The Brief: Asia's economy, 28 October 2026

Economies

India's 8th Pay Commission Nears May 2027 Report Deadline: The three-member panel, established in November 2025, concluded its Mumbai stakeholder meetings on 23 October, with final recommendations on central government salaries and pensions due in six months.

Philippine SC Voids Budget, Sets Rules: The Supreme Court's ruling voids past budget allocations and sets new transparency rules, impacting the P7.2-trillion 2027 national budget.

Japan's Economy Resilient to Rate Hikes, Oxford Economics Finds: Most Japanese firms and households possess strong balance sheets, allowing them to manage rising interest costs, though some small businesses and younger debtors face challenges.

Japanese Firms Pay Compensation Following Cyberattack Disruptions: GMO Internet and Park24 are offering payouts to customers after recent cyberattacks exposed vulnerabilities and impacted services across Japan.

Markets

Philippine Peso Sinks to P64 Against Dollar, New Record Low: The currency's latest depreciation on 27 October marks its 32nd record low this year, as the Bangko Sentral ng Pilipinas maintains its non-intervention policy.

Indian Equities Flat on Oil Concerns; ICICI Securities Recommends Futures: India's Nifty 50 and Sensex closed Tuesday mostly unchanged, as Brent crude oil traded near $116 per barrel. ICICI Securities offered futures recommendations for CDSL, Zydus Lifesciences, and Sun Pharma.

European Stocks Edge Up, HSBC Falls on Q3 Miss: The Stoxx Europe 600 Index saw modest gains by late morning London time, despite HSBC Holdings Plc's third-quarter earnings falling short of market expectations.

Asian Markets Eye Samsung, Hynix Earnings, Fed, ECB Rates: Asian investors track major technology company earnings and central bank rate decisions this week, following a mixed start for global markets.

Anand Rathi's Patel: Bullish India outlook, stock levels after drop: Jigar Patel of Anand Rathi Share and Stock Brokers suggests a conditional bullish outlook for Indian indices and specific trading levels for Paytm, Sapphire Foods, and Larsen & Toubro.

Bank Indonesia Holds Rate, Boosts Hedging After MSCI Market Shift: Jakarta's central bank maintained its benchmark rate at 5.75% and increased incentives for rupiah hedging instruments following market volatility triggered by MSCI's reclassification proposal.

Japan's Nikkei 225 Dips 0.43% as Tech Shares Fall: The Tokyo benchmark index recorded its third consecutive session of losses on Monday, while the broader Topix index posted gains.

Banking & Fintech

Singapore Gulf Bank Parent Adds Ex-Minister, Revolut Chair: Asia Gulf Holdings expands its advisory board with Maliki Osman and Martin Gilbert to strengthen regional government relations and global investment strategy, targeting Asia and MENA opportunities.

Industries

Singapore Central Office Rents Up 0.8% Q3 2026, Vacancy at 10%: The Urban Redevelopment Authority reported central region office rents increased 0.8% in Q3 2026, while the islandwide vacancy rate dropped to 10%.

Thailand NBTC leadership dispute threatens telecom conference, flood aid: Legal uncertainty at Thailand's National Broadcasting and Telecommunications Commission (NBTC) could delay the country's ITU conference participation and crucial flood relief for mobile subscribers.

Daewoo E&C integrates AI for construction safety, efficiency: The Korean builder is deploying real-time translation, automated safety monitoring, and digital management systems to cut workplace risks and streamline operations.

HSBC Aids Chinese Firms' Expansion into Malaysia, ASEAN: Malaysia's 2025 GDP grew 5.2%, with bilateral trade volumes with China rising 33% in the first seven months of 2026, drawing Chinese companies like Mixue and COSMX.

HSBC: 65% of Singapore Entrepreneurs Adopt AI, Outpace Peers: High-net-worth entrepreneurs in Singapore are more proactive in adapting operations for artificial intelligence than global counterparts, with 61% planning significant investments in AI over the next year.

Korean Retailers Use AI Shoppers to Refine Products, Cut Costs: Major South Korean retailers and consumer goods firms are deploying artificial intelligence-generated consumers to test products and marketing, aiming to predict buying behaviour and reduce development expenses.