New York morning espresso

** FT News **

* Military summons ousted Thai leaders | Former PM Yingluck Shinawatra and her family members summoned to meet country’s new military leaders just hours after army took control

* Russian business hits out at sanctions | St Petersburg International Economic Forum focuses discussion on the Russian economy’s lurch towards recession under pressure from the west

* US to claim victory over China in WTO case | The US is set to claim victory in a WTO auto industry case against China amid renewed allegations that China has been involved in hacking US companies

* Modi to be India’s first social media PM | Narendra Modi used social media to distinguish himself from rivals who did not use the technology – but how will he employ it in government?

* Sanctions in prospect after Thai coup | Ousting of elected government comes two days after martial law imposed in response to street protests and six months of political turmoil

* UAE stops using British military trainers | Clearout prompts some officials to push for stronger ties to reassure Abu Dhabi and other Gulf allies about the UK’s commitment to regional security

* Beijing admits strain in ties with Africa | Rare comments by governor of China’s central bank come amid growing criticism of Sino-African deals inside and outside the continent

* Raiffeisen stresses commitment to Russia | Austrian lender calls performance in Russia ‘relatively normal’ but Crimean branches have been sold and some in eastern Ukraine are closed

* ‘Modi mania’ sends India into stocks top 10 | Total market value of Indian companies jumps 25% this year to more than $1.43tn after a string of all-time highs in the run-up to national polls

* Pakistan’s Sharif ponders India invitation | Pakistan Prime Minister is expected to travel to India for the inauguration of his Indian counterpart in a move that could open up a new peace process

** FT Opinion **

- Asia’s nationalist power game | Narendra Modi completes a quartet of combative leaders in the most powerful nations of the region, which looks ever more combustible

- A warning shot at Beijing’s cyber spies | The action announced this week is the first manoeuvre in what could turn out to be a protracted campaign

- Iraq needs a government, not brinkmanship | Now the political leaders must act quickly to form an effective government that rewards the people for their impressive election day performance

- Egypt: Revolution to disillusion | Many of the young activists who played a crucial role in the protests that overthrew two presidents are so discouraged they will not even vote in next week’s poll

** BB recent & required reading **

- Guest post: will Mongolia default? | By Gavin Bowring, Asean Confidential In November 2012, Mongolia issued US$1.5bn of five and 10-year sovereign debt – cutely called “Chinggis bonds” after the 13th century Mongol conqueror Genghis Khan. But with a substantial portion of this debt maturing within the next 3 years, concerns have been mounting about the government’s ability to repay.

- FT interview: Nigeria seeks to reassure investors | The Nigerian economy has enough resilience to ride out the wave of Boko Haram terror attacks, the country’s finance minister said in an attempt to persuade foreign investors to keep their holdings in local bonds and stocks. “We are sticking to our growth forecast of 6.75 per cent [for 2014],” Ngozi Okonjo-Iweala told the Financial Times in an interview.

- South Africa keeps interest rates on hold | There were no shocks or surprises from Pretoria today. Rather, South Africa’s Monetary Policy Committee agreed with the consensus among economists and kept interests rates on hold. Its reasoning was clear – even if the committee was split 5/2 on whether to raise the repurchase rate above 5.5 per cent.

** From elsewhere **

How Ukrainian arms-dealing connects to Syria’s bloody civil war (Quartz)

Twitter Agrees to Block ‘Blasphemous’ Tweets in Pakistan (New York Times)

How genuine is Egypt’s election contest? (BBC News)

** Markets: mostly up **

Emerging Markets
MSCI Emerging Market Index up +0.09% at 1,042

FTSE down -0.29% at 6,800
RTS up +0.18% at 1,315
Warsaw Wig up +0.59% at 52,550
FTSE 300 Eurotop down -0.05% at 1,366

DJIA up +0.06% at 16,543
S&P 500 up +0.24% at 1,892
Bovespa up +1.15% at 52,806

Nikkei 225 up +0.87% at 14,462
Topix up +0.95% at 1,180
Hang Seng up +0.05% at 22,966
Shanghai Composite up +0.66% at 2,035
MSCI Asia ex-Japan up +0.15% at 487.21
CNX Nifty up +1.25% at 7,367

€/$ 1.36 (1.37)
$/¥ 101.93 (101.72)

Brent Crude (ICE) down -0.02 at 110.34
Light Crude (Nymex) up +0.05 at 103.79
100 Oz Gold (Comex) down -1.70 at 1,293