Emerging Markets Newsletter

2025 Edition #23

Emerging Markets Network
October 13, 2025

Semester 2 Week 11

Hey Legend!

Happy Monday and welcome to Week 11! 🥳

Exam timetables are out 📖. If yours doesn’t involve three exams in two days, we assume bribery was involved 🕵️. Contrary to popular belief, greatness isn’t forged over time, it manifests 12 hours before your exam ✨

We do genuinely hope your studies are tracking well 💚, your timetable is kind 😊, and you’re staring down the barrel of a long, glorious holiday 🏖️

Before the semester wraps up, we’ll be hosting a case comp workshop 🧑‍🏫 with our sponsor think-cell to help you sharpen your skills ⚡, get practical insights ⚙️, and prepare for the competition 🏆. Details TBC. Stay tuned!

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The Numbers

A relatively flat or down week across most equities and commodities markets last week, with the major exception of Gold, which broke the USD$4000/Oz barrier, setting new all-time highs and simultaneously reaching a staggering 50% growth for this year. The other standout (for all the wrong reasons) is Bitcoin, which is experiencing major falls associated with the US government shutdown as well as Donald Trump announcing an extra 100% tariff on Chinese imports.

The Roundup

India saw strong gold inflows, investor caution, and TCS’s AI pivot amid WeWork India’s weak debut, while reopening its Kabul embassy; China showed mixed recovery signs, and Africa balanced resource optimism with unrest and governance risks.

India

This week in India’s business and policy landscape: tech giants are making bold pivots, investors are flocking to safe havens, and diplomacy is rewriting old equations. From gold’s glitter to WeWork’s stumble, the pulse of ambition and uncertainty beats strong across markets and ministries alike.

Gold ETFs in India drew record inflows in September, climbing by $902 million and pushing total AUM to $10 billion, as many investors shifted to gold amid stock market jitters and deepening global uncertainty. 📈💰 At the same time, household holdings of gold surged to an estimated $3.8 trillion, underscoring the metal’s enduring role as a store of value and hedge. 🏅🛡️
WeWork India’s shares slipped 3% in their market debut, valuing the co-working company at around ₹84.25 billion, as investors expressed concerns over lofty valuation and governance risks. 📉⚖️ The stock opened just above the IPO floor of ₹648 before dipping as much as 5.2% to ₹614.25, reflecting market skepticism. 📊🤔
India’s decision to reopen its embassy in Kabul marks a cautious yet strategic shift in its Afghanistan policy. 🤝 The move signals India’s intent to re-engage with Kabul while balancing security and humanitarian concerns. ⚖️🌐 Analysts say the step aims to counter Pakistan and China’s growing footprint in the region, even as India maintains its stance of not formally recognizing the Taliban regime. 🕊️📊
Tata Consultancy Services’ bold plan to invest roughly $6-7 billion in a 1 GW AI/data-centre arm signals a strategic pivot beyond its core IT services, but raises questions over capital intensity, return on investment, and execution risk in a sector it has minimal overlap with. 📊⚖️ While the move could position TCS as a sovereign cloud and infrastructure player amid rising demand, analysts caution it may dilute margins and strain its traditionally asset-light model. 🏗️📉

China

China’s economy is stirring as Q4 begins, Golden Week travel rebounded and the PBOC struck an upbeat tone, but major challenges persist . Consumer caution, weak demand, and property woes weigh on growth. Meanwhile, Beijing resists in the Pacific and spins Tiktok’s board shift. Tech sovereignty and anti-Western messaging rise, ahead of the pivotal Fourth Plenum.

Golden Week saw a spike in travel and outbound bookings ✈️ (+30–40%), but fragile consumer sentiment remains due to weak income growth and real estate losses 📉🏚️, suggesting stimulus alone isn’t enough to lift domestic demand.
Regulators ordered major firms like Alibaba and ByteDance to halt purchases and testing of Nvidia’s RTX Pro 6000D chips 🚫🧠, ramping up China’s pivot to domestic AI hardware and distancing from U.S. tech.
EV battery giant, CATL, completed one of 2025’s biggest IPOs in Hong Kong 📈🔋, a move signaling its deeper integration into global capital markets and long-term confidence in overseas expansion.
Beijing calls the new TikTok board structure a “win-win” 🤝, but quietly vows to scrutinise all related tech and IP transfers, reflecting ongoing concerns about digital sovereignty and Western pressure.

Africa

The wave of protests across Africa is continuing as young people become increasingly frustrated about long-term issues, such as water and electricity shortages in Madagascar. Amid surging gold and copper prices, investments are being undertaken that could boost economies in Africa, with Zambia expected to hit record copper output this year.

The Kwacha, Zambia’s currency, has hit its strongest level since 2024 💪🤑, making it Africa’s top performing currency in 2025 so far 📈. With a surge in global copper prices of more than 20% this year 💰🛍️, international mining companies have invested approx. $10 billion into Zambia’s copper industry 💎🚀.
Mali has secured a strategic partnership with Flagship Gold Corp. 🤝, marking the first U.S. investment since Mali’s updated mining regulations were adopted in 2023 🏆. The agreement allows Flagship Gold Corp. to acquire equity in the Morila Gold Mine 🏦⛏️.
Unrest in Madagascar has escalated 🥊, with protestors calling for President Andry Rajoelina to step down after appointing a military officer as the new prime minister 🪖🏛️. More than 1,000 protestors marched through Antananarivo, with many injured in clashes between authorities and demonstrators 💥🤕.
The U.S. embassy in Ouagadougou has temporarily paused ⏸️ the issuance of visas, with Burkina Faso residents now having to travel to Togo for U.S. visas 🗺️✈️. This follows Burkina Faso’s rejection of a proposal 🙅🗓️to accept deportees amid Trump’s immigration crackdowns 🚫.

See you all next week!

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Good luck for your studies, we know you smart cookies will smash it.

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Best regards,

The EMN Team 💚