Indonesia is South-East Asia's biggest economy. Until recently, it was an investor darling. But now, global index provider MSCI plans to downgrade its stock indices from emerging economy to 'Standalone' — a category occupied by the likes of Zimbabwe. How did it come to this?

Indian jewellers expect festive-season gold sales volumes to rise 15-20% year on year as pent-up demand meets improved consumer sentiment. Gold prices have eased from their early-2026 peak to around Rs 1.5 lakh per 10 grams, but remain high, pushing some buyers toward lighter and lower-carat pieces. Smaller retailers say they are losing customers to larger, trusted chains that can offer deeper discounts. The US Federal Reserve raised interest rates earlier this month due to inflation, prompting some investors to sell gold in favour of yield-bearing assets such as bonds.

Maharashtra is facing a severe drought, with rainfall in seven key districts at about half of normal, threatening soyabean and pigeon pea output. Traders expect soyabean yields to fall to 40–50% of normal in Marathwada, while pigeon pea prices have already risen well above the minimum support price. With soyabean arrivals due soon, spot prices are nearing the government procurement level, and uncertainty is building over rabi sowing because soil moisture and water storage are running low.

Marathwada has faced a 38% rainfall shortfall, with seven key districts receiving only about half of normal precipitation, putting soybean and pigeon pea yields at risk. Traders expect soybean output at 40-50% of normal in Marathwada and 60-70% in Vidarbha, with the new crop expected to start arriving in mandis in about 15 days. Soybean prices in Latur are close to the minimum support price, while tur prices are already well above MSP as tightening supply expectations lift spot quotes.

India’s government is proposing a 0.4% merchant discount rate (MDR) on UPI merchant payments above Rs 2,000, which could generate Rs 15,000 crore a year. That revenue would be less than 4% of the net profits of all listed commercial banks in India in FY26. It would also amount to 7% of the combined net profits of State Bank of India, HDFC Bank and ICICI Bank. Payments above Rs 2,000 make up 4% of UPI merchant transactions by volume but account for 67% of the total value.

Iran is holding funeral prayers in Qom for slain Supreme Leader Ayatollah Ali Khamenei and members of his family, as an oil tanker was set on fire after being struck by an unknown projectile in the Strait of Hormuz. The UK’s maritime agency said the tanker was hit off Oman’s coast and that no casualties have been reported. The report also listed city-wise Indian gold rates, including 24-carat gold at Rs 14,526 per 10g in Mumbai, and said geopolitical tensions have lifted safe-haven demand for the metal.

India’s federal government has issued an emergency directive asking Apple and Google to remove three battery-management apps—BAT-BMS, Lossigy and Epoch Li-ion—from their app stores, after the apps were allegedly misused to remotely hijack battery systems in Delhi’s electric rickshaws. The move follows reports of drivers’ vehicles being forcibly shut down via Bluetooth and then held for ransom to restart. The incidents have prompted a joint probe by Delhi’s transport department and police, and have put renewed scrutiny on how platforms vet third-party app security, according to the directive.

The US and Iran have signed a Pakistan-mediated memorandum that reopens shipping through the Strait of Hormuz, offering 60 days of toll-free passage before insurance and service charges are introduced. Iran has also set up the Persian Gulf Strait Authority (PGSA), requiring vessels to submit an online transit request at least 48 hours in advance. The strait carries about 20% of global oil and LNG flows, and India routes 65–70% of its crude oil imports through it. Markets remain unsure about supply stability, and oil prices have not fallen significantly.

Accenture issued a weaker revenue growth forecast, fueling worries that global corporate technology spending is slowing and sending Indian IT shares down 8% in a single session. Separately, Amazon said it is exploring selling its in-house Trainium AI chips to third parties. The move would position Amazon as a direct challenger to Nvidia in the AI infrastructure market.