The Brief: Asia's economy, 16 October 2026

Economies

Indian Bank Deposits Hit ₹28.96 Trillion by End-September: Public deposits with India's scheduled banks rose by over ₹780,000 crore in the last two weeks of September, the Reserve Bank of India reported. This brought the total to ₹28.96 trillion.

James Robinson Cautions Indonesia on 8% GDP Goal: Economist James Robinson stated President Prabowo Subianto's 8% gross domestic product growth target for Indonesia is challenging, requiring specific institutional reforms to be achievable.

Philippines Central Bank Chief Warns Asia on Crisis Risks: Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. urged Asian nations to learn from the 1997 financial crisis at the IMF/World Bank meetings in Bangkok on 14 October.

Thailand weighs new tourism levies; industry raises competition concerns: The Thai Revenue Department considers an outbound levy of up to 5,000 baht, alongside a 450 baht foreign tourist tax planned for early 2027.

Markets

Itochu Acquires 20% Stake in Japan's Aspirant Group: The Japanese trading house plans to integrate artificial intelligence into Aspirant's portfolio companies, making the fund manager an equity-method affiliate.

Dollar slides against dong as SBV lifts reference rate: Vietcombank sold the US dollar at VND26,080 on Wednesday, a 0.08% decrease, while the State Bank of Vietnam increased its reference rate to VND25,646.

RBI to Absorb ₹50,000 Crore via Overnight Reverse Repo: The Reserve Bank of India will conduct an overnight Variable Rate Reverse Repo auction on 14 October 2026 to manage excess liquidity within the banking system.

Indian Equities Decline on Oil, Outflows; HDFC Securities Recommends Two Stocks: India's Nifty 50 fell 0.44% to 22,622.70 and the Sensex dropped 0.34% to 72,781.89 on Wednesday, 14 October, as market sentiment cooled after Tuesday's rally.

Banking & Fintech

OCBC 3QFY2026 Profit Forecast to Dip 0.6% on Year: CGS International analysts project Oversea-Chinese Banking Corporation's net profit for the quarter ending September 30 at S$1.97 billion, an 11.5% quarter-on-quarter increase.

South Korea's FSC Probes Cyberattacks on 16 Financial Firms: The Financial Services Commission reported 100,000 data leaks and is investigating if artificial intelligence played a role in the breaches.

Industries

Asian Firms Drive FDI Surge in North Vietnam Industrial Zones: Northern Vietnam's industrial land supply grew 15.7% year-on-year by Q2 2026, driven by Asian firms diversifying manufacturing and new infrastructure.

Henderson Land project draws tenants amid weak Hong Kong office market: Henderson Land's HK$63 billion Central Yards development attracts new occupiers, with investment firm Jane Street securing 70 per cent of its initial office space.

DayOne Data Centers secures $3.67bn from banks for Johor expansion: The Singapore-based operator will use the RM15 billion financing package from seven banks to develop new facilities in Malaysia's rapidly growing data centre hub.

Philippines ERC Halts Reserve Power Market Indefinitely: The Energy Regulatory Commission cited persistently high prices in its decision, impacting earnings for power generators like Aboitiz Power, SMC Global Power, and First Gen.