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The Philippine peso hovered around 63.3 per dollar, remaining close to its record low of 63.5, despite the Bangko Sentral ng Pilipinas raising interest rates for the fourth consecutive time. The central bank raised its benchmark interest rate by 50 basis points to 5.50% at its October 2026 meeting, larger than market expected, citing heightened inflation risks. The rate hike, however, provided limited relief for the peso as elevated oil prices continued to weigh on the currency, with Brent crude rising above $110 per barrel amid renewed tensions around the Strait of Hormuz. The country relies heavily on imports for fuel and food supplies. The peso also remained under pressure from the country’s deteriorating external position and slower investment inflows.

Philippine Peso Holds Near Record Low Despite Rate Hike

Turkey’s consumer confidence index fell to 84.8 in October 2026 from a more than eight-year high of 91.9 in the previous month. The latest result marked the lowest reading since January, as all sub-indices deteriorated. Expectations for households’ financial situation over the next 12 months dropped to 86.4 from 93.7, while the index measuring the general economic outlook declined to 81.7 from 89.8. Assessments of current household finances also weakened, falling to 68.3 from 75.3. Meanwhile, intentions to spend on durable goods over the next 12 months eased to 102.7 from 108.8. The broad-based decline suggests consumers became more pessimistic about their finances and the economic outlook, although the durable-goods index remained above the neutral 100 mark.

Turkey Consumer Confidence Lowest in 9 Months

Copper is down by 2.01%

Japan’s Nikkei 225 Index dropped 2.65% to 62,908 on Thursday, closing at its lowest level in nearly three months as renewed selling pressure hit technology and artificial intelligence stocks. Investors continued to question whether massive AI investments would generate sufficient returns, particularly as Japanese companies play a significant role in the global AI infrastructure expansion. Sentiment was further dampened by rising oil prices following deadly attacks on a Saudi oil field, intensifying geopolitical tensions in the Middle East and adding to inflationary concerns. Japan remains especially vulnerable to regional disruptions due to its heavy reliance on oil imports from the Middle East. Technology stocks recorded notable losses, with Kioxia Holdings falling 6.8%, Advantest and Taiyo Yuden each declining 6%, SoftBank Group dropping 6.9%, and Tokyo Electron sliding 7%.

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