Core Insights - Turkey's Consumer Price Index (CPI) rose by 32.87% year-on-year in October, a decrease from 33.29% in September, marking the lowest level since November 2021 [1] - The manufacturing Purchasing Managers' Index (PMI) fell to 46.5 in October, indicating a continued contraction for the 19th consecutive month [1][2] Inflation and Price Changes - Food and non-alcoholic beverage prices increased by 34.87% - Housing prices rose by 50.96% - Clothing and footwear prices increased by 7.98% - Household equipment prices rose by 28.9% - Healthcare prices increased by 32.06% - Communication prices rose by 19.35% - Education prices surged by 65.69% - Prices in hotels, cafes, and restaurants increased by 33.78% - Miscellaneous goods and services prices rose by 30.13% - Transportation prices increased by 27.33% - Alcoholic beverages and tobacco prices rose by 27.56% - Cultural and entertainment prices increased by 25.32% [1] Economic Activity and Monetary Policy - Output is declining at a strong pace due to weak demand and slowing new orders, with both domestic and export markets showing low performance [2] - The Central Bank of Turkey lowered the benchmark interest rate by 100 basis points to 39.5% on October 23, marking the third rate cut since July [2] - The market anticipates that the policy rate will decrease to 37.5% by the end of 2025 [2]

Core Insights - The Mauritanian government has adopted a "budget-project" approach for fiscal management, enhancing transparency and accountability in budget execution [1] - The 2026 fiscal revenue is projected to reach 128.79 billion Ouguiya, a 10.11% increase from the revised 2025 budget of 116.96 billion Ouguiya [1] - Fiscal expenditure is expected to be 132.18 billion Ouguiya, reflecting a 10.96% increase from 119.12 billion Ouguiya in 2025 [1] - The national economic growth rate for 2026 is anticipated to be 5.1%, up from 4.1% in 2025, driven by increased natural gas production and investments in infrastructure and social projects [1] - Inflation is projected to be around 2% [1] - The government plans to allocate approximately 7 billion Ouguiya for social development projects, including urban development in Nouakchott, medical equipment procurement, employment support, and improving teacher housing [1] - The government is addressing rising prices by promoting local production, achieving self-sufficiency in rice, and significantly increasing vegetable cultivation [1]

Core Viewpoint - The Governor of the Central Bank of Russia, Nabiullina, stated that there are no signs of recession in the Russian economy and urged caution regarding such claims [1]. Group 1: Economic Indicators - Over the past 12 months, the inflation rate in Russia has decreased to 8% [1]. - The increase in the key interest rate has facilitated moderate growth in credit and has helped to slow down inflation [1]. - The Central Bank of Russia forecasts that the inflation rate will decline to the target level of 4% by 2026 [1].

当地时间10月29日，美联储公开市场委员会以10-2票，决定将联邦基金利率目标区间下调25个基点，至3.75%-4%，这也是年内连续第二次降息。 一图速览>> ■ AI数据中心"对利率敏感度 不高" : | | Jan | Feb | 削一 Mar | Apr | May | -轮加息周期累计加息525个基点 Jun | Jul | Aug | Sept | Oct | Nov | Dec | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2022 | | | 25 | | 50 | 75 | 75 | | 75 | | 75 | (50) | | 2023 | | 25 | 25 | | 25 | | 25 | | | | | | | 2024 | | | | | | | | | 50 | | 25 | 25 | | 0000 | | | | | | | | | | | | | 鲍威尔打压市场对于 12 月会议将再度降息的预期：12月降息"远非板上钉钉"，他还有哪些表态？ 美联储宣布结束QT ...

Core Insights - The International Monetary Fund (IMF) projects Zambia's GDP growth rate to be 5.8% in 2025 and 6.4% in 2026 [1] - Zambia's inflation rate peaked at approximately 24% in 2021, with a significant decrease expected to 12.3% by October 2025, and is estimated to fall to single digits in 2026 [1] Economic Forecast - GDP growth rate for Zambia is forecasted at 5.8% in 2025 [1] - GDP growth rate is expected to increase to 6.4% in 2026 [1] - Inflation rate peaked at around 24% in 2021 [1] - Inflation rate projected to decline to 12.3% by October 2025 [1] - Inflation rate is estimated to drop to single digits in 2026 [1]

Group 1 - The core inflation rate in Sweden for August 2025, based on the Consumer Price Index (CPI), is reported at 1.1%, an increase from 0.8% in July [1] - The fixed-rate Consumer Price Index (CPIF) inflation rate stands at 3.2% for August 2025, up from 3.0% in July [1]

Core Insights - The inflation rate in Sweden for September 2025, calculated based on the Consumer Price Index (CPI), is reported at 0.9%, a decrease from 1.1% in August [1] - The inflation rate based on the fixed-rate Consumer Price Index (CPIF) is 3.1%, down from 3.2% in August [1] - The decline in inflation rates is attributed to a continuous drop in food prices over the past two months [1]

Core Insights - Spain's inflation rate reached 3% in September, marking a 0.3 percentage point increase from the previous month, the highest level since February of this year [1] - The core inflation rate, excluding energy and fresh food, remained stable at 2.4% compared to the previous month [1] Inflation Drivers - The rise in fuel and electricity prices was identified as the primary reason for the increase in the inflation rate in Spain for September [1]

Core Viewpoint - The Central Bank of Brazil has decided to maintain the benchmark interest rate at 15%, marking the second consecutive decision to keep the rate unchanged, aligning with market expectations [1] Summary by Category Monetary Policy - The decision to hold the interest rate steady at 15% reflects the Central Bank's strategy in managing economic conditions [1] - The current real interest rate in Brazil, adjusted for inflation, stands at 9.51%, making it the second highest globally, following Turkey's rate of 12.34% [1]

Core Viewpoint - The Bank of Japan's Governor Kazuo Ueda warned that the duration of rising prices may last longer than expected, potentially putting pressure on consumer spending. He indicated that if economic performance meets expectations, the Bank of Japan will raise the benchmark interest rate [2]. Group 1: Economic Outlook - Ueda's remarks have heightened market expectations for a near-term interest rate hike by the Bank of Japan [2]. - The current benchmark interest rate in Japan remains low, and when considering the inflation rate, the real interest rate in Japan is still negative [2]. Group 2: Market Implications - The anticipated interest rate hike by the Bank of Japan could strengthen the yen further, enhancing its safe-haven appeal [2]. - The Bank of Japan's monetary policy is largely aligned with that of the Federal Reserve, as indicated by Warren Buffett's recent increase in investments in Japanese trading companies [2]. Group 3: Potential Economic Impact - A gradual increase in the benchmark interest rate may negatively impact the Japanese economy, as higher rates could exacerbate existing economic challenges [2].