ユーロ圏ウォーラー連銀議長のスピーチ

フランスHCOB 建設 PMI

フランス4年国債入札

フランス2032年国債入札

The Central Bank of Taiwan maintained its key discount rate at 2% in its September 2025 meeting, in line with market expectations. The decision reflects a cautious approach amid global uncertainties, including US trade policy, major central bank actions, slowing growth in China, and geopolitical risks. Taiwan’s economy outperformed in H1 2025, supported by strong demand for AI and emerging technologies, robust exports, and expanding private investment. The central bank raised its GDP forecast for 2025 to 4.55%. CPI for January–August 2025 averaged 1.83%, partly due to elevated food prices amid recent weather conditions, while core CPI rose 1.64%. The central bank projects full-year CPI and core CPI growth of 1.75% and 1.67%, respectively, both below 2024 levels of 2.18% and 1.88%. The Bank emphasized that keeping the policy rate steady aims to navigate global economic uncertainties and US trade policy risks, while supporting stable domestic growth and continued moderation in inflation.

Taiwan Keeps Key Rate at 2% as Expected

Eurozone construction output grew 3.2% year-on-year in July 2025, picking up from a revised 1.8% expansion in June. The acceleration was supported by solid gains across all segments: building construction (3.3% vs. 3.1%), civil engineering (3.4% vs. 3.0%), and specialized activities (2.8% vs. 1.2%). Among the bloc’s largest economies, Spain posted the strongest growth (22.8% vs. 31.4%), followed by the Netherlands (1.9% vs. 1.4%). In contrast, output continued to contract in Germany (-1.2% vs. -2.0%) and France (-1.7% vs. -5.0%). On a monthly basis, construction activity rose 0.5%, rebounding after two consecutive declines.

Eurozone Construction Output Accelerates in July

Italy’s current account surplus rose to €8.7 billion in July 2025 from €5.9 billion in the same month last year. This marked the largest current account surplus since October 2020, driven by a wider surplus in the goods account (€7.5 billion vs €6.4 billion in July 2024) and the services account (€2.1 billion vs €1.9 billion). Additionally, the primary income swung to a surplus of €0.9 billion from a deficit of €1.3 billion. On the other hand, the secondary income deficit widened to €1.8 billion from €1.1 billion a year ago.

Italy Current Account Surplus Largest Since 2020

The National Bank of Moldova cut its benchmark interest rate by 25 basis points to 6.0% on September 18, continuing its monetary easing stance. The move aims to anchor inflation expectations and guide annual inflation back toward the 5.0% ±1.5% target. Inflation in August stood at 7.3%, down from 7.9% in July. Economic activity showed early signs of recovery in Q2 2025, with industrial production up 3.2% and retail and wholesale trade rising 10.1% and 6.9%, respectively. However, overall growth remains negative as exports fell 7.7% while imports surged 23.1%. The external environment remains uncertain, with persistent trade and geopolitical risks and volatile commodity and food markets. The National Bank of Moldova is supporting aggregate demand, consumption, and investment to stabilize the economy and the current account. Future policy decisions will depend on evolving domestic and international macroeconomic conditions.

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