2025-10-31 Friday
                            
                                
                                    
                                    2025-11-04
                                    
                                 
                             
                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                        
                                            
                                                18:13:43
                                                
                                                    
                                                    
                                                        
                                                            Preliminary monthly rate of the eurozone's harmonized CPI excluding food, energy, tobacco and alcohol for October
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            0.20%
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            0.30%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                        
                                                                                                                                                                                        
                                            
                                                18:13:42
                                                
                                                    
                                                    
                                                        
                                                            Preliminary reading of the eurozone's unadjusted CPI for October
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            129.42
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            129.70
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                18:10:56
                                                
                                                                                                            [Eurozone Inflation Remains Stubborn: Accelerating Services Inflation Offsets Energy Price Decline] ⑴ The Eurozone's preliminary inflation rate for October was 2.1%, in line with market expectations, down 0.1 percentage points from September's 2.2%. ⑵ Core inflation (excluding energy, food, and tobacco) remained unchanged at 2.4%, higher than the market expectation of 2.3%. ⑶ Services inflation accelerated to 3.4%, up 0.2 percentage points from September's 3.2%, becoming the main factor supporting core inflation. ⑷ Energy prices fell by 1.0% year-on-year, a larger decline than September's 0.4%, putting downward pressure on overall inflation. ⑸ The price increase for food, alcohol, and tobacco narrowed to 2.5%, with the price increase for unprocessed food falling significantly from 4.7% to 3.2%. ⑹ Non-energy industrial goods inflation slightly decreased to 0.6%, down 0.2 percentage points from September's 0.8%. (7) Looking at monthly changes, overall prices rose 0.2% month-on-month in October, with core commodity prices rising 0.3% month-on-month, indicating that inflationary pressures persist. (8) The tug-of-war between rising service sector prices and falling energy prices has kept the inflation rate hovering around the European Central Bank's 2% target.
                                                                                                    
                                             
                                                                                                                                                                                                                                                        
                                                                                                                                                                                        
                                            
                                                18:09:50
                                                
                                                    
                                                    
                                                        
                                                            The preliminary reading of Italy's unadjusted CPI for October
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            123.10
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            122.70
                                                        
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                                                18:05:18
                                                
                                                                                                            [Greek Retail Sales Rebound Strongly, Domestic Demand Engine Rekindles] ⑴ Greek retail sales volume in August increased by 3.9% year-on-year, a significant acceleration from the 2.1% growth in July, indicating continued strengthening of consumer momentum. ⑵ Retail revenue increased by 5.3% year-on-year, higher than the 3.9% increase in July, reflecting growth driven by both sales volume and price factors. ⑶ Food sales volume increased by 4.6% year-on-year, becoming a key pillar supporting overall retail growth. ⑷ Non-food sales volume (excluding motor fuel) increased significantly by 7.6%, indicating a significant recovery in demand for non-essential consumer goods. ⑸ Motor fuel sales volume decreased by 1.9% year-on-year, the only sub-category to contract. ⑹ Recent trends show that retail sales have maintained positive growth for three consecutive months, a stark contrast to the 5.8% decline in May. ⑺ The current growth trend is a significant improvement from the 5.1% decline in August last year, indicating that the Greek domestic demand market is emerging from its slump.
                                                                                                    
                                             
                                                                                                                                                                                                                                                    
                                                18:03:56
                                                
                                                                                                            [Eurozone Inflation Alarms: Accelerating Services Inflation Offsets Lower Energy Prices] ⑴ Eurozone inflation dipped slightly to 2.1% in October, remaining close to the European Central Bank's (ECB) 2% target, in line with expectations of a moderate economic recovery. ⑵ Core inflation remained unchanged at 2.4%, exceeding market expectations of a slowdown, as services inflation accelerated from 3.2% to 3.4%. ⑶ The decline in industrial goods inflation was completely offset by rapid growth in services prices, with lower energy costs being the main driver of the slight overall inflation decline. ⑷ The ECB kept interest rates unchanged on Thursday, believing that inflation is on its target trajectory and that the most serious risks to economic growth have diminished. ⑸ Market expectations indicate that the probability of the central bank cutting interest rates again before mid-next year is only 40%, with most economists believing that the current rate-cutting cycle has ended. ⑹ In the year ending in June, the ECB had cumulatively cut interest rates by 2 percentage points, and the lagged effects of policy transmission continue to impact the real economy. ⑺ Some policymakers are concerned that inflation risks are tilted to the downside, predicting that inflation will fall below 2% early next year due to the statistical base effect, which may change corporate pricing expectations. (8) Another view holds that the economy is performing better than expected, with multiple surveys showing improved economic activity, which should alleviate economic concerns and limit the downside risk of inflation.
                                                                                                    
                                             
                                                                                                                                                                                                                                                    
                                                18:02:45
                                                
                                                                                                            [French Grain Planting Accelerates, Corn Quality Concerns Emerge] ⑴ The condition of French grain corn remained stable in the week ending October 27, with the "good" grade maintaining a 55% share. ⑵ However, the quality of corn this year is significantly lower than the same period last year, with the "excellent" grade share dropping from 6% to 4%, and the "good" and above grades decreasing by a total of 17 percentage points. ⑶ The combined share of "poor" and "very poor" corn grades reached 16%, far higher than the 5% of the same period last year, reflecting challenges in crop growth. ⑷ Grain corn planting progress has reached 82%, significantly faster than the 36% of the same period last year, and also exceeding the five-year average of 75%. ⑸ Soft wheat planting is 68% complete, a rapid progress from 57% the previous week, and significantly higher than the 38% of the same period last year and the five-year average of 61%. ⑹ Winter barley planting has reached 80%, surpassing the previous week's progress of 73% and the 58% of the same period last year, and slightly higher than the five-year average of 76%. (7) The planting progress of hard wheat is 9%, which is still in the early stage, but has exceeded the 3% of the same period last year and is close to the five-year average of 10%.
                                                                                                    
                                             
                                                                                                                                                                                                                                                    
                                                18:01:05
                                                
                                                                                                            [Divergence Behind Global Stock Markets' Seven-Month Rally: Tech Boom vs. Asian Sentiment] ⑴ Global stocks are on track for their seventh consecutive monthly gain on Friday, while the dollar index hovers near a three-month high. ⑵ Strong earnings reports from Amazon and Apple reinforced global tech optimism, with markets anticipating massive AI spending that will ultimately boost economic growth. ⑶ Nasdaq futures surged 1.1%, and S&P 500 futures rose 0.6%, as Amazon's better-than-expected earnings drove its pre-market share price up more than 11%. ⑷ Apple's shares rose more than 2% on forecasts of strong iPhone sales, offsetting plunges in Meta and Microsoft due to concerns about surging AI spending. ⑸ Japan's Nikkei index jumped more than 2% on Friday, bringing its monthly gain to 16.4%, its best monthly performance since 1990, mainly driven by expectations of stimulus policies from the new prime minister. ⑹ Hong Kong's Hang Seng Index fell by about 1.5%. ⑺ Despite the Federal Reserve chairman's dismissal of market optimism about a December rate cut, US Treasuries and European government bonds remained stable on Friday. (8) The US dollar index remained near a three-month high of 99.5, the euro was flat against the dollar at 1.1569, and the European Central Bank kept interest rates unchanged at 2% for the third consecutive time. (9) In the commodities market, oil prices fell for the third consecutive month, with Brent crude futures down 0.9% to $64.55 per barrel. (10) Spot gold prices fell 0.3% to $4,008 per ounce, a significant drop from the record high of $4,381 reached last week.
                                                                                                    
                                             
                                                                                                                                                                                                                                                        
                                                                                                                                                                                        
                                            
                                                18:00:41
                                                
                                                    
                                                    
                                                        
                                                            Preliminary reading of Italy's harmonized CPI annual rate for October
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            1.80%
                                                            Forecast
                                                            : 
                                                            1.70%
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            1.30%
                                                        
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                                                18:00:41
                                                
                                                    
                                                    
                                                        
                                                            Preliminary reading of Italy's harmonized CPI monthly rate for October
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            1.30%
                                                            Forecast
                                                            : 
                                                            0.20%
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            -0.20%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                        
                                                                                                                                                                                        
                                            
                                                18:00:41
                                                
                                                    
                                                    
                                                        
                                                            Preliminary reading of Italy's CPI monthly rate for October
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            -0.20%
                                                            Forecast
                                                            : 
                                                            0%
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            -0.30%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                        
                                                                                                                                                                                        
                                            
                                                18:00:40
                                                
                                                    
                                                    
                                                        
                                                            The preliminary annual rate of Italy's CPI in October
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            1.60%
                                                            Forecast
                                                            : 
                                                            1.60%
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            1.20%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                        
                                            
                                                18:00:07
                                                
                                                    
                                                    
                                                        
                                                            The preliminary annual rate of the eurozone's harmonized CPI excluding food, energy, tobacco and alcohol for October
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            2.40%
                                                            Forecast
                                                            : 
                                                            2.30%
                                                        
                                                     
                                                                                                            
                                                                                                        
                                                        
                                                        Published Value
                                                            2.40%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                        
                                            
                                                18:00:06
                                                
                                                    
                                                    
                                                        
                                                            Eurozone harmonized CPI annual rate for October - unadjusted preliminary value
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            2.20%
                                                            Forecast
                                                            : 
                                                            2.10%
                                                        
                                                     
                                                                                                            
                                                                                                        
                                                        
                                                        Published Value
                                                            2.10%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                        
                                            
                                                18:00:06
                                                
                                                    
                                                    
                                                        
                                                            Eurozone core harmonized CPI annual rate for October - unadjusted preliminary value
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            2.40%
                                                            Forecast
                                                            : 
                                                            2.30%
                                                        
                                                     
                                                                                                            
                                                                                                        
                                                        
                                                        Published Value
                                                            2.40%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                        
                                            
                                                17:59:31
                                                
                                                    
                                                    
                                                        
                                                            Annual rate of retail sales in Greece in August
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            2.10%
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            3.90%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                    
                                                17:58:50
                                                
                                                                                                            [Is the Yen's Sharp Rise Just a "Verbal" Rebound? Tokyo Inflation Reaches 2.8%, Pressuring the Central Bank; Monthly Decline Still Reaches 4%, Worst in July] ⑴ Japan's new Finance Minister, Satsuki Katayama, expressed a "high sense of urgency" on Thursday, monitoring the foreign exchange market and retracting his March statement that "120-130 yen is reasonable." The yen surged in European trading on Friday, while the dollar rose only slightly by 0.1% against the yen to 154.28, recovering from a nine-month low. ⑵ Tokyo's October core CPI surged to 2.8%, higher than expected. The central bank's policy space narrowed after holding rates steady on Thursday, raising market concerns about escalating verbal intervention by the government. ⑶ Institutional statistics show that the yen still fell 4% against the dollar in October and hit a record low against the euro. The dollar index approached a three-month high, with risk aversion continuing to weigh on the dollar. ⑷ Fed Chair Powell's hawkish stance, with the probability of a December rate cut plummeting from over 90% to 75%, dashed expectations of a narrowing interest rate differential, making yen short sellers even more aggressive. (5) The euro rose slightly by 0.1% to $1.1572 on Friday, as the European Central Bank maintained its 2% interest rate for the third consecutive time, declaring its policy "well positioned," but the monthly decline had already reached 1.4%. (6) The pound suffered another blow: Political uncertainty surrounding UK Chancellor Reeves intensified, causing the pound to dip slightly to $1.3145 on Friday, potentially closing the month 2.3% lower. The euro rose for the fifth consecutive month against the pound, holding above 0.88 and reaching a two-and-a-half-year high, while the market eagerly awaited fiscal details but only saw a "long wait."
                                                                                                    
                                             
                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                17:43:31
                                                
                                                                                                            [AI Surge Fails to Save Eurozone: Overall Economic Conditions Show Only "Slight Improvement," Consumption Like a Power Cut] ⑴ The European Central Bank's business survey on Friday showed that the overall economic situation in the Eurozone has only "slightly improved," with growth rates negligible. ⑵ The AI sector is booming, with software, database, and cloud orders surging year-on-year. The financial and public sectors are spending the most, and traditional consulting firms are being disrupted by algorithms, leading to layoffs. ⑶ Manufacturing output continues to shrink, hit by a triple whammy of tariffs, global demand uncertainty, and declining competitiveness. Businesses say they "have no bottom in the short term." ⑷ Consumer spending remains weak. Home appliances and electronics are barely showing positive growth due to the replacement cycle, while the summer peak season for tourism and hotels has passed, and prices have returned to normal. ⑸ The job market is stagnant, wage growth has turned downwards, and business expansion intentions are locked in by uncertainty, leading to a downward revision of labor cost expectations.
                                                                                                    
                                             
                                                                                                                                                                                                                                                    
                                                17:30:18
                                                
                                                                                                            [Intervention Alarm Sounded: Bull-Bear Battle at the USD/JPY 155 Level] ⑴ Traders must seriously consider the real and rising risk of Japanese authorities intervening in the USD/JPY exchange rate, an action that could happen soon. ⑵ The USD/JPY is rising to levels where Japanese authorities previously sold dollars, and under pressure from the US, they are likely to act again. ⑶ The yen's weakness is a problem Japan needs to address, as it essentially equates to loosening monetary policy and exacerbating inflation, and the yen is currently extremely weak. ⑷ While the dollar's own trade-weighted index remains weak, the yen's trade-weighted value is nearing its historic low reached last July. ⑸ As one of the most actively traded currency pairs, the USD/JPY's movement is clearly troubling the US government, and the US stance will determine whether and when intervention occurs. ⑹ As the USD/JPY rapidly climbs towards the 155 level, Japanese officials have begun warning of excessive exchange rate volatility, a clear signal that intervention is imminent. (7) The last intervention to sell dollars occurred in July 2024 (with the exchange rate near 162), and before that, in September 2022 (with the exchange rate around 152). (8) Historical interventions have resulted in significant exchange rate declines: to 127 in 2023 (a drop of approximately 25 yen), and to 139 last September (a drop of approximately 23 yen), providing ample justification for hedging against the next potential intervention and a surge in the yen. (9) A coordinated intervention backed by the United States could have a more significant market impact. (10) When the market lacks safe-haven assets, investors tend to buy dollars, further complicating the current complexities of the foreign exchange market.
                                                                                                    
                                             
                                                                                                                                                                                                                                                    
                                                17:30:07
                                                
                                                                                                            [Yen staged a dramatic comeback, while the pound sterling sank deeper: October's forex market closes] ⑴ The yen strengthened on Friday after new Finance Minister Satsuki Katayama stated he was closely monitoring forex market developments with a high degree of urgency, providing support for the yen. ⑵ Despite a rebound during the day, the yen still fell 4% in October, its worst monthly performance since July, and hit a record low against the euro. ⑶ Tokyo's core CPI rose 2.8% year-on-year in October, higher than expected, indicating that inflation continues to exceed the target level, adding complexity to the Bank of Japan's future policy path. ⑷ The dollar index hovered near a three-month high, with risk aversion continuing to favor the dollar, while the Federal Reserve's cautious stance on a December rate cut reduced the probability of a cut from over 90% a week ago to around 75%. ⑸ The euro rose slightly by 0.1% to $1.1572 after the European Central Bank kept interest rates unchanged at 2% for the third consecutive time, stating that policy was in a "good position" as economic risks subsided. (6) The pound fell to $1.3145 amid concerns about the potential impact of Chancellor of the Exchequer Rachel Reeves' upcoming budget on businesses and the economy. (7) The pound has fallen 2.3% this month, performing even worse than the euro, which has remained at a more than two-year high of 88 pence against the pound and is on track for its fifth consecutive month of gains.
                                                                                                    
                                             
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                    
                                                17:12:56
                                                
                                                                                                            [Yield Rift: Reshaping the Global Bond Market Landscape and Opportunities for the US Dollar] ⑴ The yield on German 10-year government bonds was 2.654%, significantly lower than the US yield of 4.108%, forming a huge negative spread of 145.4 basis points. ⑵ The US 10-year yield is among the highest of major global economies, only lower than Australia's 4.306% and the UK's 4.429%, but significantly higher than core Eurozone countries. ⑶ In terms of short-term interest rates, the US 2-year yield reached 3.615%, surpassing most developed countries and only slightly lower than the UK's 3.792%, in stark contrast to Germany's 1.984%. ⑷ A clear yield ladder is visible: Japan's long-term yield is the lowest at only 1.659%, with Germany and other Eurozone countries in the middle, and English-speaking countries such as the UK, US, and Australia consistently leading in yields. ⑸ As the benchmark for the Eurozone, Germany's 10-year yield has a positive spread of 50-77 basis points compared to major Eurozone countries such as Belgium, France, and Italy. (6) Cross-maturity comparisons show that the US yield curve is relatively steep, with a spread of nearly 50 basis points between 10-year and 2-year yields, while the German curve is relatively flat. (7) This multi-tiered yield differential provides clear directional guidance for global capital flows, and the attractiveness of high-yield currency assets continues to increase.
                                                                                                    
                                             
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                        
                                            
                                                17:12:33
                                                
                                                    
                                                    
                                                        
                                                            Preliminary reading of the annual rate of government consumption expenditure in Hong Kong, China for the third quarter
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            2.50%
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            1.60%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                        
                                            
                                                17:12:33
                                                
                                                    
                                                    
                                                        
                                                            Preliminary annual rate of private consumption expenditure in Hong Kong, China for the third quarter
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            1.90%
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            2.10%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                        
                                            
                                                17:12:33
                                                
                                                    
                                                    
                                                        
                                                            Preliminary value of the year-on-year rate of fixed capital expenditure in Hong Kong, China for the third quarter
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            2.90%
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            4.30%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                        
                                            
                                                17:12:32
                                                
                                                    
                                                    
                                                        
                                                            Preliminary estimate of the year-on-year rate of service imports in Hong Kong, China in the third quarter
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            7%
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            2.60%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                        
                                            
                                                17:12:30
                                                
                                                    
                                                    
                                                        
                                                            Preliminary value of the year-on-year rate of goods imports in Hong Kong, China in the third quarter
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            12.70%
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            11.70%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                        
                                            
                                                17:12:29
                                                
                                                    
                                                    
                                                        
                                                            Preliminary estimate of the year-on-year rate of Hong Kong's service exports in the third quarter
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            7.50%
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            6.10%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                        
                                            
                                                17:12:28
                                                
                                                    
                                                    
                                                        
                                                            Preliminary value of the year-on-year rate of Hong Kong's goods exports in the third quarter
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            11.50%
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            12.20%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                        
                                                                                                                                                                                        
                                            
                                                17:10:36
                                                
                                                    
                                                    
                                                        
                                                            Annual rate of retail sales in Hong Kong, China in September
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            3.20%
                                                            Forecast
                                                            : 
                                                            1.90%
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            4.80%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                    
                                                17:07:08
                                                
                                                                                                            [The Hedging Dilemma: Three Signals of a Dollar's Comeback] ⑴ When global markets lack clear safe-haven assets, investors often turn to the US dollar for protection, a pattern proven effective in previous hedging periods. ⑵ In 2025, investors tried various hedging tools such as the euro, yen, gold, and Swiss franc amid trade conflicts, but with mixed results: the yen fell instead of rising, and the Swiss franc's gains were limited by intervention from the Swiss National Bank. ⑶ While gold became one of the best trading instruments of the year and lacked interest rate support, its current price is expensive and trading is crowded, raising questions about its safety. ⑷ The euro is also showing signs of weakness and is unlikely to break through the key resistance level of 1.20 unless there are significant fundamental changes. ⑸ The continued rise in the stock market has reduced the demand for hedging, but investors still need to protect their profits, creating a unique market contradiction. ⑹ If the market experiences the expected correction, the currently continuously sold-off dollar and heavily shorted US Treasury bonds may show stronger rebound potential than other hedging assets this year. (7) Traditional safe-haven assets that were once overlooked—especially dollar assets that have undergone deep corrections—are returning to investors’ sights.
                                                                                                    
                                             
                                                                                                                                                                                                                                                    
                                                17:05:04
                                                
                                                                                                            [ECB's "Reassurance" Fails? Market Undercurrents Behind Inflation Target Achievement] ⑴ The European Central Bank (ECB) emphasized that inflation remains close to its medium-term target of 2%, and its assessment of the inflation outlook remains largely unchanged. ⑵ The Governing Council did not pre-commit to a specific interest rate path, but is determined to ensure that inflation stabilizes at the 2% target level over the medium term. ⑶ Despite a challenging global environment, the Eurozone economy continues to grow, with a robust labor market, a strong private sector balance sheet, and past interest rate cuts being important sources of resilience. ⑷ However, the economic outlook remains uncertain, mainly due to ongoing global trade disputes and geopolitical tensions, particularly market concerns triggered by Trump's tariff rhetoric. ⑸ The ECB will follow a data-dependent and meeting-by-meeting approach to determine the appropriate monetary policy stance. ⑹ According to the ECB's professional forecasters survey released on Friday, Eurozone inflation is expected to be 1.8% in 2026 and 2.0% in 2027, both forecasts unchanged from three months ago. (7) Surveys show that long-term inflation expectations remain stable at 2.0%, with GDP growth projected at 1.1% in 2026 and 1.4% in 2027; these forecasts remain unchanged. (8) Institutional reports indicate that Eurozone inflation will remain near the central bank's 2% target in the coming years, while economic growth is expected to slowly recover to its potential level. (9) At its meeting on Thursday, the European Central Bank kept interest rates unchanged for the third consecutive time, believing that the inflation outlook remains largely unchanged, with price growth fluctuating around 2% and likely to remain near that level in the coming years. (10) Internal forecasts from the European Central Bank show that the inflation rate in October (to be released at 18:00 Beijing time on Friday) is expected to decline slightly to 2.1% from 2.2% a month ago, then fall to 1.6% in early 2026, before slowly recovering to 2% by mid-2027.
                                                                                                    
                                             
                                                                                                                                                                                                                                                        
                                                                                                                                                                                        
                                            
                                                17:04:17
                                                
                                                    
                                                    
                                                        
                                                            Spain's current account for August
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            62.70
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            50.80
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                        
                                                                                                                                                                                        
                                            
                                                17:02:58
                                                
                                                    
                                                    
                                                        
                                                            LME Daily inventory changes in the UK on October 31 - Copper
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            -400
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            -325
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                        
                                                                                                                                                                                        
                                            
                                                17:02:49
                                                
                                                    
                                                    
                                                        
                                                            LME Daily inventory changes in the UK on October 31 - Primary aluminum
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            -3225
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            98525
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                        
                                                                                                                                                                                        
                                            
                                                17:02:42
                                                
                                                    
                                                    
                                                        
                                                            LME Daily inventory changes in the UK on October 31 - Cobalt
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            0
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            0
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                        
                                                                                                                                                                                        
                                            
                                                17:02:37
                                                
                                                    
                                                    
                                                        
                                                            LME Daily Inventory changes in the UK on October 31st - Tin
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            -40
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            85
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                        
                                                                                                                                                                                        
                                            
                                                17:02:33
                                                
                                                    
                                                    
                                                        
                                                            LME Daily inventory changes in the UK on October 31 - Nickel
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            -40
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            462
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                        
                                                                                                                                                                                        
                                            
                                                17:02:27
                                                
                                                    
                                                    
                                                        
                                                            LME Daily inventory changes in the UK on October 31 - Main NASAAC aluminum alloys
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            0
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            0
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                        
                                                                                                                                                                                        
                                            
                                                17:02:22
                                                
                                                    
                                                    
                                                        
                                                            LME Daily inventory changes in the UK on October 31 - Lead
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            -700
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            -3875
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                        
                                                                                                                                                                                        
                                            
                                                17:02:16
                                                
                                                    
                                                    
                                                        
                                                            LME Daily inventory changes in the UK on October 31st - Zinc
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            -300
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            400
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                        
                                                                                                                                                                                        
                                            
                                                17:02:10
                                                
                                                    
                                                    
                                                        
                                                            LME Daily inventory changes in the UK on October 31 - Aluminum Alloy
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            0
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            0
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                16:53:34
                                                
                                                                                                            German automaker Volkswagen Group released its financial report on October 30, showing that the US tariffs could cause the company losses of up to €5 billion for the year. Recently, several German automakers stated in their financial reports that the significant increase in US tariffs on imported automobiles has had a substantial impact on their performance this year. Volkswagen's report shows that the company's operating profit for the first nine months of this year was €5.4 billion, a year-on-year decrease of 58%, with an operating loss of €1.3 billion in the third quarter. Volkswagen Group's Chief Financial Officer and Chief Operating Officer, Arnault Antlitz, stated that a major reason for the decline in the group's operating profit was the US tariffs, and he expects the related impact to continue. The report also shows that in the first three quarters of this year, Volkswagen's global sales reached 6.58 million vehicles, a year-on-year increase of 1.8%, with sales in the North American market declining by 11%. (CCTV News)
                                                                                                    
                                             
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                        
                                                                                                                                                                                        
                                            
                                                16:45:38
                                                
                                                    
                                                    
                                                        
                                                            The year-on-year rate of M3 money supply in Hong Kong, China in September
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            4%
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            4.50%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                16:33:03
                                                
                                                                                                            According to the Ministry of Industry and Information Technology on October 31, my country's electronic information manufacturing industry experienced rapid growth in the first three quarters of this year. Among them, smartphone production reached 881 million units, a year-on-year increase of 1%. Data shows that in the first three quarters, the added value of the electronic information manufacturing industry above designated size increased by 10.9% year-on-year, 4.7 and 1.3 percentage points higher than the growth rates of the overall industrial sector and high-tech manufacturing sector, respectively. Among major products, mobile phone production reached 1.11 billion units; microcomputer equipment production reached 251 million units, remaining flat year-on-year; and integrated circuit production reached 381.9 billion units, a year-on-year increase of 8.6%. Furthermore, in the first three quarters, the cumulative export delivery value of the electronic information manufacturing industry above designated size increased by 2.1% year-on-year. The industry achieved operating revenue of 12.5 trillion yuan, a year-on-year increase of 8.8%; operating costs of 10.9 trillion yuan, a year-on-year increase of 8.8%; and total profits of 493.8 billion yuan, a year-on-year increase of 12%. (Xinhua News Agency)
                                                                                                    
                                             
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                        
                                                                                                                                                                                        
                                            
                                                16:30:25
                                                
                                                    
                                                    
                                                        
                                                            Annual rate of retail sales in Hong Kong, China in September
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            3.80%
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            5.90%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                        
                                            
                                                16:30:07
                                                
                                                    
                                                    
                                                        
                                                            Preliminary growth rate of Hong Kong's GDP in the third quarter
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            3.10%
                                                            Forecast
                                                            : 
                                                            3.10%
                                                        
                                                     
                                                                                                            
                                                                                                        
                                                        
                                                        Published Value
                                                            3.80%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                        
                                            
                                                16:30:07
                                                
                                                    
                                                    
                                                        
                                                            Preliminary estimate of Hong Kong's GDP growth rate for the third quarter
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            0.40%
                                                            Forecast
                                                            : 
                                                            -0.20%
                                                        
                                                     
                                                                                                            
                                                                                                        
                                                        
                                                        Published Value
                                                            0.70%
                                                        
                                                        Previous
                                                     
                                                 
                                             
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                    
                                                16:17:08
                                                
                                                                                                            [French Producer Prices Fall 0.2% Month-on-Month in September] ⑴ French domestic producer prices fell 0.2% month-on-month in September 2025, unchanged from the previous month. ⑵ Mining, quarrying, energy, and water supply costs fell 0.8%, a larger decline than the previous month. ⑶ Finished goods prices rose 0.1% month-on-month, compared to a 0.3% decrease in the previous month. ⑷ Food, beverage, and tobacco prices rose slightly by 0.2%, while electrical and electronic equipment prices rebounded by 0.1%. ⑸ Coke and refined petroleum product prices rebounded significantly, rising 2.8% month-on-month. ⑹ Transport equipment prices were basically flat, while year-on-year producer prices rose slightly by 0.1%. ⑺ Moderate increases in finished goods prices provided support.
                                                                                                    
                                             
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                        
                                            
                                                16:15:32
                                                
                                                    
                                                    
                                                        
                                                            The number of international tourists to Spain in September
                                                            
                                                        
                                                        
                                                            Previous
                                                            : 
                                                            1737.26
                                                            Forecast
                                                            : 
                                                            -
                                                        
                                                     
                                                                                                        
                                                        
                                                        Published Value
                                                            1367.68
                                                        
                                                        Previous