New York morning espresso

** FT News **

* Afghanistan’s election put in peril | Abdullah Abdullah, one of the candidates, is threatening to reject poll results due later on Monday if he believes they are subject to extensive fraud

* SABMiller to sell $1.1bn hotel stake | London-listed drinks group to divest holding in casino to resort business Tsogo Sun, a group which has 90 luxury hotels across Africa

* Nerves fray as Indonesia race tightens | Stocks and rupiah struggle as investors check their enthusiasm amid fading expectations frontrunner Joko Widodo will win presidency by a wide margin

* Erdogan’s ambition and Turkey’s future | Foreign investors, in particular, are nervous about the unsettled situation in Turkey at a time of crisis affecting its neighbours, Syria and Iraq

* US warns China over tech trade deal | World’s biggest exporter of IT products is still eager to protect technology industries, which are not yet competitive with those in developed markets

* Drugmakers warn on South Korea pricing | Global pharmaceutical groups are concerned about knock-on effects of low drugs prices in other countries that use them as a benchmark

* Egypt sharply raises energy prices | Move to slash subsidies that fuel gaping budget deficit was deferred by successive administrations for fear of social unrest

** FT Opinion **

- Beijing is threatening its golden goose | If troops stationed in Hong Kong were sent out to deal with swelling protests the stakes could spiral out of control

- China takes senior role in trade talks | Country is starting to take a more proactive role in the WTO talks and to put distance between itself and the other big emerging economies

- The self-styled caliph, Abu Bakr al-Baghdadi | The chief of the Iraqi Sunni insurgency is extending his influence through the use of savagery and social media

- Hong Kong: Change in the air | As Beijing seeks to ‘clarify’ the level of autonomy in the former British colony, a mood of rebellion against the mainland is growing

** BB recent & required reading **

- Guest post: MNCs betting big on India | By Sunil Sanghai of HSBC The days of hot and smart money are over. An increasing number of long-term foreign investors are betting heavily on a bright future for India. They were already doing so before the decisive election result in May and we expect this momentum to grow and grow.

- Guest post: Indonesia poll presages reform | If ever the phrase “it was the best of times, it was the worst of times” could be applied to Indonesia, it would be to President Yudhoyono’s ten years in power from 2004-2014. Arguably, his first term was the best five-year period of economic reform and revitalisation in the history of the country, while his second term was possibly the worst.

- New farming frontiers in Latin America | By Lucinda Elliott of LatAm Confidential Commodity prices may be weaker but South American food producers still enjoy formidable comparative advantages. Foreign investors seeking to benefit from the enormous pick up in Chinese demand for agricultural commodities grown in Latin America have however had a fairly complicated time.

** From elsewhere **

China’s vast urban migration is creating new measles outbreaks (Quartz)

Erdogan’s choice (Business New Europe)

** Markets: mixed **

Emerging Markets
MSCI Emerging Market Index up +0.22% at 1,065

FTSE up -0.19% at 6,853
RTS up +0.89% at 1,373
Warsaw Wig up +0.53% at 51,266
FTSE 300 Eurotop down -0.25% at 1,391

DJIA up +0.54% at 17,068
S&P 500 up +0.55% at 1,985
Bovespa up +0.34% at 54,056

Nikkei 225 down -0.37% at 15,379
Topix down -0.42% at 1,280
Hang Seng down -0.02% at 23,541
Shanghai Composite up +0.03% at 2,060
MSCI Asia ex-Japan up +0.21% at 500.88
CNX Nifty up +0.46% at 7,787

€/$ 1.36 (1.36)
$/¥ 101.92 (102.05)

Brent Crude (ICE) up +0.09 at 110.73
Light Crude (Nymex) down -0.19 at 103.87
100 Oz Gold (Comex) down -6.30 at 1,314