イギリスグリーンギルト2053オークション

ドイツ2年BTP短期オークション

ドイツ日銀氷野講演

ユーロ圏ECBラガルドのスピーチ

Switzerland's trade surplus narrowed to CHF 2.8 billion in September 2025, from a downwardly revised CHF 3.8 billion in the previous month. This marked the smallest trade surplus since May, as imports climbed 9.4% month-on-month to CHF 19.9 billion, mainly driven by higher purchases of chemical-pharmaceutical products (34.2%) and costume jewelry and jewelry goods (19.5%). Among suppliers, imports from Russia surged 491.9% and those from South Korea jumped 245%, while imports from non-Eurozone countries declined sharply by 21.4%. Meanwhile, exports grew at a softer pace of 3.4% to CHF 22.8 billion, largely due to increased sales of vehicles (21.8%), costume jewelry and fine jewelry (17.3%), and paper and graphic products (11.4%). Exports to the US soared by 44.8%, indicating that demand for Swiss goods remains strong despite President Donald Trump’s significant 39% tariff. Moreover, exports surged to Czech Republic (37.5%), South Arica (33.2%), and Italy (32%).

Swiss Trade Surplus Smallest in 4 Months

Silver fell to around $51.5 per ounce on Tuesday, down roughly 5% from record highs reached last week, as investors locked in profits following a sharp rally driven by macroeconomic and physical market factors. Safe-haven metals also faced pressure as risk appetite improved, supported by easing US-China trade tensions, hopes for an end to the US government shutdown, and solid corporate earnings. US President Donald Trump said he expects to reach a fair trade deal with China’s President Xi Jinping during their upcoming meeting in South Korea. Meanwhile, traders await Friday’s key US inflation report ahead of an expected Federal Reserve rate cut next week. Last week, silver hit an all-time high amid a liquidity crunch in London’s silver market that triggered a global scramble for physical supply, compounded by strong demand from India.

Silver Declines on Profit-Taking

UK public sector net borrowing (excluding public sector banks) widened to £20.2 billion in September 2025 from £18.6 billion in the same month last year, but slightly below market expectations of £20.5 billion. This was the highest September borrowing since 2020. Total public sector spending increased by £8.9 billion, driven by higher costs of providing public services, benefits, and debt interest. Notably, interest payments on central government debt were higher than in any previous September on record. Meanwhile, total receipts rose by £7.3 billion, reflecting higher revenue from central government taxes and national insurance contributions. Borrowing for the financial year to September reached £99.8 billion, £7.2 billion (7.8%) above the OBR’s March forecast of £92.6 billion. It was also the second-highest year-to-date borrowing since records began in 1993, following the pandemic period. Public sector net debt, excluding public sector banks, stood at 95.3% of GDP.

UK Public Borrowing Slightly Below Forecasts

Thailand's cabinet has approved new incentives to boost domestic tourism, a finance ministry official said on Tuesday, as the government tries to revive a sluggish economy, Reuters reported. The measures, which include tax deductions for domestic travel and hotel renovations, are part of a series of stimulus efforts aimed at lifting economic growth above 2.2% this year. The latest economic data showed Thailand’s GDP grew 2.8% year-on-year in Q2 2025, easing from 3.2% growth in Q1. The accommodation and food services sector experienced notable weakness, expanding just 2.1% in Q2 compared to 7.2% in Q1, largely due to declining inbound tourism and slower domestic travel. 
Foreign tourist arrivals in Q2 totaled 7.136 million, down 12.2% year-on-year. Meanwhile, domestic tourism grew by 2.1%, a slowdown from 2.6% growth in Q1. Last year, the economy advanced 2.5%.

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