アメリカFRB「地区連銀経済報告」

ユーロ圏ECBグインドス氏の講演

アメリカ10年間の気候変動対策国債入札

オーストラリアRBAブロック氏のスピーチ

Lumber futures rose to $630 per thousand board feet in mid-October, reaching two-month highs as markets adjusted to the newly implemented US Section 232 tariffs, effective October 14th, imposed a 10% duty on imported softwood lumber and higher levies on finished wood products, prompting importers to front-load orders and draw down inventories. Domestic production remains constrained as sawmills operate cautiously after years of underinvestment, logging restrictions in sensitive regions, and slow capacity restarts, removing tens of millions of board feet from the near-term pipeline. Canadian lumber, which supplies a significant portion of US demand, already carries elevated antidumping and countervailing duties, further intensifying the supply squeeze. Expectations for lower US interest rates have added fuel to the rally, as reduced borrowing and financing costs increase the potential for renewed housing activity.

Lumber Rises to 2-Month High Amid Tariffs

The FTSE MIB fell 0.4% to close at 41,907 on Wednesday, dragged down by losses in the financial sector. Generali dropped 2.9% after disclosing several portfolio adjustments, including reducing its holdings in Netflix (-9.2%) and Coca-Cola (-9.7%) while increasing positions in Blue Owl Capital and Goldman Sachs. Intesa Sanpaolo fell 1.6% as its merger with First Bank entered the final phase, with completion expected by October 31 pending final regulatory approval. Other major banks also retreated, with Banca Popolare di Sondrio down 3.1% and BPER 3.0%. Nexi tumbled 5.4% after BNP Paribas Exane downgraded the stock to Neutral and cut its target price to EUR 5.30, citing extraordinary events such as the de-migration of Banco BPM (-2.8%) and CCB, and the re-insourcing of a Nordic client’s operations. Leonardo declined over 4% as easing geopolitical tensions in the Middle East weighed on defense stocks, while automakers outperformed, with Ferrari up 2.9% and Stellantis 3.2%.

FTSE MIB Falls as Bank and Defense Stocks Retreat

In Paris,  the CAC 40 Index went up by 157 points or 1.99 percent on Wednesday. Top gainers were LVMH (12.57%), Bouygues (7.39%) and Hermes International (7.21%).

The CAC 40 Index Closes 1.99% Higher

The CAC 40 jumped 2.4% to close at 8,090 on Wednesday, the highest level since March and outperforming peers, driven by a powerful rally in luxury names. LVMH led the surge, soaring 12.6% after reporting a 1% year-on-year rise in Q3 2025 sales, its first quarterly sales growth this year, a surprise that beat expectations and suggests the global luxury slowdown may be easing. Peers Hermès and Kering rose 7.3% and 5.4% respectively, amplifying the index’s advance. Telecoms also contributed as Orange climbed 3.4% and Bouygues jumped 7.2% on reports that Bouygues Telecom, Free and Orange submitted a €17 billion non-binding joint bid for most of Altice’s French assets. On the political front Prime Minister Sébastien Lecornu said the 2023 pension reform will be suspended until after the 2027 presidential election to build support for the 2026 budget, and the Socialist Party’s decision not to back a no-confidence motion removed an immediate source of instability.

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