विदेश

(Adds details paragraph 2 onwards) Oct 7 (Reuters) – Indian dealers' auto sales grew 5.2% year-on-year in September, with upbeat growth across two-wheelers and passenger vehicles, as tax cuts boosted demand during the festive season, the Federation of Automobile Dealers Associations said on Tuesday. While sales were muted in the first three weeks of September, they surged after September 22, when the revised goods and services tax rates took effect, the auto dealers association said. Two-wheeler sales climbed 6.5% from a year earlier, while passenger vehicle sales grew 5.8%. Dealers posted record high sales during the nine-day Navratri festival, the association said, with a 34% year-on-year jump during the period, as a wave of new customers entered showrooms and existing ones upgraded their vehicles, taking advantage of lower taxes and festive schemes. The auto dealers body expects an above-normal monsoon, strong harvest, and steady lending rates to boost purchasing power of consumers, driving demand. It also expects "peak sales" during the Diwali festival in October, when Indians typically tend to make high-value purchases. (Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala and Ronojoy Mazumdar)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

* Gold scales all-time high of $3,977.19/oz * 93% chance of Fed rate cut in Oct – CME FedWatch tool * Kansas City Fed Bank President Jeff Schmid says disinclined to cut rates (Updates for Asia mid-session trade) By Ishaan Arora Oct 7 (Reuters) – Gold hit a record high on Tuesday as there were no signs of a reprieve from an impasse between the two houses of the U.S. Congress that has led to a government shutdown, while near-certain bets of a U.S. rate cut this month also lent support. Spot gold rose 0.4% to $3,974.09 per ounce by 0446 GMT, trading near the all-time high of $3,977.19 hit earlier in the session. U.S. gold futures for December delivery gained 0.5% to $3,996.40. "The (chances of) October and December cuts are still skewing above the 80% mark, so that's actually supporting gold prices and also this government shutdown as well, given there is still no resolution between the two sides of the U.S. Congress," OANDA senior market analyst Kelvin Wong said. Kansas City Federal Reserve Bank President Jeff Schmid signalled he is disinclined to cut interest rates further, saying the Fed should stay focused on the danger of too-high inflation as opposed to apparent job market weakness. Markets, however, are still pricing in additional 25 basis-point rate cuts in both October and December, with probabilities of 93% and 82%, respectively, according to the CME FedWatch tool. Non-yielding gold thrives in a low interest rate environment and during economic uncertainties. Gold has climbed 51% so far this year on strong central bank buying, increased demand for gold-backed exchange-traded funds, a weaker dollar and growing interest from retail investors seeking to hedge amid rising trade and geopolitical tensions. Goldman Sachs on Monday raised its December 2026 gold price forecast to $4,900 per ounce from $4,300, citing strong Western exchange-traded fund inflows and central bank buying. China's central bank added gold to its reserves in September for the eleventh straight month, data from the People's Bank of China showed. Elsewhere, spot silver was steady at $48.52 per ounce, platinum rose 0.1% to $1,626.55 and palladium rose 0.9% to $1,330.91. (Reporting by Ishaan Arora in Bengaluru; Editing by Subhranshu Sahu and Sonia Cheema)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

* Private credit, seeking yields, shifts to emerging markets * Bespoke financing and repayment terms lure borrowers * Concerns over impact on bond markets and sovereign debt By Libby George and Rodrigo Campos LONDON/NEW YORK, Oct 7 (Reuters) – An intricate series of pipes off Angola's Atlantic coast snakes toward a new fuel refinery that signals the country's push for energy independence — and its use of private creditors, instead of banks, to fund a big-ticket project. "We're not the lender of last resort," said Felipe Berliner, co-founder of emerging markets asset manager Gemcorp, which provided the bulk of funding for the refinery, using private capital. "Sometimes we are the only lender." Private credit for emerging markets — driven by investors' hunt for yields and saturation in developed Western markets — could grow exponentially, veteran investors told Reuters, providing tens of billions in funding as bilateral lending and foreign aid shrink. "This is a paradigm shift," said Pramol Dhawan, head of emerging markets portfolio management at PIMCO. "The need to globally reallocate is not a hedge — it's a secular thesis." PIMCO has committed around $30 billion across 140 emerging market deals in five years, and expects to boost annual lending by 30% this year to $10 billion. Other investors are targeting similar increases. RAPID GROWTH, BUT YIELDS SQUEEZED Private credit skyrocketed over the past 20 years, with global assets under management rising to over $1.2 trillion from $200 million in the early 2000s, according to the Bank for International Settlements. The funding filled a gap for companies, mainly in the U.S., as banks limited lending due to regulations and capital requirements. Today, emerging markets get less than 10% of that cash. But the U.S. and Europe are saturated; competition has driven down margins, and bets are riskier. Experts from JPMorgan CEO Jamie Dimon to the IMF warn private credit looks shaky; the collapse of U.S. firms Tricolor and First Brands underscored the risks. Emerging markets, investors say, have bankable projects so keen for cash that you can pick and choose. "Emerging market companies have been forced to be more fundamentally conservative," said Matt Christ, portfolio manager at London-based global investment manager Ninety One. Developed markets are "priced for perfection", while emerging markets offer more upside. He said EM yields are 150 to 300 basis points higher than their developed market peers — and risk is often lower than ratings suggest. Christ, whose private credit portfolio is around $8 billion globally, sees scope to expand to $15 billion. EM firms, he said, are used to volatility and political instability — unlike most Western firms. "Developed market companies are going into an era they've never experienced before, but emerging market companies have been doing this for a long time," he said. Gustavo Ferraro, head of capital solutions at emerging markets-focused fund manager Gramercy, also said EM risk profiles and returns have surpassed those in developed markets. "The U.S. market isn't the benchmark anymore," he said. "Our (investors) want yield and uncorrelated exposure." Gramercy has doubled its private credit investment in five years to $4.8 billion, focusing on Latin America, Turkey and parts of Africa. Ninety One said that in Turkey, where authorities are limiting bank lending to cool inflation, private credit is filling a gap. FROM SOVEREIGNS TO SAUDI COMPANIES Most EM private credit is asset-backed — giving investors anything from company shares to control over the project itself. The structure favours infrastructure, but funding has gone to sovereign budgets and Turkish cities' transport networks. Angola's new refinery, mostly funded by Gemcorp with state oil company Sonangol also providing funds, will ultimately run at 60,000 barrels per day and make sub-Saharan Africa's No. 2 oil producer less reliant on costly fuel imports. The plant's first phase, which cost $475 million, is due to start operation by the end of the year. Gemcorp has also funded a wind farm in Lake Turkana in Kenya, a water sanitation project in Angola and power transmission between Angola and Namibia. A Gemcorp survey showed 67% of EM private credit went to large or medium corporates, and 22% to sovereign or quasi-sovereign projects. Gemcorp is launching a $1 billion fund targeting mid-market Saudi companies. "They are underfunded, they don't have access to the flexible capital they need to maintain growth from the government's fiscal push," Berliner said. The firm also funds Central American commodity exports to the U.S., West African fuel prepayment deals and gold producers. Berliner and others say private credit is flexible, fast and offers customised repayment terms — from upfront fees to extended maturities or EBITDA warrants (earnings before interest, taxes, depreciation, and amortization) — making it ideal for upstarts and lower-rated sovereigns. "We're not replacing banks anymore. We're building something that didn't exist," Ferraro said. "This is bespoke financing for bespoke problems. That's what EM has in abundance." Privately, some bond investors worry private credit — nimbler and less onerous than bonded debt — could eat into their business. Others fear bigger problems if borrowers hit trouble. "If something goes wrong, like a big restructure, how does private credit deal with that? We don't really know," said Daniel Cash, associate professor of law at the UK's Aston University, adding that the "much more opaque" lending could also create issues. (Reporting by Libby George in London and Rodrigo Campos in New York. Additional reporting by Nell Mackenzie; Editing by Susan Fenton)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

Here are some factors that may affect Middle East stock markets on Tuesday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Political jolts, US government shutdown casts cloud over markets * Oil extends gains on smaller-than-expected OPEC+ output hike * PRECIOUS-Gold at all-time high on safe-haven demand, Fed rate cut bets * MIDEAST STOCKS-Most Gulf markets ease on economic uncertainty * Gaza talks turn to key sticking points between Israel, Hamas * Putin, Netanyahu discuss Middle East, Iranian nuclear programme * China uses a hidden funding conduit to pay Iran for oil, bypassing US sanctions – WSJ * Thunberg greeted by cheering crowd in Athens after Israel expels flotilla activists * Trump to meet Edan Alexander, Israeli-American hostage released by Hamas in May SAUDI ARABIA * Saudi Arabia's PIF wealth fund plans dual-tranche green bond sale * Saudi Arabia holds steady on Arab Light prices to Asia after OPEC+ output hike * Pakistan looks to unlock Saudi investment in visit following defence pact UNITED ARAB EMIRATES * Robust remedies should secure EU okay for $17 bln Covestro deal, ADNOC says * Blackstone, Abu Dhabi's Lunate team up to invest $5 billion in Gulf logistics * Abu Dhabi, Norway, Singapore wealth funds to buy shares in LG's $1.3 billion India IPO as anchor investors – Bloomberg News * Standard Chartered Launches UAE-Domiciled Signature CIO Islamic Funds EGYPT * POLL-Egypt inflation expected to dip to 11.0% in September * Egypt's net foreign reserves rise to $49.534 bln in September KUWAIT * Goldman Sachs Opens Office In Kuwait BAHRAIN * Bahrain's Q2 real GDP up by 2.5% y/y, state news agency reports QATAR * Qatar to resume maritime activities, night suspension remains for tourist vessels * QNB Announces Refinancing Of $1.5 Billion Senior Unsecured Syndicated Term Loan Facility SYRIA * First results for Syria's new parliament show low share for minorities, women * Syrian army and SDF reach ceasefire deal in Aleppo city following clashes (Compiled by Bangalore newsroom)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

Oct 7 (Stats Perform) – Results from the NBA games on Monday (home team in CAPS) Milwaukee 103 MIAMI 93 HOUSTON 122 Atlanta 113 Detroit 128 MEMPHIS 112 DALLAS 106 Oklahoma City 89 Denver 112 TORONTO 108

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

SEOUL, Oct 7 (Reuters) – South Korea's foreign minister said on Tuesday he hoped that relations between North Korea and China develop in a way that contributes to denuclearisation and peace on the Korean peninsula. Minister Cho Hyun said he would continue to communicate with China on issues related to the Korean Peninsula in a phone call with his Chinese counterpart Wang Yi, South Korea's foreign ministry said in a statement. (Reporting by Jihoon Lee Editing by Ed Davies)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

SOUTH KOREA FOREIGN MINISTER: WILL CONTINUE TO COMMUNICATE WITH CHINA ON ISSUES RELATED TO KOREAN PENINSULA

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

* Yen hits two-month low against dollar amid political shifts in Japan * Takaichi's leadership raises uncertainty over fiscal and monetary policy * ECB officials suggest possible rate cut; euro in fragile state (Adds Japan finance minister comments, Takaichi appointment details in 2nd, 8th-11th paragraphs. Updates prices.) By Rocky Swift TOKYO, Oct 7 (Reuters) – The yen weakened to a two-month low against the dollar on Tuesday as attention in Japan turned to who may join the administration of fiscal dove Sanae Takaichi after her party leadership victory. With the yen also trading at an all-time low against the euro, Japan's finance minister said authorities were watching out for excessive moves in currency markets. Takaichi, expected to become Japan's next prime minister, chose former premier Taro Aso as vice president of her ruling party. The euro remained on a fragile footing following the resignation of France's prime minister and European Central Bank officials said a rate cut may be necessary. Traders will be on watch for speeches from Federal Reserve policymakers later in the day as a U.S. government shutdown squelches other data signals. As markets await more clarity on how Takaichi will structure her government, Japanese officials may try to talk the yen down from recent extremes, said Bart Wakabayashi, the Tokyo branch manager of State Street. "We'll see if the expected policies that she is tied to will come through," Wakabayashi said of Takaichi. The 150 yen per dollar mark is "a very important level, psychologically and economically." "From an economic and corporate competitive perspective, where is the Bank of Japan and the Ministry of Finance comfortable? I do believe it's at a lower level," he added. The yen lost 0.05% to 150.37 per dollar and earlier touched 150.62, the weakest level since August 1. Japan's currency also skidded to 176.35 per euro, a fresh all-time low, before rebounding slightly. Takaichi was considered to be the most dovish among five candidates in Japan's Liberal Democratic Party race on Saturday to replace hawkish Prime Minister Shigeru Ishiba. Along with her appointment of Aso to her inner circle on Tuesday, she chose former finance minister Shunichi Suzuki as secretary-general of the LDP. There remains considerable uncertainty if Takaichi, as prime minister, will be able to fully implement her agenda of looser fiscal and monetary policy, said Carl Ang, a fixed income analyst at MFS Investment Management. "One consideration is fiscal conservative Taro Aso and his faction, which were instrumental to Takaichi’s success at the LDP leadership election," Ang added. Reacting to the yen's swoon, Japanese Finance Minister Katsunobu Kato on Tuesday reiterated that currencies should move in a stable manner reflecting fundamentals. A closely watched auction of 30-year Japanese government bonds went smoothly on the day after yields on the debt jumped to a record high. The euro slid against the dollar and the pound in the previous session after France's new Prime Minister Sebastien Lecornu and his government resigned on Monday. The ECB may need to reduce borrowing costs slightly if the risk of inflation going too low increases, but interest rates are appropriate now, the central bank's top brass said on Monday. The dollar index, which measures the greenback against a basket of currencies, was steady at 98.15. The euro was little changed at $1.1706 after a 0.3% drop on Monday. Sterling weakened 0.05% to $1.3474. The White House on Monday backed off President Donald Trump's assertion that government employees were already being laid off due to the shutdown, but warned job losses could result as the standoff looked set to stretch into a seventh day. The shutdown delayed last Friday's closely watched monthly jobs report for September and is set to postpone other key releases until the government reopens. Market attention is now focused on the Fed itself for signs of the timing and extent of more easing. Fed Vice Chair for Supervision Michelle Bowman and newly installed fellow Governor Stephen Miran are due to speak later on Tuesday, while Wednesday brings minutes from the Federal Open Market Committee's meeting for September. Markets are pricing in additional 25 basis-point rate cuts in both October and December, with probabilities of 92.5% and 81.5%, respectively, according to the CME FedWatch tool. In cryptocurrencies, bitcoin fell 0.8% to $124,313.30, while ether was little changed at $4,690.04. (Reporting by Rocky Swift Editing by Shri Navaratnam)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

Oct 7 (Reuters) – India's auto sales grew 5.2% year-on-year in September, with strong sales across two-wheelers and passenger vehicles, as the government's tax rate cuts boosted demand during the festive season, the Federation of Automobile Dealers Association said on Tuesday. (Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

Trevor Lawrence ran for a 1-yard touchdown with 23 seconds left to give Jacksonville a 31-28 win over the visiting Kansas City Chiefs on Monday night, as the Jaguars improved to 4-1 for the first time since 2007. Lawrence stumbled to the turf after receiving the snap when the right guard stepped on his foot, but he got to his feet before being touched, broke an ankle tackle and reached the end zone. That capped off a seven-play, 60-yard drive after the Chiefs grabbed a 28-24 lead with 1:45 left on a 2-yard Kareem Hunt touchdown run. The fourth quarter featured three lead changes as the Jaguars defeated the Chiefs (2-3) for the first time since 2009, snapping an eight-game losing streak in the series. Lawrence completed 18 of 25 passes for 221 yards, a touchdown and an interception. He also ran for a team-high 54 yards and his first two rushing touchdowns of the season. Patrick Mahomes threw for 318 yards with a touchdown and an interception. He also ran for a team-high 60 yards and a score while Hunt had a pair of fourth- quarter touchdowns and 49 rushing yards. The Jaguars scored 21 consecutive points after falling behind 14-0. Devin Lloyd gave Jacksonville its first lead of the game with 2:19 left in the third quarter when he intercepted a Mahomes pass and returned it 99 yards for a TD, the longest interception return in franchise history. Brian Thomas Jr. led Jacksonville with four receptions for 80 yards, and Travis Hunter had three catches for 64 yards. Tyquan Thornton led the Chiefs with 90 receiving yards on three catches. Travis Kelce had a game-high seven receptions for 61 yards and a TD. Kansas City opened the scoring with a 2-yard touchdown pass from Mahomes to Kelce for the Chiefs' first first-quarter touchdown of the season. The Jaguars nearly tied it up on the ensuing possession, but Lawrence had the ball knocked out of his hands by Nick Bolton while trying to reach across the goal line on fourth-and-1. George Karlaftis recovered the fumble. Mahomes extended the lead to 14-0 on a 9-yard run with 10:44 left in the half. Jacksonville finished its response the next time, capping off a 13-play drive with a 3-yard touchdown pass from Lawrence to Parker Washington late in the second quarter. The Jaguars tied it at 14 early in the third quarter on a 10-yard Lawrence TD run to finish an 87-yard drive. After the pick-six, Kansas City responded with an interception of Lawrence that set the offense up at the Jaguars 19. Two plays later, Hunt tied it up again with a 5-yard run with 12:20 left. Jacksonville reclaimed the lead on the ensuing drive with a 52-yard field goal from Cam Little that made it 24-21 with 8:08 left. –Field Level Media

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)