BERLIN, Oct 8 — German Chancellor MERZ met visiting UK Prime Minister Burnham at the Federal Chancellery. The visit, Burnham’s first official trip to Germany since taking office, coincided with a bilateral friendship treaty formally entering into force. The leaders discussed bilateral relations and foreign, European and economic policy, with an emphasis on security cooperation, economic development and shared challenges facing Europe.

Shipping disruption in the Strait of Hormuz has sharply raised global tanker supply-chain costs. Baltic Exchange data show VLCC charter rates to carry U.S. crude to Asia have climbed to $77 mln, versus a 2025 average of $9.2 mln. On a 2.0m bbl cargo this implies roughly $38.5/bbl in transport cost; hostilities involving Iran have altered Middle East export routes and shipping modes — flows have partly resumed but longer voyages and a reduced effective fleet are keeping freight elevated.

India's FX forward premium continued to rise on Thursday after the Reserve Bank of India's policy move. The one-year implied rate is up 64bps week-to-date; following a 36bp jump on Wednesday tied to the RBI rate hike, it gained a further 11bps on Thursday to 3.94%. Markets expect the RBI may conduct additional sell/buy swap operations, and elevated overnight swap costs are adding upward pressure.