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India's 10-year government bond yield held at 7.465%, remaining near its highest level since March 2023 as elevated oil prices and expectations of further monetary tightening weighed on bonds. Brent crude surged above USD 117 a barrel last week amid Middle East supply concerns, heightening inflation risks for India, which imports nearly 90% of its oil needs. Additionally, persistently high energy costs could strain public finances and worsen the country's external balance. At the same time, markets are pricing in slightly more than 100 basis points of rate increases over the next 12 months, with some participants anticipating a 50-basis-point hike in December. Tighter domestic liquidity has also added to selling pressure on government bonds. Investors now await the Federal Reserve's decision on Wednesday for signals on the US rate outlook and global bond yields.

India 10Y Yield Holds at 3-Year High

Lead increased to 1922.00 USD/T, the highest since September 2026. Over the past 4 weeks, Lead gained 0.41%, and in the last 12 months, it decreased 5.43%.

Lead Hits 4-week High

Taiwan retail sales increased 8.5% year-on-year in September 2026, accelerating from 6.5% in the previous month. It marked the highest reading since February 2024, buoyed by Mid-Autumn Festival spending, department store refurbishments, and the launch of new shopping malls. Automobile and motorcycle sales surged 20.3% year-on-year, reflecting a gradual recovery in vehicle demand and higher deliveries of imported cars. The catering industry also benefited from the Mid-Autumn Festival and Teachers’ Day holidays, as favorable weather conditions boosted domestic tourism, dining out, and social gatherings. Meanwhile, restaurant operators continued to expand their outlet networks and pursue multi-brand strategies, while department stores’ anniversary sales attracted more shoppers, helping drive restaurant traffic and sustain growth in catering revenue.

Taiwan Retail Sales Hit Over 2-Year High

Iron ore futures fell toward CNY 670 per ton on Monday, hovering near four-year lows as weakening profitability among Chinese steel mills dampened demand prospects. Industry data showed that the blast furnace operating rate at 247 Chinese steel mills stood at 80% last week, down 4.3% from the same period a year earlier. Supply conditions also remain ample, supported by elevated iron ore arrivals at Chinese ports and increasing global shipments. Meanwhile, China’s state-backed iron ore buyer recently reached a new supply agreement with Rio Tinto, easing concerns over raw material availability. The China Mineral Resources Group reportedly informed several steel mills verbally of the deal last week, although specific terms were not disclosed. Previously, CMRG had instructed some steelmakers to suspend negotiations with Rio Tinto over shipments scheduled from September.

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