Russia’s crude exports fell to 3.58 mn bpd — the biggest drop since Jan 2024 — as U.S. sanctions hit demand, pushing oil-at-sea stocks to record highs. The EU set up a rare earth supply channel with China, while Beijing eased trade tensions with the U.S. by suspending most retaliatory tariffs. The U.S. Supreme Court questioned Trump-era tariffs, and services PMI rose to 52.4, showing steady demand despite weak hiring. IBM announced job cuts as it shifts toward AI-led cloud services. In India, the government will notify all four Labour Codes before Nov 25, paving the way for key reforms. Seafood exports to the U.S. dropped 6%, but shipments to China, Vietnam, and Thailand surged, showing diversification. India and New Zealand strengthened ties in agriculture, defence, and aerospace. Asian markets opened higher, tracking Wall Street gains. Impact on India: Oil Relief: Rising Russian stockpiles may cool oil prices, easing India’s import bill and inflation. Labour Reforms: Expected to boost manufacturing and job formalization. Export Shift: Stronger trade with Asia reduces U.S. dependency. Tech Push: IBM’s AI focus highlights global shift, nudging Indian IT toward automation. Global Ties: India–NZ partnership could open new trade and tech opportunities.

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