新华财经上海10月30日电 美国联邦公开市场委员会（FOMC）在10月的议息会议上如期降息25个基 点，将基准利率降至3.75%–4.00%，但美联储主席鲍威尔的言论暗示12月份降息绝非板上钉钉。 鲍威尔的言论反映出在劳动力市场和通胀数据的双重压力下，美联储内部关于后续利率路径存在较大分 歧，而支持12月暂停降息的声音或许正逐步占据上风，后续利率路径不确定性加剧。 在10月议息会议前，市场对12月美联储进一步降息25个基点的计价已十分充分，而会议后，利率期货隐 含的12月降息概率从超过90%降至不足70%，2026年底前剩余降息次数从3.6次降至3.4次。 12月的降息远非定局 多位分析师均表示，对市场而言，此次美联储议息会议中最大的"意外"是鲍威尔对12月可能暂停降息的 表态。在记者会上，鲍威尔表示，"美联储在12月会议上再次降息并非板上钉钉，且远非如此。" "如果站在鲍威尔的角度去想，其此番表态可能也没有那么意外。"中金公司研究部海外策略首席分析师 刘刚表示，9月美联储开启降息主要因为就业市场压力显著增加，但同时通胀压力仍存。 刘刚解释，在经过9月和10月接连两次降息后，美联储通过调整利率来应对"已知"的 ...

Core Viewpoint - The Brazilian stock market is experiencing a record high due to a combination of external and internal factors, including foreign capital inflow, interest rate cuts, and improved corporate earnings, although the sustainability of this rally depends on fiscal conditions and global liquidity [1][2]. Group 1: Foreign Capital Inflow and Global Fund Reallocation - Following the Federal Reserve's second interest rate cut of the year, global capital markets are undergoing a new round of asset reallocation, with Brazil emerging as a major beneficiary due to its high interest rates and stable macroeconomic environment [2]. - The net foreign capital inflow into the Brazilian stock market reached 26.9 billion reais in the first half of 2025, marking the highest level since the second half of 2023, indicating a return of foreign investors [2]. - Analysts note that Brazil's robust macro environment, high yields, and ample liquidity make it a preferred destination for investment during a global rotation towards emerging markets [2]. Group 2: Exchange Rate Stability and Market Confidence - The Brazilian real has maintained relative stability, with lower volatility compared to previous years, reducing foreign exchange risk for investors [3]. - Most listed companies have reported better-than-expected earnings, particularly in the financial, energy, and consumer sectors, reinforcing the market's fundamental support [3]. - The Brazilian government is committed to maintaining fiscal discipline, with a reported 30% year-on-year decrease in the federal fiscal deficit for the first eight months of 2025, which is a positive signal for capital markets [3]. Group 3: Market Projections and Potential Risks - The Ibovespa index has risen approximately 24% year-to-date, with projections suggesting it could reach 170,000 points by 2026 if inflation continues to decline and fiscal policies remain stable [4]. - Historical data indicates that emerging markets, including Brazil, often perform well during Fed rate cut cycles, with an average increase of over 30% in the Brazilian stock index within 12 months following such cuts [5]. - Analysts caution that the sustainability of the current bullish sentiment depends on policy execution and external conditions, with potential risks including deviations from fiscal targets and geopolitical tensions [5].

"在新的历史时期，世界各地城市间和企业间的合作变得日益重要，有助于建立信任、交流经验，实现 可持续增长。徐汇区现在已成为充满活力的国际商业和创意产业中心，西岸地区更是艺术、设计和创新 的全球象征。正如过去伦敦金丝雀码头的复兴启发了上海徐汇区西岸的转型一样，现在的徐汇也将为伦 敦文化、商业和创新提供了新的灵感。因此，今天的活动是伦敦与上海徐汇区合作发展的一个重要里程 碑。通过携手合作，英中可以创造持久价值——创意价值、经济价值和共同繁荣。"英国商业和贸易部 创意产业副主管Neil Semple说。 伦敦发展促进署金融科技与企业贸易发展负责人Jasmine Baker在致辞中表示，"上海和伦敦在促进经济 增长、创新和文化交流方面拥有共同的愿景。两座城市都拥有悠久的全球贸易历史，吸引着来自世界各 地的企业和企业家。上海是中国的金融中心和总部基地，也是中国的科创中心。英国企业在金融服务 业、人工智能等领域，和上海徐汇区可以进行广泛的合作。" 新华财经伦敦10月30日电 29日，以"共谋发展同创未来"为主题的上海徐汇区海外投资促进推介会在英 国伦敦举办，中国驻英使馆、英国商业和贸易部、英属企业、上海徐汇区的代表等出席了 ...

Market Performance - The Shanghai and Shenzhen stock indices opened lower on October 30, with significant declines after initial gap filling, followed by a rebound [1] - The Shanghai Composite Index reached a peak of 4025.70 points, marking a new intraday high for the year [1] - The ChiNext Index also hit a new intraday high of 3331.86 points [1] - By midday, the Shanghai Composite Index was at 4018.86 points, up 0.06%, with a trading volume of approximately 666.8 billion yuan [1] Sector Performance - Sectors such as advertising packaging, transportation services, and die-casting saw significant declines at the opening [1] - Conversely, sectors like China-Korea Free Trade Zone, port shipping, insurance, and steel experienced notable gains [1] - Lithium mining, quantum technology, and military information technology sectors continued to rise during the session [1] Cultural Industry Growth - The cultural industry in China reported a revenue of 1,095.89 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 7.9% [4] - Industries characterized by new cultural business models achieved a revenue of 488.6 billion yuan, growing 14.1% year-on-year, outpacing the overall cultural enterprise growth by 6.2 percentage points [4] Policy and Development Initiatives - The Ministry of Housing and Urban-Rural Development emphasized the development of smart and green construction methods to promote high-quality development in the real estate sector [5] - The focus is on optimizing housing supply for urban workers and families in need, while also enhancing the competitiveness of the construction industry globally [5] Financial Support for Emerging Industries - The Export-Import Bank of China completed a task of injecting 100 billion yuan through new policy financial tools, supporting over 360 projects [7] - This financial support is expected to stimulate total project investments exceeding 1.3 trillion yuan, particularly in digital economy and artificial intelligence sectors [7]

Core Insights - Over 70% of households in Mexico own pets, with nearly 80 million pets in total, including approximately 43.8 million dogs and 16.2 million cats, making it one of the leading countries in Latin America for pet ownership [1] - The pet economy is becoming a significant part of Mexican culture, especially among millennials, leading to increased spending on pet food, healthcare, insurance, e-commerce, and related services [1][2] - Pet-related expenditures are now included in Mexico's official inflation metrics, with pet food prices rising by 1.94% and pet care services increasing by 8.15% year-on-year as of September 2025, significantly outpacing the national average inflation rate of 3.76% [1] Industry Trends - The pet care sector is evolving into a complete economic chain, with rising costs in veterinary care, insurance, and related services driving growth [2] - The pet fashion market is emerging as a new growth area, with projections indicating that spending on pet products and services in Mexico will exceed $2 billion by the end of the century, growing at an annual rate of over 9% [2] - The pet insurance market in Mexico is underdeveloped, with less than 1% of pets insured, indicating substantial market potential as awareness of risk and product variety increases [2] Company Activities - Major food companies like Nestlé Purina and Mars are expanding their production facilities in Mexico, betting on local market potential [3] - Mars has invested over 3.5 billion pesos (approximately $186 million) in expanding its pet food factory in Querétaro, driven by the large market size and brand success in Mexico [3] - The Mexican pet economy is diversifying and professionalizing, becoming a new economic growth engine that offers strategic opportunities for investors across various sectors, including healthcare and high-end fashion [3]

新华财经新加坡10月30日电 (记者刘春涛）美联储在10月28日至29日的会议上决定，将联邦基金利率目 标区间下调25个基点至3.75%-4.00%。这是继9月之后，美联储在2025年进行的第二次降息。更受市场关 注的是，美联储同时宣布将从12月1日起停止每月缩减资产负债表，结束了自2022年开始的量化紧缩 （QT）进程。新加坡大华银行（UOB）30日发布宏观研究报告指出，美联储12月份仍有可能降息25个 基点，2026年或再进行两次降息。 美联储下一次FOMC会议预计于12月9日至10日举行。 （文章来源：新华财经） 鲍威尔将10月的降息形容为一次"风险管理举措"，旨在使政策更接近中性立场。他还提到，由于美国政 府持续停摆，获取关键经济数据受限。鲍威尔承认，如果数据真空持续，美联储在12月决策时"保持更 谨慎的态度将是合理的"。 尽管鲍威尔言辞谨慎，导致市场对12月降息的预期概率从"几乎确定"大幅降至67.1%，但大华银行仍维 持其原有预测。该行高级经济师Alvin Liew在报告中表示，继续预计美联储将在今年12月的会议上再降 息25个基点。这一预测主要基于经济增长和就业面临的下行风险，特别是如果美国政府 ...

Group 1 - The core viewpoint of the article indicates that Singapore's labor market is performing better than expected, supported by continuous economic growth, with an increase in total employment and stable low unemployment and layoff rates [1][2]. Group 2 - In Q3 2025, total employment (excluding foreign domestic workers) increased by 24,800, significantly higher than the 10,400 increase in Q2 and the 22,300 increase in the same period last year, driven by both resident and non-resident employment [1]. - Resident employment growth is mixed, with strong increases in financial services and health and social services, while sectors like information and communication, professional services, and wholesale trade show weak performance, particularly with a significant decline in wholesale trade employment [1]. - The overall unemployment rate remained stable at 2.0% in September, with resident unemployment at 2.8% and citizen unemployment at 3.0%, all consistent with the previous quarter and within normal ranges for non-recession periods [1]. - The number of layoffs in Q3 remained stable at 3,500, with a layoff rate of 1.4 per 1,000 employees, similar to the previous quarter's figures, primarily due to business restructuring or structural adjustments [1]. Group 3 - Looking ahead to Q4 2025, recruitment sentiment has slightly improved, with 44.1% of surveyed companies indicating a willingness to hire, which is a slight increase from the previous quarter [2]. - However, the proportion of companies planning to increase salaries has decreased slightly to 19.3%, indicating that wage growth is expected to slow down due to cost pressures, and some outward-facing industries may see an increase in layoffs [2].

新华财经成都10月30日电（记者袁波）记者30日从四川省自然资源厅获悉，自然资源部已将四川纳入社 会资本参与战略性矿产调查试点名录。目前，这项试点在四川、内蒙古、山东、新疆4地开展。 为了进一步调动社会资本参与找矿的积极性，今年7月，四川印发《关于深入推进新一轮找矿突破战略 行动促进矿业高质量发展的若干意见》，从技术、成本、要素保障等多维度发力，鼓励引导社会资本参 与战略性矿产资源勘查开发。 强化技术支撑方面。四川将重大科技难题分批纳入省级科技计划，支持省属地勘单位与高校、科研院所 合作创建矿业产业创新联盟，开展找矿核心技术与装备联合攻关，促进科研成果向社会资本项目转化。 优化投入模式，科学控制成本方面，四川健全以财政投入为引导、各级国企积极参与、社会各方竞相参 与的战略找矿投入机制，指导投资主体科学制定勘查方案，避免成本增加；鼓励金融机构创新工作机 制、产品体系和服务模式，推进探矿权抵押融资，降低企业融资成本。 据介绍，四川正加紧制定社会资本投入战略性矿产调查试点实施方案，拟对符合出让条件的"订单 式""众筹式"调查区块，原则上1年内完成出让；未成功出让的，1年内再次组织出让。此外，拟对积极 参与"订单式" ...

Core Viewpoint - The Federal Reserve has lowered the benchmark interest rate by 25 basis points to a range of 3.75%-4.00% and announced the end of balance sheet reduction, responding to economic constraints due to the ongoing government shutdown [1][2][4] Economic Impact of Government Shutdown - The government shutdown has lasted nearly a month, leading to a temporary interruption of fiscal spending and a reduction in labor income, which compresses consumer spending [3][4] - Historical data indicates a positive non-linear relationship between the duration of government shutdowns and economic losses, with longer shutdowns resulting in more permanent losses [5][6] Monetary Policy Adjustments - The Fed is expected to accelerate easing measures in both time series and rule dimensions, moving from a cautious stance to a more aggressive adjustment phase [7][8] - The Fed's decision to lower rates aligns with market expectations and reflects a proactive response to current economic constraints [4][8] Future Rate Projections - It is anticipated that the Fed will lower rates by an additional 75 basis points in 2025 and potentially by 50-75 basis points in 2026, aiming for a more neutral federal funds rate [2][9]

Core Viewpoint - Keppel REIT reported strong performance in Q3 2025, with a robust rental recovery and an increase in portfolio occupancy rate [1][2] Financial Performance - For the first nine months of 2025, Keppel REIT achieved total revenue of SGD 204.5 million, a year-on-year increase of 5.5% [1] - Net Property Income (NPI) reached SGD 161.3 million, reflecting an 8.6% year-on-year growth [1] - Distributable income slightly decreased by 0.6% year-on-year to SGD 159.6 million due to management fees being paid in cash rather than units [1] Operational Highlights - As of the end of Q3 2025, the portfolio committed occupancy rate increased by 0.4 percentage points to 96.3% [1] - Keppel REIT signed or renewed leases for a total area of 726,000 square feet, achieving a rental reversion rate of 12%, with Singapore properties at 11.2% [1] Future Outlook - Management expects healthy rental recovery in Q4 2025 and FY 2026, aiming for double-digit rental reversion in FY 2026 [2] - Keppel REIT proposed to acquire 75% of the Top Ryde Shopping Centre in Australia for AUD 393.8 million, which is anticipated to increase the adjusted distribution per unit (DPU) by 1.53% [2] Analyst Ratings - Galaxy International maintains an "Add" rating for Keppel REIT with a target price of SGD 1.20, highlighting the positive outlook in Singapore's premium office space sector [2]