In the World

US jobs data

US creates 42,000 private sector jobs in October, after two months of losses

Link Securities | According to US payroll processor ADP, the US economy created 42,000 net private jobs in October, following two months in which private companies destroyed net jobs (3,000 in August and 29,000 in September). The FactSet analyst consensus expected a slightly lower reading of 37,500 net private jobs. In October, the education, healthcare, retail, transport and public services sectors led private employment growth in the US. Conversely, for…


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China to suspend additional 24% tariffs imposed on US products for one year

Norbolsa | China will suspend for one year the additional 24% tariffs it imposed on US products in April, maintaining the 10% tariffs on all US products introduced in retaliation for the tariffs announced on Liberation Day. In addition, the government announced that it will eliminate tariffs of up to 15% imposed on a range of agricultural products from 10 November, although it will maintain tariffs of 13% on Chinese…


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Trump-Xi’s Temporary Truce: What It Means for Taiwan

Alicia Gª Herrero (Natixis) | If the aim of the 30 October meeting between United States President Donald Trump and Chinese President Xi Jinping, in Busan, South Korea, was to ease trade tensions, it can be judged as just about achieved. US ‘fentanyl tariffs’ on China were halved to 10%, bringing US tariff levels on imports from China closer to those applied to other Asian economies.In return, China agreed to…


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China’s manufacturing PMI declines in October due to slower growth in new orders from foreign sector

Bankinter | The Manufacturing PMI (RatingDog) declines in October. It stands at 50.6 vs. 51.2 previously and 50.8 estimated. Since August 2025, the Caixin PMI has changed its name to the RatingDog PMI. The universe of companies surveyed by RatingDog (650 companies in total) is more focused on private companies of different sectors and sizes, weighted by their contribution to GDP. The Chinese government’s official PMI focuses on state-owned enterprises…


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Manufacturing activity in China loses momentum in October, lowest level in seven months, due to tariffs

Bankinter | Manufacturing activity falls more than expected in October in China. Manufacturing PMI: 49.0 points versus 49.6 expected and 49.8 previously; Services PMI 50.1 versus 50.0 expected and Composite PMI 50.0 versus 50.6 previously. Analysis team’s view: Weak figures. Manufacturing activity lost momentum in October and entered contraction territory (<50 points). This is the lowest figure in the last seven months and reflects that the impact of tariffs is…


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US to reduce general tariff on China to 47% in exchange for purchase of US soybeans and suspension of restrictions on rare earths

Bankinter | Trade agreement reached. The United States will reduce its general tariff on China from 57% to 47% based on cutting the tariff on fentanyl precursor products from 20% to 10% in exchange for China’s efforts to curb illegal trade in this substance. China will resume soybean purchases and rare earth exports to the United States. The agreement is valid for one year, although, according to Trump, it could…


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Adobe Analytics expects Christmas season online sales in US to increase 5.3% to $253.4 billion

Bankinter | According to Adobe Analytics, online sales during the Christmas season will increase by 5.3% to $253.4 billion between November 1 and December 31. This represents a slowdown compared to 8.7% in 2024, although it would only be slightly below the average of 5.7% for the 2022-2024 period. The biggest shopping day will be Cyber Monday, when growth of 6.3% to $14.2 billion is expected. Adobe expects online sales…


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Overall and core CPI in US both at 3% year-on-year in September

Bankinter | The overall and core CPI in the US surprised on the upside in September. The overall CPI rose by one tenth of a percentage point to 3.0% annually, less than expected (3.1% year-on-year). In month-on-month terms, it rose 0.3% monthly against 0.4% expected and previously. The core rate improved, falling by one tenth of a percentage point to 3.0% year-on-year (against 3.1% expected and previously). In month-on-month terms,…


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Sanae Takaichi Drives Nikkei 225 to Historic Highs

DWS | The Japanese stock market index, the Nikkei 225, has surged by around 25% since the beginning of the year and, at almost 50,000 points, is approaching its all-time high. The driving factors are not just euphoria over Artificial Intelligence (AI) and the weak yen, but also a new political realignment in Tokyo. Following the election this week of Sanae Takaichi as Prime Minister and the formation of a…


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UK CPI stagnates at 3.8% year-on-year in August, giving Bank of England some breathing space

Intermoney | The British CPI stagnated from August to September, while the year-on-year reading remained unchanged at 3.8% annually (compared to the 4.0% increase forecast by analysts) thanks to the decline in food and services. Similarly, the core CPI was lower than expected, falling by one tenth of a percentage point to 3.5% annually. Breaking down the report, food prices gave us the biggest surprise on the downside. It was…