United Kingdom S&P Global Manufacturing PMI Final

United Kingdom Syndication Index-linked Gilt

Germany 9-Month Bubill Auction

Germany 3-Month Bubill Auction

The CAC 40 edged down 0.1% to 7,959 on the first trading day of November, as market sentiment turned subdued following Fitch’s unexpected downgrade of France’s credit outlook. While the credit agency affirmed France’s A+ rating, it revised its outlook to negative from stable following an unexpected contraction in the economy in the third quarter. The agency also pointed to weaker growth prospects, higher borrowing costs and a widening budget deficit since its previous review in August. The move followed the recent surprise decision by Moody’s to affirm France’s Aa3 rating while maintaining a negative outlook. Among the biggest decliners were Airbus (-2%), Safran (-1.2%), Thales (-1.1%) and Société Générale (-2%). In contrast, L’Oréal (2.9%), Hermès (2.2%) and Air Liquide (2%) advanced. Elsewhere, Sanofi advanced 4.7% following growth in Q3 sales and adjusted EPS, as well as an $8 billion pact with Regeneron.

French Stocks Edge Lower After Fitch Move

Milan’s FTSE MIB rose 0.2% to above 49,600 on the first trading day of November, as easing oil prices supported risk sentiment. Brent crude fell below $110 per barrel amid continued diplomatic efforts to resolve the Middle East conflict. Reports also indicated that US President Trump wanted to give diplomacy with Iran more time before potentially resuming military strikes following Tuesday’s midterm elections. Banking stocks led the gains, with UniCredit rising 1.3%, Intesa Sanpaolo gaining 0.7%, BPER Banca advancing 1.0%, Banca Mediolanum adding 0.7%, and FinecoBank climbing 1.6%. Other notable gainers included Buzzi Unicem (1.8%), Davide Campari-Milano (1.1%), Lottomatica (1.4%), and Nexi (1.2%). Meanwhile, Telecom Italia fell 0.7%, Eni lost 0.6%, Prysmian declined 0.7%, and A2A dropped 3.2%

Italian Stocks Start November Higher

The Czech Manufacturing PMI rose to 55 in October 2026 from 53.5 in September, reaching its highest level since February 2022 and beating expectations of 53. The PMI remained comfortably above its long-run average of 51.9, pointing to a broad-based expansion in manufacturing activity. New orders grew for an eighth consecutive month, at their fastest pace since February 2022, driven by strong export demand, while output expanded for an eleventh straight month. Employment growth also reached its highest since January 2022. Purchasing activity and input inventories increased, although chip shortages, supply-chain disruptions and shipping delays further extended suppliers' delivery times. Meanwhile, inflationary pressures intensified, with input costs rising at the fastest pace since June and output prices recording their strongest increase since July. Despite a positive 12-month outlook, business confidence weakened to its lowest level since April amid inflation concerns.

Czechia Manufacturing Activity Strongest Since 2022

Austria’s unemployment rate edged up to 7.3% in October, 0.1 percentage points higher than a year earlier. The total number of unemployed persons increased by 3,999 year-on-year to 314,499, with the female unemployment rate rising to 7.5%, representing 150,647 people, while the rate for men and other genders increased to 7.2%, representing 163,852 people. Including training participants, the number of unemployed persons and those enrolled in training programs reached 389,941, up 1.8% year-on-year. The number of unemployed women training participants increased by 7%, while the corresponding figure for men and other genders fell by 5.2%. Long-term unemployment also remained elevated, with the number of people unemployed for more than 12 months increasing by 18.1% to 56,924.

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