Introduction:

In today’s episode, we delve into the latest economic and geopolitical developments shaping global markets. We begin with the UK’s October borrowing figures, which soared to £17.4 billion—well above forecasts. This unexpected surge, combined with falling retail sales, intensifies the risk of a fiscal doom loop just as Chancellor Rachel Reeves prepares for a critical budget announcement. We explore how these pressures complicate the Bank of England’s inflation fight and influence the pound’s future path. Next, we examine the implications of the US boycotting the G20 summit over a dispute with South Africa, creating a power vacuum for middle powers and the EU to step in. This challenges the US-led global order and could affect global financial stability and emerging market credit spreads. Lastly, we analyze India’s largest refiner, Reliance Industries, halting all Russian oil imports in response to US pressure and impending sanctions. This pivotal move reshapes global energy margins and puts Washington in the driver’s seat over US-India trade relations.

Content and Timestamp:

00:00:34 UK Government Borrowing Exceeds Expectations Ahead of Critical Budget

00:06:25 Trump's G20 No-Show: South Africa's Moment Overshadowed?

00:10:53 India's Reliance Halts Russian Oil Imports Amid Looming Sanctions and US Pressure

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