Global Markets — Desk Note
India, China, the United States and Japan — where each stands right now, how they pull on one another, and two trade ideas with hedges. Prepared for a markets/trader interview.
Market levels
| Brent crude | $104.45 ▲ |
| RBI repo rate | 5.25% — held |
| India 10Y G-sec | 7.04% ▲ |
| USD/INR | 95.9 ▼ |
| India CPI (Aug) | 4.82% ▲ |
| India FY27 gross borrowing | ₹15.99 lakh cr ▼ |
| Fed funds target | 3.75–4.00% ▲ |
| US CPI (core, Aug) | 2.4% |
| US 10Y / 30Y | 4.65% / 5.2% |
| BOJ policy rate | 1.25% ▲ |
| Nikkei 225 | ~66,400 ▲ |
| USD/CNY | 6.72 (yuan firm) |
| China GDP (Q3, est.) | ~4.0% |
| Gold / Silver | $4,298 / $64.2 ▼ |
Read the briefing
What's changed since your last read — four corrections, including the Fed one that matters most.
02How one hawkish Fed speech moves rates, gold, the dollar and the rupee — worked through the real episode.
03Rates, FCNR(B), government borrowing, fertilizer policy, UPI, the NSE listing, flows, two trade ideas.
04The export-surplus paradox, LFP/rare-earth leverage, the currency call, and its own debt problem.
05The hawkish pivot: jobs, CPI, the actual September hike, and the Treasury buyback story.
06From liquidity trap to real hikes — the history, the kind of inflation it got, and what's live now.
07The geopolitical spike in crude and the rate-driven correction in metals.
08Best-available read on the employer — confirm before the room.
09Likely questions, tight answers.