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The Mexican peso strengthened to around 18.7 per USD in November after slumping following Banxico’s unexpected decision to cut its benchmark interest rate to 6.25%. The narrower interest-rate differential with the US Federal Reserve reduces the appeal of peso-denominated carry trades, weighing on the currency. Banxico also revised its forward guidance, signaling that rates would remain at the new level for an “extended period.” The peso partially recovered despite heightened global uncertainty following a sharp selloff in technology stocks and increased demand for safe-haven assets. Meanwhile, recent preliminary estimates showed Mexico’s economy grew 0.9% in Q3 from the previous quarter, beating expectations of 0.7%. Banxico also revised its headline inflation forecasts higher for Q4 2026, while slightly raising its core inflation projections.

The Brazilian real traded little changed around 5.50 per USD after weakening nearly 0.7% on November 5th amid heightened risk aversion across global markets. Pressure stemmed mainly from Wall Street, where AI stocks suffered steep losses. The selloff prompted investors to reduce exposure to riskier assets, including emerging-market currencies, and seek shelter in the US dollar. Domestically, fiscal conditions remain in focus as investors and business leaders press the government for further adjustments and await details of President Lula’s fourth-term economic agenda. Meanwhile, the BCB held the Selic rate at 13.75%, pausing its easing cycle and providing some support to the real by maintaining a wide interest-rate differential with the US. However, the decision reflected a challenging outlook marked by weaker growth, higher inflation and increased uncertainty following Lula’s reelection.

Canadian stock futures edged lower on Friday after the TSX was swept up in an AI-driven selloff on Wall Street in the previous session. On Thursday, the S&P/TSX Composite Index suffered its steepest daily decline in five months, dragged down by sharp losses in technology stocks, particularly Shopify and Celestica. The rout prompted investors to reduce exposure to riskier assets such as equities and seek shelter in government bonds. Meanwhile, markets are looking ahead to Canada’s employment report, with the economy expected to have added 13,600 jobs in October while the unemployment rate remained at 6.5%. The data may offer clues on the BoC’s policy outlook. Meanwhile, falling gold prices weighed on mining stocks, while lower oil prices put pressure on energy shares.

Canada’s 10-year government bond yield hovered around 3.68% in November, remaining near its lowest level in two months, as mounting global equity losses boosted demand for safe-haven government bonds. Democrats won majorities in both chambers of the US Congress in the midterm elections, fueling concerns over tighter AI infrastructure regulations. Markets are also cautious ahead of employment reports from Canada and the US. Canadian employment is expected to rise by 13.6 thousand in October, following a 68.3 thousand decline in September, the steepest drop in seven months and well below expectations for a 7 thousand increase. The data may offer clues on the BoC’s policy outlook. At its latest meeting, the BoC raised rates by 25 bps to 2.5%, its first hike since 2023, as expected. Policymakers also raised their inflation and growth forecasts. Annual inflation reached 3.1% in September, its highest since May’s 3.2%, but below the 3.2% forecast.

The Canadian dollar weakened past 1.40 per USD, retreating from the two-month high of 1.39 reached on November 4th, as the US dollar gained on safe-haven demand following a sharp selloff in US equities. The Democrats won majorities in both chambers of the US Congress in the midterm elections, fueling concerns over tighter AI infrastructure regulations. Markets are also cautious ahead of employment reports from Canada and the US. Canadian employment is expected to rise by 13.6 thousand in October, following a 68.3 thousand decline in September, which was the steepest drop in seven months and well below expectations for a 7 thousand increase. The data may offer clues on the BoC’s policy outlook. At its latest meeting, the BoC raised rates by 25 bps to 2.5%, its first hike since 2023, as expected. Policymakers also raised their inflation and growth forecasts. Annual inflation reached 3.1% in September, its highest since May’s 3.2%, but below the 3.2% forecast.

Chile’s annual inflation rate rose to 4.5% in October 2026, the highest since April 2025, from 4.1% in September. Inflation accelerated for transport (10.0% vs 7.9%), food and non-alcoholic beverages (4.9% vs 4.3%), housing and utilities (3.8% vs 3.6%) and restaurants and lodging (5.8% vs 5.6%), while deflation in clothing and footwear deepened to 4.1% from 3.1%. In contrast, inflation eased for recreation, sport and culture (4.6% vs 5.2%), while health (5.1%) and education (5.8%) were unchanged, and the decline in prices for insurance and financial services held at 9.7%. On a monthly basis, consumer prices rose 0.5%, following a 0.4% increase in September, led by transport (2.0%), mainly gasoline (4.5%), and food (1.0%). Core consumer prices, which exclude food and energy, were unchanged over the month. Year-to-date inflation reached 4.5%.

Wheat fell below $6.00 a bushel on Friday, reaching their lowest level since early July, as optimism over renewed peace efforts in the Black Sea region reduced the geopolitical risk premium. US-mediated talks between Ukraine and Russia are scheduled for November 10-11 in Abu Dhabi, with technical teams from both countries and the US expected to participate. US President Donald Trump also suggested that the conflict could end soon following discussions with a Kremlin envoy, raising hopes for an agreement that could eventually restore grain shipments from the region, a major global agricultural supplier. However, the prospect of peace adds to existing downward pressure from strong global supply. Wheat prices have declined steadily since reaching a 3-1/2-year high of $7.67 on August 28, as production is expected to reach its second-highest level on record, supported by larger harvests in Australia and Argentina.

India’s BSE Sensex gained ground to close about 2.2% firmer at 81,028 on Friday, its highest level since early March and extending its winning streak to seven sessions. Foreign investor inflows and lower oil prices amid hopes of a potential resolution to the Middle East conflict have been supporting market sentiment. Investors bought around 15,000 crore rupees ($1.6 billion) of Indian equities on Thursday, their biggest single-day net purchase in nearly six years, amid global rotation away from AI stocks and expectations of relief on the long-term capital gains tax front. Gains were widepread across sectors, particularly financials, banks, autos and consumer goods. M&M led gains, climbing 6.2%, after the automaker’s second-quarter fiscal year 2027 earnings came in well above expectations. ICICI Bank (4.7%), HDFC Bank (3.6%), Titan (3.4%), Axis Bank (3.2%) and Tata Steel (2.2%) also adanced solidly. The index recorded a weekly gain of 8.8%, its strongest performance in six years.

GB100 decreased to 10545.00 Index Points, the lowest since October 2026. Over the past 4 weeks, United Kingdom Stock Market Index (GB100) gained 0.85%, and in the last 12 months, it increased 8.93%.

European natural gas prices fell 2% to below €88/MWh on Friday, their lowest level in two weeks, extending weekly losses to around 15% amid growing hopes of a diplomatic resolution to the Middle East conflict. Sentiment improved after Qatar’s Emir discussed de-escalation efforts with US President Donald Trump, reinforcing optimism following the Democrats’ gains in the US midterm elections. However, prices remain well above their pre-war levels, as the disruption of Middle Eastern LNG exports, which previously accounted for around a fifth of global supply, leaves Europe facing a tight market ahead of winter. EU gas storage has fallen to 74%, well below the five-year seasonal average of 90%, while Germany’s inventories are below 61%. Colder temperatures and weaker wind and solar generation have increased withdrawals, while Norwegian pipeline supplies remain constrained by outages. Competition for LNG is also expected to intensify as Asian buyers increase spot purchases.

Greece’s trade deficit widened to EUR 3.3 billion in September 2026 from EUR 2.7 billion in the same month a year earlier. Imports surged by 15.5% year-on-year to EUR 8.1 billion, driven largely by increased purchases from both third countries (+24.5%) and EU countries (+8.2%). Meanwhile, exports climbed by 11.6% to EUR 4.8 billion, supported by higher shipments to EU countries (+23.7%), although exports to third countries fell by 3.3%. Over the January–September period, the trade deficit narrowed slightly to EUR 24.5 billion from EUR 24.9 billion in the corresponding period of the previous year.

The annual inflation rate in Angola decelerated further to 8.16% in October 2026, marking the lowest since March 2015, down from September's 8.43%. Inflation has maintained its downward trajectory since mid-2024, supported by relative kwanza stability and improved domestic supplies of essential goods. Price growth moderated for several categories, including food & non-alcoholic beverages (9.28% vs 9.54% in September); education (15.82% vs 18.53%); housing & utilities (7.91% vs 9.07%); miscellaneous goods & services (5.10% vs 5.30%) and restaurants & hotels (4.28% vs 4.40%). On the other hand, prices accelerated for alcoholic beverages & tobacco (9.37% vs 9.10%); furnishings & household equipemnt (6.19% vs 6.02%) and transportation (3.43% vs 3.32%).On a monthly basis, the CPI rose by 0.68% in October, matching September's reading.

Malta’s industrial production rose 7.1% year-on-year in September 2026, the strongest increase since April, following an upwardly revised 5.2% gain in August. Growth was led by wood, paper products and printing (27.1%), computer, electronic and optical products and motor vehicles (23.4%), as well as chemical and pharmaceutical products. By contrast, output declined in rubber, plastic and other non-metallic mineral products (11.4%), other manufacturing (6.8%), and food products and beverages (0.6%). By industrial grouping, energy products recorded the largest annual increase (16.6%), followed by capital goods (15.9%), intermediate goods (4.3%) and consumer goods (4.1%). On a seasonally adjusted monthly basis, industrial production rose 2.3% in September, recovering from a revised 0.3% decline in the previous month.

The dollar index rose to 102 on Friday, its highest level in a week, partially reversing losses from the previous two sessions as traders awaited the key US jobs report and assessed a global equity sell-off. Demand for safe-haven assets increased amid the equity rout and growing concerns over the AI trade and elevated capital expenditure, as investors weighed the prospect of a more restrictive regulatory environment under a Democratic-led Congress. Meanwhile, expectations that the jobs report would point to a stable labour market, while reinforcing the view that employment conditions were not a source of inflationary pressure, provided further support to the greenback. Markets are currently pricing in around a 71% probability of a 25bps Fed rate hike in December. The dollar posted its strongest gains against the euro, British pound and Japanese yen. Despite Friday's advance, however, the dollar remains down 0.3% for the week.

Sales of new passenger cars and light commercial vehicles in Russia fell 19.9% year-on-year to 136806 units in October 2026. "This decline can be attributed to the high comparison base of the previous year, when consumer activity increased significantly ahead of changes to the recycling fee. Overall market sentiment continues to be constrained by the key interest rate remaining at its current level, reduced access to financing, and the suspension of government support measures. At the same time, the expected resumption of the subsidised car loan programme from 1 December, together with growing interest in hybrid vehicles, could provide additional support to the market towards the end of the year.", Chairman of the Automobile Manufacturers Committee Alexey Kalitsev said.

Iceland’s trade deficit widened to ISK 70.3 billion in October 2026 from ISK 24.0 billion in the same month a year earlier. Imports surged by 51% year-on-year to ISK 165.1 billion, driven largely by higher purchases of capital goods (+159%), fuels and lubricants (+34%), food and beverages (+17%), industrial supplies (+5%), transport equipment (+5%), and consumer goods (+3%). Meanwhile, exports increased by 11% to ISK 94.8 billion, supported by higher shipments of agricultural products (+59%), manufactured products (+18%), marine products (+8%), and farmed fish (+3%), which offset declines in other products (-59%). Over the last twelve months, Iceland’s trade deficit totaled ISK 513.6 billion, up from ISK 496.6 billion a year earlier. Imports rose by 3% to ISK 1,488.6 billion, while exports also increased by 3% to ISK 975.0 billion.