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South Korea's inflation rate slowed to 1.3% in October, the lowest since early 2021, down from 1.6% in September. This marks a third consecutive month of easing and provides the central bank with more room to consider policy adjustments if economic growth falters. Economists had anticipated a 1.4% increase.
As the US presidential election approaches, former President Trump is under pressure to withdraw from both the Paris Agreement and the UN Framework Convention on Climate Change (UNFCCC). Legal experts are divided on the feasibility of exiting the UNFCCC without Senate approval, which could significantly diminish US influence in global climate negotiations. A potential exit would not only exempt the US from submitting climate action plans but could also weaken international pressure on major emitters like China.
Chile's economic activity saw a significant decline in September, with the Imacec index dropping 0.8% month-on-month, marking the largest decrease since July 2022. This downturn dashed hopes for a third-quarter rebound and led to increased speculation about potential interest rate cuts. Year-on-year, economic activity remained flat, falling short of the expected 1.2% growth.
Turkey's headline inflation eased to 48.6% in October, down from 49.4% in September, but fell short of economists' expectations of 48.3%. Monthly prices also decreased to 2.88% from 2.97%, suggesting that an interest-rate cut is unlikely this year.
Mish Matthew, head of credit strategy at UBS, believes a red victory would positively impact credit spreads, contributing to an overall optimistic outlook. Winnie Cisar, global head of strategy at CreditSights, advises investors to look beyond the election noise for clearer insights.
Inflation in Peru's capital, Lima, rose by 2.01% in October year-on-year, falling short of the 2.13% median estimate from economists. Monthly prices decreased by 0.09%, following a decline of 0.24% in September, indicating inflation remains near the central bank's target range.
UK Business Secretary Jonathan Reynolds acknowledged that recent tax increases, including higher employer national insurance contributions and a minimum wage rise, could negatively impact companies' hiring capabilities and salary growth. He emphasized that these changes will influence business operations and recruitment strategies.
Asia's $6.4 trillion foreign-exchange reserves are bolstering investor confidence amid rising pressure on regional currencies due to the strengthening dollar, influenced by the US presidential election. In October, Asian currencies faced significant declines, with the Bloomberg index recording its worst performance since February 2023, as the Indian rupee approached historic lows and South Korea's won hit a three-month low.
Swiss Finance Minister Karin Keller-Sutter stated that UBS's capital requirements will hinge on the bank's resolvability as new stability measures are considered. The government is evaluating "too big to fail" proposals to prevent banking collapses like that of Credit Suisse, which UBS acquired. Keller-Sutter emphasized the need for a balance between financial sector competitiveness and stability, while also suggesting that the capitalization of UBS's foreign units remains under review. She noted the potential for increased regulatory powers for FINMA, including the ability to impose fines on banks.
UBS's capital requirements will hinge on its resolvability, according to Finance Minister Karin Keller-Sutter. As the bank awaits new "too big to fail" regulations, she emphasized the need for a balance between financial sector competitiveness and stability, while also addressing concerns over executive pay and potential fines for banks.
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