US Bitcoin ETFs attract $458 million in single-day inflows

The Indian rupee has depreciated to 96.4750 against the US dollar, hitting a more than two-month low. Prior to the Reserve Bank of India's monetary policy announcement, the exchange rate was 96.36 rupees per US dollar.

(1) According to Russia's Bioeconomy Development Strategy up to 2036 and Vision 2050, the country's bioeconomy product exports are expected to reach 2.026 billion USD by 2036 and about 3.509 billion USD by 2050. (2) The document notes that, in the baseline scenario, exports of high-tech bioeconomy products will amount to 2.02642 billion USD by 2036 and 3.50911 billion USD by 2050. (3) By 2036, fixed asset investments in the sector are planned to reach 1.045 trillion rubles, and by 2050, 1.81 trillion rubles. (4) Under the baseline scenario, the share of Russian high-tech products in the consumption structure will reach 74.6% by 2036 and 82.7% by 2050. (5) On October 5, the Russian government approved the National Bioeconomy Development Strategy, with priorities including strengthening technological infrastructure, advanced bioprocessing of biological resources, and expanding the application of biotechnology in traditional industries. (6) According to the explanatory note for the next three-year federal budget draft, approximately 12 billion rubles are planned to be allocated to the national bioeconomy project for 2027-2029.

(1) The Thai government is considering reducing the excise tax on biofuels to lower prices and boost consumption. On Wednesday, Energy Ministry spokesperson Phongphol Yodmankchalern stated during a press conference that the Energy Ministry and the Ministry of Finance are currently formulating a tax reduction plan. (2) Phongphol noted that biofuels, which are produced by blending gasoline or diesel with biomass fuel, can be produced domestically at a low cost. The excise tax on bio-gasoline and bio-diesel is around 6 baht per liter. (3) Expanding the use of biofuels would help reduce crude oil imports and ease the government's burden of fuel subsidies.

Jefferies has lowered the price target for American Express (AXP.US) from $350 to $330.