🇺🇸 Trump’s Economic Aura Fades

Good morning and Happy Friday.

Hope you all have a lovely weekend when it arrives ☀️🚵‍♀️ 

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🇺🇸 Trump’s Economic Aura Fades

• 🏦 Guardrails for Growth

• Bite-sized summaries

  • 🏏 ED Attaches Assets of Raina & Dhawan in ₹11 Crore Betting Probe

• 🧑‍🍳 What else is cookin’?

POLITICS

🇺🇸 Trump’s Economic Aura Fades

A year after reclaiming the White House on promises to fix the economy, Donald Trump’s grip on America’s economic narrative is slipping. This week’s state elections in New Jersey and Virginia delivered a clear message: voters are angry about the cost of living and they’re now blaming Republicans.

Democrats flipped both governorships with campaigns laser-focused on affordability. In New York City, the rise of democratic socialist Zohran Mamdani underscored that “making life cheaper” has become the defining political issue of 2025. Polls back it up: only 30% of voters think Trump has handled inflation well, and just 27% believe his policies have improved the economy.

The irony? For years, Trump owned the “economy” brand—projecting the image of a businessman who could cut costs and boost growth. But now, his lavish spending at the White House and policy moves like tariffs and social program cuts are painting a different picture: one where voters feel the pinch while billionaires sit at his table.

Republicans insist these are “deep-blue state” blips, not bellwethers. Yet the erosion of Trump’s edge on the economy—from a 20-point advantage in 2023 to statistical parity today—tells a deeper story.

The takeaway: voters aren’t buying the spin. Prices are still high, wallets are still thin, and Trump’s “America First” economics may be losing their first—and most important—customer: the American middle class.

Read more: Economic Times

FINANCIAL SERVICES

🏦 Guardrails for Growth

India is sending a clear message to global investors: you can buy in, but you can’t take over.

New Delhi plans to retain caps on voting rights for large shareholders in banks — a move aimed at keeping control balanced even as it opens the sector to more foreign capital. Currently, private bank shareholders can’t exercise more than 26% voting rights, and in state-owned banks, the cap is just 10%. Those limits will stay, sources told Reuters, despite discussions about easing them.

The rationale? Stability over speed. Policymakers want foreign funds and strategic investors to participate, but not dominate. It’s a delicate equilibrium — attracting investment without ceding influence over India’s financial backbone.

This comes at a time when foreign interest in Indian banking is soaring. Dubai’s Emirates NBD recently acquired a 60% stake in RBL Bank, and Japan’s Sumitomo Mitsui invested in YES Bank. The government is also scouting for a majority investor in IDBI Bank by March 2026.

Critics say the cap could deter large investors looking for controlling stakes. But officials argue the system ensures no single entity can sway strategic decisions or destabilize the sector.

In short, India’s banking reforms are liberalizing — but not surrendering. The country wants capital, not control, from abroad. And that cautious confidence may just be what keeps its banking system both open and resilient.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🏏 ED Attaches Assets of Raina & Dhawan in ₹11 Crore Betting Probe - The Enforcement Directorate (ED) has attached assets worth ₹11.14 crore belonging to former cricketers Suresh Raina and Shikhar Dhawan under the Prevention of Money Laundering Act (PMLA), 2002, in connection with an alleged illegal online betting platform, 1xBet. The move includes ₹6.64 crore in mutual funds linked to Raina and a ₹4.5 crore property owned by Dhawan. Officials allege both players “knowingly” endorsed 1xBet and its associated entities. The ED has also questioned other celebrities — including Yuvraj Singh, Robin Uthappa, Sonu Sood, and Urvashi Rautela — as part of its broader investigation into the foreign-registered betting network.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• India manufacturing growth picks up in October as domestic demand strengthens.

• India’s R&D push: Narendra Modi inaugurates ESTIC; launches ₹1 lakh-crore fund to boost private investment.

• Qualcomm India expands Bengaluru presence with 2.56 lakh sq ft lease, signalling tech-market confidence.

• United Nations Human Rights Council plans emergency session on Al‑Fashir in Sudan amid concerns of mass killings following capture by the Rapid Support Forces.

• Michael Burry bets ~US$1.1 billion against Palantir Technologies and Nvidia Corporation, signaling he views today’s AI boom as a potential bubble.