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November 14, 2025
Preview: Due November 17 - Canada October CPI - Slower if still above target
November 14, 2025 7:15 PM UTC
We expect October’s Canadian CPI to slip to 2.2% yr/yr from 2.4% in September, though this will remain above August’s 1.9% and a Bank of Canada forecast for Q4 of 2.0%. We expect modest slippage in the Bank of Canada’s core rates too, though they will remain above the 2.0% target.
Slowest Rate of Growth for Russia Since Q1 2023: 0.6% y/y in Q3 2025
November 14, 2025 6:06 PM UTC
Bottom Line: According to Ministry of Economic Development’s preliminary figures, Russia's GDP expanded by a moderate 0.6% y/y in Q3, marking the slowest rate of growth since Q1 2023 showing the economic slowdown in Russia is more evident now. We think Central Bank of Russia’s (CBR) previous agg
Russia’s Inflation Softened to 7.7% y/y in October
November 14, 2025 5:00 PM UTC
Bottom Line: As expected, Russian inflation continued its decreasing pattern in October and edged down to 7.7% thanks to lagged impacts of previous aggressive monetary tightening, and relative resilience of RUB particularly after July. Despite fall in inflation; we think the inflation will continue
FOMC Minutes from October 29 to reinforce doubts over a December move
November 14, 2025 4:13 PM UTC
FOMC minutes from October 29 are due on November 19, and will be closely watched after Chairman Powell after the meeting stated there were strongly differing opinions on December. The minutes are likely to suggest that a December easing, which Powell on October 29 stated was far from assured, is lik
ECB – In a Good Place or Just Complacent?
November 14, 2025 11:55 AM UTC
The ECB is of the view that downside growth risks have dissipated somewhat, this possibly helped by its recent actions which it suggests leave its current policy stance in a good place. However, amid a hint of what we think is a complacent upgrade about the EZ’s alleged resilience, we think, the
China: Unbalanced Growth
November 14, 2025 8:15 AM UTC
· The slowdown in China retail sales continues, with excess production still evident. Nevertheless, the slowdown in industrial production and private sector business investment suggests that companies are becoming less upbeat about domestic demand. Underlying growth is 4.0%, though
GBP, CHF flows: GBP falls on report tax hikes abandoned, CHF strength extends
November 14, 2025 7:56 AM UTC
GBP falling back as FT reports that Chancellor Reeves has abandined plans to raise income tax in the November 26 budget. CHF strength extends with EUR/CHF retesting 0.92 level on optimism on tariff reduction.