Italy S&P Global Composite PMI

Italy S&P Global Services PMI

France S&P Global Services PMI Final

France S&P Global Composite PMI Final

The S&P Global UAE PMI edged down to 54.8 in October 2026 from 55.3 in September, but remained indicative of a solid improvement in non-oil private sector activity. Output continued to expand strongly, while new order growth accelerated, supported by stronger domestic and foreign demand. New export orders rose at the fastest pace in exactly two years. Meanwhile, input cost inflation accelerated to its highest level since June 2022, driven by higher prices for raw materials, fuel, energy, freight and rents. Firms passed on rising costs, pushing output price inflation to its highest level since the survey began in August 2009. Employment fell fractionally for the third time in five months as some firms sought to contain costs, while backlogs of work continued to increase amid strong demand. Business confidence nevertheless improved to its highest level since January, supported by expectations of robust demand and improving regional conditions.

UAE Non-Oil Private Sector Growth Remains Strong

Asian equity markets mostly declined on Wednesday, with technology shares leading the losses as a strong Democratic performance in the US midterm elections fueled concerns over stricter artificial intelligence regulations and increased corporate oversight. Investors also grew wary that political gridlock in Washington could constrain government spending and weigh on US economic growth. These developments added further pressure to global equity markets, which were already facing a broad selloff amid rising doubts about the sustainability of massive investments in AI. Japan’s Nikkei 225 plunged more than 4%, while South Korea’s KOSPI declined by over 3%. Chinese equities also struggled to gain ground despite ongoing efforts by Beijing to support the market.

Asian Tech Stocks Drop on AI Concerns

The Swiss franc strengthened to 0.81 per USD, its highest level since early September, as initial US midterm results pointing to a Democratic takeover of both chambers of Congress weakened the dollar and boosted demand for safe-haven currencies. Adding to support, Swiss inflation climbed to a nearly three-year high of 1.5% in October, driven by higher imported energy costs. While inflation remains within the SNB’s 0%-2% target range, its acceleration has raised expectations of an earlier rate hike, with markets anticipating a move in early 2027. Meanwhile, increased safe-haven demand could encourage investors to unwind carry trades, supporting further franc gains. Previously, the wide interest rate differential with the US had weighed on the currency, as Switzerland's 0% borrowing costs made the franc an attractive funding currency for investments in higher-yielding assets.

Swiss Franc Hits 2-Month High

Malaysian palm oil futures remained under strain, trading around MYR 4,500 per tonne and touching an over one-month low. Sentiment weakened amid losses in Dalian and Chicago edible oil markets and concerns over ample supplies, with stocks hitting a record high in September and expected to top 3 million tonnes by year-end amid peak seasonal production. Competitive pressure also mounted after Indonesia cut its November CPO reference price by 6.07% to USD978.90 per tonne and lowered its export levy, making Malaysian palm oil less competitive. Meanwhile, easing crude oil prices amid hopes of progress in US-Iran peace talks reduced palm oil's appeal as a biodiesel feedstock. Caution also prevailed ahead of MPOB's monthly report on November 10. However, a weaker ringgit and robust demand offered some support, with October shipments jumping 45.4%–73.5% from September. In India, the largest buyer, palm oil imports stood at a 14-month high in October, boosted by festive demand ahead of Diwali.

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