ドイツ鉱工業生産前月比

フランスプライベート非ファーム給与前四半期比速報値

スイス失業率

ユーロ圏ウォーラー連銀議長のスピーチ

The S&P Global Russia Services PMI rose to 51.7 in October 2025 from 47.0 in September, signaling the first expansion in the services sector in five months and the strongest performance since May. The improvement reflected a return to output growth and a softer decline in new orders. Employment increased for the fourth consecutive month, though the pace of job creation softened slightly, and remained solid overall. On the price front, input cost inflation accelerated to a six-month high amid higher wage bills and increased transportation and supplier costs. Meanwhile, selling prices rose at the fastest rate since January, as firms passed on higher costs to clients. Looking ahead, business sentiment weakened to the lowest level since December 2022.

Russia Services Activity Expands for 1st Time in 5 Months

The S&P Global Russia Composite PMI climbed to 50.2 in October 2025 from 46.6 in the previous month, signaling the first expansion in private sector activity since May. A rebound in the services sector largely supported the upturn as manufacturing continued to contract. New orders remained subdued amid broad-based demand weakness. Although manufacturing new business declined more sharply, a milder drop in services orders led to a slower overall downturn. Employment grew modestly, supported by solid job creation in services that offset job cuts in manufacturing. Meanwhile, firms saw a renewed but slight buildup in backlogs of work. On the price front, input costs rose at a solid pace, though the rate of inflation eased from September as manufacturing cost pressures moderated. Output charges, however, increased at the fastest pace since May, even as manufacturers reported another fall in selling prices.

Russia Private Sector Return to Growth

Iron ore futures hovered around CNY 775 per ton, staying near four-month lows as sluggish demand in China weighed on sentiment amid the steel industry’s seasonal slowdown. Industry data showed that China’s steel demand dropped sharply in the third quarter from the previous period and is expected to stay weak through year-end. The sector also faces reduced activity as winter curbs construction and mills undertake maintenance. A private survey indicated that Chinese manufacturing growth slowed more than expected in October as trade tensions with the US escalated, while official data signaled the longest contraction in over nine years. Meanwhile, global iron ore shipments remained elevated in October, leading to rising inventories in China. Expectations of higher supply from Guinea’s massive Simandou mine further added pressure on prices.

Iron Ore Pressured by Weak China Demand

Japan’s 10-year government bond yield rose to 1.68% on Thursday, moving back toward 17-year highs as steady wage growth strengthened expectations that the Bank of Japan will maintain its tightening stance. Nominal wages increased 1.9% in September, up from a 1.5% gain in August, supported by stable base pay and modest overtime growth. However, wage gains continued to lag behind the 3.4% rise in consumer prices, leading to a 1.4% decline in real wages and marking the ninth straight month of decreases. BOJ Governor Kazuo Ueda said the 2026 wage outlook will be crucial in determining when to resume tightening after the central bank kept policy unchanged last week. Meanwhile, the latest 10-year JGB auction attracted bids 2.97 times the amount offered, reflecting the weakest demand since May.

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