The Wednesday Letter #190 - 10/18/2023

THIS WEEK: Israel - India; Martti Ahtisaari (1937-2023); Ozempic Mania; Refining Margins; S&P Sectors Update; GeoReads #9; Tweets & Charts.

ISRAEL - INDIA

A noteworthy consequence of the Hamas-Israel war, and one that is not getting enough attention, is the rapprochement between Israel and India: on one side, a small but technologically-advanced country, on the other a demographic giant with huge potential for economic expansion. Pundits are reaching for the easy explanation which is that India has had its own problems with extremists who claim to act in the name of Islam. But there is something else at play here, namely India's slowly but surely casting its lot with the American camp and its allies. If this policy shift was not obvious previously, it is obvious now in light of 1) India's need for incoming foreign direct investment and 2) China's new geopolitical assertiveness.

On the day of the Hamas attack, the twitter account of Prime Minister Narendra Modi posted this [our emphasis]:

"Deeply shocked by the news of terrorist attacks in Israel. Our thoughts and prayers are with the innocent victims and their families. We s…