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Euro Area S&P Global Services PMI Flash

The S&P Global France Manufacturing PMI fell to 49.3 in October 2026 from 50.6 in September, slipping back into contraction after two months of expansion and reaching an 11-month low, preliminary estimates showed. The reading also came below market expectations of 50.5, as the manufacturing output index declined to 48.5 from 50.3, signaling a renewed contraction in production. Weaker demand and heightened economic uncertainty weighed on activity, while worsening supply-chain conditions drove manufacturing price pressures higher.

France Manufacturing Returns to Contraction in October

The National Bank of Kazakhstan lowered its base rate to 15.75% on October 23, 2026, surprising markets that had widely expected a 25 bps cut. The decision followed September’s unexpected quarter-point reduction, as annual inflation eased for a twelfth consecutive month to 9.3% amid a tight monetary policy and favorable dynamics of the tenge exchange rate. However, services inflation remained elevated at 8.9%, highlighting persistent price pressures. The NBK warned that risks remained tilted toward higher inflation, citing elevated global energy and food prices, tighter global monetary conditions and strong domestic demand. The economy grew 4.2% year over year in January-September, supported by construction, manufacturing and transport, while fiscal stimulus and robust investment continued to underpin activity. The central bank said the cut preserves moderately tight monetary conditions, with further easing unlikely before year-end. Its next rate decision is scheduled for December 4.

Kazakhstan Unexpectedly Cuts Rates Again by 50 Bps

The yield on India’s 10-year G-Sec edged higher to around 7.46%, extending gains for another session as surging oil prices weighed on investor sentiment, while falling U.S. Treasury yields limited the increase. Brent crude climbed above USD 114 a barrel to a five-month high following Houthi attacks on Saudi Arabia, raising concerns over supply disruptions. As India imports nearly 90% of its oil requirements, sustained price increases threaten to widen the import bill, fuel inflation, pressure the rupee, and weaken public finances. Meanwhile, investors remained cautious ahead of a INR 330 billion government debt sale, keeping demand subdued. The benchmark 6.94% 2036 bond yield rose, nearing the 7.50% level. However, U.S. Treasury yields fell below 5% amid weaker economic data, an equity selloff, and concerns over the returns on AI spending and its growth implications.

India 10Y Yield Extends Gains as Oil Prices Surge

The Shangai Composite Index went up by 28 points or 0.76 percent on Friday to close at 3686 points. The rise was led by Yonyou Soft (5.72%), BAIC BluePark (3.62%) and Foshan Haitian (3.11%). On the downside, the weakerst performers were Bank Of China (-4.02%), China Construction Bank (-3.34%) and Agricultural Bank of China (-3.24%).

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