THE MERIDIAN
BRICS & Global South Analysis
Tuesday, 28 October 2025
Markets at a glance — THE MERIDIAN Data Desk
Ibovespa
158,360
+1.7%
MOEX
2,668
-0.2%
Sensex
85,720
+0.1%
SSE Comp
3,882
+0.1%
JSE All-Share
110,990
-1.2%
USD/BRL 5.36
USD/RUB 78.3
USD/INR 89.5
USD/CNY 7.10
USD/ZAR 17.17
USD/AED 3.6725
USD/SAR 3.75
USD/SCR 14.0
Commodities
Gold $4,151/oz
Brent $62.89/bbl
NatGas $4.60/MMBtu
Data snapshot based on latest available quotes (indices, FX, and commodities; delayed 15–20 minutes).
Updated: 28 Oct 2025 • 09:00 London • © THE MERIDIAN Data Desk
From our November 2025 issue
View the full edition →
Monthly Global South economic intelligence
28 investigations across Africa, Asia, Latin America and the Indian Ocean.
The November edition follows Kenya’s tax revolt, Nigeria’s FX reset, South Africa’s energy transition, Indonesia’s nickel gamble and the food inflation wave reshaping living standards across the Global South.
Open the November issue →Selected articles
Cover · Water & citiesWater Stress in Southern Africa: The New Geography of Urban Thirst
Kenya · Fiscal politicsKenya’s Tax Revolt: Ruto’s IMF Fiscal Gamble
Nigeria · FX regimeNigeria’s FX Experiment: Managed Float Under Pressure
South Africa · EnergyEnergy Transition: Can Reform Break Eskom’s Monopoly?
Indonesia · ResourcesIndonesia’s Nickel Reckoning & the EV Supply Chain
Food & FXThe Food Inflation Wave: A Hidden FX Tax on Every Meal
Latest from The Meridian
Politics & Economy
Pensions & Welfare
Mexico Pushes Pension Reform for Informal Sector
A wider net for savings and coverage aims to boost resilience and inclusion.
Regulation
RBI Exempts State Housing Fund from New Rules
Relief for affordable-housing projects frees up capital and credit pipelines.
Monetary Policy
China Holds Lending Rates for Fifth Straight Month
A steady hand as growth cools — implications for commodities and EM FX.
Trade & Investment
Singapore Capital Eyes South African Foothold
Asia–Africa capital links deepen across logistics, finance and consumer sectors.
Markets
Latin America: Markets Reposition Amid Policy Fog
Flows rotate on shifting macro signals — rates, FX and commodities lead the dance.
Fintech
Indonesia’s Xendit Expands into Latin America
South–South payment rails plug into new merchant demand across LatAm.
External Accounts
Brazil’s Current Account Deficit Widens
A larger external gap lifts FX sensitivity and narrows policy room into year-end.
Finance & Regulation
UAE — The Offshore of the Future
Regulation as a competitive export.
Governance
Seychelles — The Republic of Trust
Transparency as industrial policy.
Fintech
Kenya — The African Fintech State
Mobile money as fiscal infrastructure.
Sovereign Risk
Sri Lanka — The Debt Phoenix
The hard path back from default.
Policy & Reform
Maldives — The Archipelago of Reform
A tourism giant seeks financial depth.
Society & Economy
Paradise Lost — The Island Economy Crisis
The hidden cost of brain drain and dependency.
Society & Climate
Food Security
Hunger Rises in Africa Despite Global Gains
Climate shocks and conflict push under-nourishment higher across the continent.
Environment & Enforcement
Interpol Operation Nets 225 Eco-Crime Arrests
Cross-border raids target illegal logging, mining and wildlife trafficking.
Energy Transition
Brighton Offshore Wind: Engineering at Sea
Scaling renewables meets grid realities and marine-life constraints.
Climate Diplomacy
Brazil’s COP30 Plans Centre Indigenous Diplomacy
Forest stewardship and carbon governance move to the negotiating front row.
Climate & Logistics
Caribbean Storm Tests Supply Lines
Freight delays and insurance costs rise as rain bands disrupt key hubs.
Labour & Heat
Heat Beyond Measure
The new geography of work.
Disaster Risk
The Age of Convergence
When the storms arrived together.
Carbon Markets
The Carbon Mirage
Offsets and the new climate economy.
Water & Cities
The Politics of Water
When scarcity meets campaigns.
Labour & Mobility
Hidden Hands
Migrant work and trafficking in the Indian Ocean.
Climate
The Climate Tipping Point
When islands become uninhabitable.
The Meridian Data Desk
32%
Canal transit delays vs seasonal baseline
Bottlenecks reprice freight and delivery risk across EM supply chains.
Source: ACP Operations Bulletin, Oct 2025
$669 B
Remittances to low/middle-income economies
Household buffers hinge on cross-border income, not domestic credit.
Source: World Bank KNOMAD 2025 Q2
-8 %
Copper export volumes (Chile, latest month)
China demand and mine maintenance drive pricing and fiscal room.
Source: Chile Customs / INE Sept 2025
20 000
People displaced by floods (Bangladesh, event)
Agriculture and food prices move first; insurers reprice next.
Source: Bangladesh DDM / OCHA SitRep Oct 2025
Verified metrics • Source datasets and dates stated below each item.