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アメリカジェファーソン連銀のスピーチ

アメリカHCOB 建設 PMI

アメリカ週平均労働時間

Germany’s 10-year Bund yield climbed toward 2.7%, hitting a fresh one-month high, as investors weighed persistent concerns over the domestic economic outlook alongside mixed signals from central banks on the path of monetary policy. Recent German data showed stronger-than-expected rebounds in exports and imports, but industrial output disappointed, while the Bundesbank warned of growing financial stability risks. Market sentiment was further shaped by comments from ECB policymakers following last week’s decision to hold interest rates steady. François Villeroy de Galhau said the Bank must keep options open, Joachim Nagel urged vigilance on inflation, and Vice President Luis de Guindos noted any dip below 2% inflation would likely be temporary. Across the Atlantic, doubts persist over a December Fed cut, after Challenger data showed layoffs at a 20-year high in October, partially offsetting stronger ADP employment and ISM services figures earlier in the week.

German Bund Yields Rise to One-Month High

The FAO Food Price Index fell 1.6% to 126.4 points in October 2025, marking a second consecutive monthly decline and the lowest level since January. Prices of cereals dropped 1.3% to the lowest level since September 2020, amid ample global supplies, favourable production prospects in the southern hemisphere and steady progress of winter wheat planting across the north. Dairy cost was down 3.4%, with prices declining for butter (-6.5%), whole milk powder (-6%), skim milk powder (-4%) and cheese (-1.5%). Meat fell 2% as sharp drops in pig and poultry and a fall in ovine meat were partially offset by higher bovine meat quotations. Also, sugar prices tumbled 5.3% to the lowest level since December 2020, mainly driven by expectations of ample global sugar supplies from Brazil, Thailand and India. On the other hand, prices increased 0.9% for vegetable oils, reaching the highest since July 2022, reflecting rising quotations for palm, rapeseed, soy and sunflower oils.

World Food Prices Lowest Since January

Iron ore futures in China fell to CNY 760 per tonne in November, the lowest in four months, amid mounting evidence of poor demand. Steel exports out of China, the world's top producer, fell by 12.5% from the previous year to 9.782 million tonnes in October. Despite this, iron ore imports were 10.2% higher. The result reflected the downward pressure on global demand for Chinese steel as Southeast Asia and Latin America increase their protectionist policies to combat the soaring supply of cheap Chinese metal. Chinese mills had increasingly depended on foreign customers as slowing domestic manufacturing demand and the prolonged property crisis dent purchasing of ferrous metals, lastly evidenced by manufacturing and construction PMIs falling deep in the contraction territory. 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 Falls to 4-Month Low

Iceland’s trade deficit narrowed to ISK 24.2 billion in October 2025 from ISK 46.5 billion in the corresponding month of the previous year. This marked the smallest trade deficit since September 2024, as exports dropped more than imports. Year-on-year, exports fell by 2% to ISK 85.3 billion, mainly due to lower shipments of fresh fish (-15.2%), agricultural products (-8.3%), and salted and/or dried fish (-5.7%). Meanwhile, imports declined by -18% to ISK 109.5 billion, with decreased purchases of transport equipment (-54.5%), industrial supplies (-26.4%), and capital goods (-6%).

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