Gold prices eased on Tuesday but were on track for the biggest monthly rise since November 2022. The Israel-Hamas conflict had spurred safe-haven demand, pushing gold from $1,809 on October 6 to $2,009 last week. However, Israel adopting a more measured approach in Gaza has eased Middle East crisis fears. This led to profit booking in gold. But bullion was still set for an 8% monthly gain, its largest since November. In India, rising prices may dampen demand during festive season, said the World Gold Council. Lower purchases could halt global gold's rally.

JP Morgan has upgraded India to an overweight rating, aligning with global brokerages like Morgan Stanley, CLSA, and Nomura. This shift is driven by several factors, including the positive impact of general elections, robust growth in emerging markets' nominal GDP, and the expansion of India's bond market, expected to lower risk premiums. The upgrade is based on both cyclical and structural factors, considering India's strong nominal GDP growth, competitive risk-adjusted returns, and a deeper domestic bond market. Despite challenges in emerging market equities due to rising US long rates, JP Morgan sees potential opportunities. The brokerage has also revised its portfolio to include Sun Pharmaceutical Industries Ltd, Bank of Baroda, and Hindustan Unilever.  

The Indian stock market faced a significant downturn as all three major indices, including BSE Sensex and Nifty 50, experienced substantial losses. BSE Sensex opened with a gap up but plummeted to an intraday low of 63,912 points, losing nearly 1500 points in the last two sessions. Nifty 50 also dropped, breaching the crucial 19,200 support and hitting an intraday low of 19,074, marking a loss of over 450 points. Factors contributing to the decline included rising US Treasury yields, the Israel-Hamas conflict, a strengthening US dollar, foreign institutional investor (FII) selling, weak Q2 2023 results from major companies, and concerns about rising inflation due to surging crude oil prices. Experts cautioned investors amid the market uncertainty.          

The brand new Southall Travel TV commercial created by multicultural marketing agency Here and Now 365 has been voted the most popular ad on South Asian TV by a panel of South Asian women influencers. Founded 15 years ago by Manish Tiwari, Here and Now 365 specializes in strategic campaigns targeting Britain's diverse cultural markets. The agency emphasizes the importance of ethnic and multicultural marketing to help brands authentically reach target audiences. With a skilled creative team, Here and Now 365 uses community insights to develop relevant communication strategies across media formats. The viral Southall Travel ad exemplifies the agency's ability to quickly identify opportunities and deliver high-impact, culturally-attuned messaging for clients.

Sri Lanka's cabinet approved a proposal to offer free visas for five months to travelers from seven key countries - India, China, Russia, Malaysia, Japan, Indonesia, and Thailand - in an effort to boost tourism amid economic crisis. The free visa pilot program began Tuesday and will continue through March 2023. Tourism officials hope the move attracts 5 million tourists in coming years and saves time and money spent obtaining visas.

Reliance Industries Ltd., led by Mukesh Ambani, is on the verge of finalizing a multibillion-dollar deal with Walt Disney Co. to acquire its India operations, including Disney Star business valued at around $10 billion. After the deal, Reliance is expected to hold a controlling stake in the Disney Star business, while Disney will retain a minority stake. The acquisition highlights Ambani's growing influence in India's entertainment industry, following deals like streaming the Indian Premier League for $2.7 billion in 2022 and broadcasting Warner Bros Discovery Inc.’s HBO shows in India earlier this year.          

The signing of the UK-India trade deal, previously speculated to occur during a cricket world cup match in India next week, faces delay due to lack of progress in India's market openness for British professional services. UK Prime Minister Rishi Sunak was expected to sign the deal on October 29 in Lucknow, but talks hit an impasse. India offers less access to law and accounting services compared to the UK's deal with Australia. Both countries emphasize the need for a fair and balanced agreement. Negotiations continue amidst the desire to sign before upcoming general elections in both nations.

Reserve Bank of India Governor Shaktikanta Das said the Israel-Hamas war has impacted India but the country remains economically strong. He stated India's macroeconomic fundamentals and financial sector continue to be sound amid global uncertainty. Das said India is well-placed on key parameters despite crude oil price rise concerns as a major importer. He emphasized monetary policy must stay focused on easing inflation given uncertain food and oil price outlooks. Das noted any domestic fuel price hikes would impact inflation more than global crude prices. He reiterated India's economic resilience despite geopolitical tensions impacting markets.

At the Google for India event, Google revealed its decision to manufacture Pixel smartphones in India, making the upcoming Pixel 8 the first locally-made device in the lineup. Rick Osterloh, Google's Senior VP for Devices and Services, announced the initiative, emphasizing the company's commitment to providing more access to Pixel smartphones in India. Osterloh stated that Google would partner with international and domestic manufacturers, aligning with the Make in India initiative. India, recognized as a 'priority market,' is seen as a thriving manufacturing hub, fostering an ideal environment for businesses. The rollout is anticipated in 2024.

Tata Group-owned Air India Express has revealed a vibrant new brand identity and aircraft livery at Mumbai airport. The design showcases orange, turquoise, tangerine, and ice blue colors and draws inspiration from traditional Indian textiles like Bandhani, Ajrakh, and Patola. The rebranding coincides with the merger of AIX Connect (formerly AirAsia India) into Air India Express, aiming to become Tata Group's low-cost carrier. Managing Director Aloke Singh emphasized the transformation journey, introducing modern Boeing B737-8 aircraft. The airline plans to expand its fleet to 170 narrow-body aircraft over the next five years, emphasizing a digital-first approach and Indian artistic diversity.