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November 10, 2025
Asia Summary and Highlights 10 Nov
November 10, 2025 5:07 AM UTC
Japan PM Takaichi says not ruling out a sales tax cut
Japan’s Takaichi abandons annual budget target, takes softer fiscal consolidation stance
US Senate has approved the first vote needed to reopen government
China suspends special port fees on US ships for one year
November 09, 2025
November 07, 2025
U.S. November Preliminary Michigan CSI - Weak, possibly on shutdown or labor market worries
November 7, 2025 3:25 PM UTC
November’s preliminary Michigan CSI of 50.3 has seen a significant dip from 53.6 in October to reach its lowest level since June 2022. Current conditions led the slowing, perhaps due to the government shutdown or weakening in the labor market. Inflation expectations are mixed but within the recent
Canada October Employment - Second straight strong rise reinforces expectations for steady BoC policy
November 7, 2025 2:11 PM UTC
Canada’s October employment report provides a second straight strong increase, by 66.6k, and while the series is volatile and the two strong months follow two weak months, the data suggests underlying trend has not turned negative and that the Canadian economy may be regaining momentum. Unemployme
November 06, 2025
Preview: Due November 17 - Canada October CPI - Slower if still above target
November 6, 2025 8:13 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.
Preview: Due November 7 - Canada October Employment - Trend near flat despite volatility
November 6, 2025 3:04 PM UTC
Canadian employment data has been volatile in recent months, but underlying trend looks fairly flat, consistent with weak but marginally positive GDP growth. We expect October to see a decline of 5k after a strong 60.4k increase in September with unemployment unchanged at 7.1%.
Some evidence of a subdued US labor market picture in October
November 6, 2025 2:02 PM UTC
While October’s non-farm payroll will not be released as scheduled tomorrow with September’s still absent, we are seeing some labor market signals today. A non-farm payroll estimate from Reveilo Labs shows payrolls down by 9.1k in October after a 33k rise in September (revised down from 60.1k).
November 05, 2025
U.S. October ISM Services - Bounce led by new orders, prices remain firm
November 5, 2025 3:23 PM UTC
October’s ISM services index is not as strong as the S and P Services PMI which was revised to a still firm 54.8 from 55.2, though at 52.4 is still the strongest since February and up from a neutral 50.0 in September.
U.S. October ADP Employment keeps trend marginally positive, if subdued
November 5, 2025 1:40 PM UTC
ADP’s October estimate of employment is slightly stronger than expected with a 42k increase, more than fully reversing September’s 29k decline (revised from -32k) to suggest that underlying trend in employment growth is still marginally positive, if unimpressive.
November 04, 2025
Preview: U.S. October CPI - An important number that may never be seen
November 4, 2025 3:59 PM UTC
October US CPI, while scheduled on November 13, may never be released even if the government shutdown is resolved, given lack of data collection during the month of October. However what the number would have been does matter. Our forecast is for a 0.2% increase overall, with a 0.3% rise ex food a
Preview: Due November 5 - U.S. October ADP Employment - Correction from September decline
November 4, 2025 1:54 PM UTC
We expect a rise of 30k in October’s ADP estimate for private sector employment growth. Weekly data released by ADP is suggesting a modest rise. This would largely reverse a 32k decline seen in September suggesting the labor market maintains a picture of limited hiring and limited layoffs.