海外宏观周报：美国政府停摆即将结束，英国央行维持利率不变-20251110

Policy Trends - The U.S. government shutdown has lasted 40 days, breaking the previous record of 35 days from late 2018 to early 2019, but an agreement to end the shutdown is expected soon[10] - The Bank of England maintained its interest rate at 4%, with expectations for a potential rate cut in December[8] Economic Data - The U.S. ADP employment report for October showed an increase of 42,000 jobs, exceeding the expected 30,000, indicating a stabilization in the labor market[14] - The ISM Manufacturing PMI for October was 48.7, indicating contraction for the eighth consecutive month, while the ISM Services PMI rose to 52.4, marking the fastest expansion in eight months[12][13] Market Performance - The Shanghai Composite Index rose by 1.08% over the week, with a year-to-date increase of 19.27%[4] - The S&P 500 index decreased by 1.63% for the week, with a year-to-date increase of 14.40%[4] Bond Market - The 10-year U.S. Treasury yield was stable at 4.11%, while the 10-year TIPS yield rose by 2 basis points to 1.83%[20] - The 10-year yields for U.K., German, and French bonds all increased, reflecting a general upward trend in European bond markets[26]