Reporting from Anushree mukherjee and Sherin elizabeth Varghese, Bengaluru. Editing by Barbara Lewis and Jane Merriman.
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The brother of the Manchester suicide bomber has denied attempting to kill 3 prison guards
The brother of the man who detonated an Ariana Grande suicide bomb in Britain after a concert in 2017 has denied on Friday that he attempted to kill three prison guards while incarcerated. Hashem Abedi's brother Salman Abedi is accused of killing 22 people in the Manchester Arena, in northern England, in 2017. Prosecutors claim that Hashem Abedi attacked four prison guards with hot oil and knives made from makeshift materials while shouting 'Allahu Akbar. The incident occurred in April in Frankland Prison in northern England. Abedi was jailed for 55 years in 2020 after he helped his brother plan an attack that injured over 200 people. Abedi, 28, appeared in London's Old Bailey Court via videolink, surrounded by five security guards. He pleaded not guilt to three counts for attempted murder, assault, and unauthorised possession of an weapon inside a prison. Abedi was "permitted to cook equipment" by the prosecutor, Jocelyn Ledward. He then attacked prison officers with "hot oil and... makeshift knifes". She said: "While he was carrying the attack out, he shouted 'Allahu akbar' twice." Abedi who represents himself said that he does not want to attend the trial scheduled for January 2027.
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Credit risk is still alive at MORNING BID AMERICAS
What Mike Dolan, the ROI team and I are looking forward to reading, watching and listening to this weekend. Hello Morning Bid readers! The weakness of U.S. banks stocks is weighing down global equities this morning. Credit risks are on the rise following recent bankruptcies and negative announcements by two regional banks. Gold is on course for its best 17-year week, with an early Friday rise above $4,300. Mike Dolan, editor-at-large at ROI, asks if gold's incredible rise is the bubble that investors should worry about. The dollar index has moved in the opposite direction. Expectations of further Federal Reserve easing will cause the greenback to suffer its worst weekly decline in nearly three months. Jamie McGeever, a columnist for ROI markets, argues that despite what you may think, the dollar bull case is more compelling than it appears. Washington DC and Beijing are once again at odds in global news after a dispute over export controls for rare earth minerals. Clyde Russell, a columnist for ROI Asia Commodities, argues that China is at risk of overplaying their hand by imposing restrictions on minerals and metals vital to global energy transition. Oil prices are expected to drop this week on energy markets as forecasts continue to indicate a glut of supply in the next year. Ron Bousso, ROI Energy's Columnist, points out however that the uncertainty surrounding the location of nearly 1.5 million barrels of crude oil per day is putting this projection in doubt. Oil prices are also rising in response to the unexpected announcement that Russian President Valdimir Pugh and President Donald Trump have agreed to meet again to discuss the conflict in Ukraine. This time, the summit will be held in Budapest. The recent attacks by Russia and Ukraine on each other’s energy infrastructure could mark a new phase in this conflict. Ron Bousso says that the recent strikes by Ukraine and Russia on each other's energy infrastructure should serve as a warning to Europe regarding its own vulnerabilities. Gavin Maguire, ROI Energy Transition's Columnist, highlighted seven "magnificent", clean energy stocks which have seen a surge in value this year despite Trump's rollback on clean energy policies. Check out what the ROI team recommends you read, watch, listen to to prepare for the week. Please contact me at This weekend we are reading... Gold and digital assets are often seen as binary choices: gold is for those looking for something tangible and not fiat money, and Bitcoin is for those who believe digital assets will be the future. The World Gold Council recently published a piece that raises some interesting questions. While the authors clearly act in the best interests of their members the article does raise some important issues. Sign up for the newsletter to receive Morning Bid every morning in your email. Subscribe to the Morning Bid newsletter Website You can find us on LinkedIn. The opinions expressed are solely those of their authors. These opinions do not represent the views of News. News is bound by the Trust Principles to maintain integrity, independence and freedom from bias. (By Anna Szymanski)
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Copper falls on U.S. Credit Fears, Heads for Weekly Decline
Copper dropped to a new one-week low and was headed for a second consecutive weekly decline. This followed a drop in global financial stocks, as signs of credit pressure at U.S. Regional Banks rattled the markets. As of 0915 GMT on the London Metal Exchange, benchmark three-month copper was down 1.7% to $10,466 a metric ton, after earlier falling as much as 2.2% to $10430, its lowest level since October 10. On Oct. 9, the metal reached a 16-month peak of $11,000. Thu Lan Nguyen is the head of Foreign Exchange and Commodities Research at Commerzbank. The dollar's weakness has limited copper's losses, making dollar-denominated goods more affordable to holders of other currencies. The metal, which is considered to be a bellwether of the global economy, will end the week with a 0.5% decline. The negative sentiment towards base metals grew as financial stocks plunged on Friday, following a crash in regional U.S. banking shares due to concerns about credit quality and mounting risks. Nguyen added, "It is an additional concern in regards to the state of the U.S. Economy." Investors also monitor tensions between China and the United States, as Washington accused Beijing of creating panic about its rare earth export controls. Shanghai Futures Exchange stocks of copper The weekly total of 110,240 tonnes is the highest level since April 25, a rise of 550 tons. The majority of the LME complex traded lower on Friday. Aluminium dropped 1.4% to $2.748.50 per ton. Zinc fell 1.6% to 2.926.50. Nickel lost 1.16% at $15,100.00. Tin tumbled 3% at $34,650. Lead was the only metal to show a slight increase, rising 0.3% to $1970. (Reporting and editing by Tasimzahid; Additional reporting by Dylan Duan, Lewis Jackson, and Tasimzahid; Editing by Tasimzahid)
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India's JSW Steel reports a four-fold increase in quarterly profits on the back of strong sales
JSW Steel, India's largest steelmaker, reported a four-fold increase in its second-quarter profits on Friday. A surge in sales volumes outweighed the impact of lower price. Mumbai-based company’s net profit for the third quarter ended 30 September was 16.23 billion rupees, or about $185 million. This is higher than the profit of 4.39 billion rupees from a year earlier. The company announces its first quarterly results, which show that steel prices have dropped despite the Indian Government's tariffs on certain steel products. Sajjan Jindal's company posted a 20% increase in sales for the quarter. Capacity utilization in India, their key market, reached 92%. This, along with the high manufacturing activity of the country, has helped to boost demand. The adjusted EBITDA margin increased to 17.4% in the quarter from 14.2% a year earlier, but it was still lower than the 18.2% of the previous period. The company had to pay a one-time fee of 3.42 billion rupees for the surrender of the Jajang Iron Ore Mining Lease in the third quarter last year. The latest three-month period saw a 107.3% increase in profit before special items and taxes.
Climate shift to assist improve StanChart income by practically $1 billion, CEO says
Standard Chartered is set to book nearly $1 billion in income in 2025 from company geared towards assisting clients satisfy sustainability goals, CEO Costs Winters told executives at the World Economic Online forum in Davos, as he doubled down on supporting the netzero agenda.
The UK lender, which has vowed to mobilise $300 billion in green and sustainable financing by 2030, has taken a leading role in international environment finance efforts and will continue to do so despite the election of environment sceptic Donald Trump as U.S. president and in the middle of increasing pressure on banks, Winters said.
It's an industry for us, he said. A number of years ago we offered the guidance externally we 'd make a billion dollars of income by 2026 and we'll be pretty near that in 2025.
It's a rewarding company, so I do not want to sound too mercantilist about it, however we do the best thing, and we get spent for it, he added It's sort of win, win.
Winters acknowledged anti-ESG sentiment in the U.S. added. pressure to business and organizations, but stated banks and big oil-producing nations somewhere else had yet to reverse broad assistance for the transition to a net-zero economy.
In the long run it is pretty clear we require to disgorge ourselves from nonrenewable fuel sources, he said.
Efforts to cultivate environment action in the financial market have actually been hampered in current weeks after U.S. and Canadian banks left a U.N.-backed banking alliance amidst Republican pressure.
Requirement Chartered remains a member of the Net-Zero Banking Alliance, a representative said on Monday, however is continuing to screen progressing characteristics closely.
Winters' comments came hours after Trump took workplace, stating an energy emergency situation and committing to boost U.S. oil and gas production as he initiated a series of roll-backs on green policies.
Despite politics, beneficial economics drove a clean energy boom throughout Trump's very first term, with Republican politician stronghold Texas leading record-high U.S. solar and wind energy expansion in 2020, U.S. government information show.
(source: Reuters)