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Administrative Update
Final call to participate in The Daily Shot Pulse, our brief monthly survey of economic and market outlooks. Thanks to everyone who has already submitted responses; we will publish the results next week.
United States
Real disposable income declined month over month.
Canada
Canada’s communication services sector has substantially underperformed the broader TSX this year.
United Kingdom
Household borrowing slowed in September, with both consumer credit and mortgage lending falling short of expectations.
Euro Area
The ECB held interest rates steady, citing tighter financing conditions while warning that the energy shock poses upside risks to inflation and downside risks to growth.
Europe
Private and public investment both account for smaller shares of GDP in the EU than in the US.
Japan
The Bank of Japan held its policy rate unchanged at 1.25% in an 8–1 vote, with board member Takata dissenting in favor of a 25-basis-point hike. The meeting struck a hawkish tone as policymakers stated that underlying inflation is now generally consistent with the 2% price stability target, shifted policy focus toward upside inflation risks, and nearly tripled ETF sales to about ¥860 billion a year starting in January.
Emerging Markets
Latin America’s weight in the MSCI Emerging Markets Index has shrunk sharply since peaking in 2010.
Equities
These are the largest listed companies in history.
Rates
Treasuries rallied as the AI-driven technology selloff boosted demand for safe-haven assets, putting the benchmark index on track for its strongest monthly performance since February 2025.
