China’s Fiscal Revenue Growth Eases as Land-Sale Income Remains Under Pressure China: China’s fiscal revenue increased by 5.1% year-on-year to 17.2 trillion yuan (USD 2.58 trillion) in January-September 2026, compared with 5.7% growth in the January-August period, according to the Ministry of Finance. Tax revenue rose by 6.1%, while non-tax revenue increased by 1.2%. Fiscal expenditure grew by 1.0% during the first nine months, down from 1.2% growth in the first eight months.

Economic Growth Accelerates CHINA: China's economy grew by 4.5% year on year in the third quarter of 2026, exceeding expectations as strong exports offset weak domestic consumption. Growth reached 4.6% during the first nine months, keeping the country on track to achieve its annual target of 4.5% to 5.0%. Industrial output increased 5.5% in September, supported by high technology manufacturing, electric vehicles and digital industries. However, retail sales rose only 1.1%, wh

Saudi Economy Shows Resilience Amid Regional Conflict SAUDI ARABIA: Saudi Arabia’s economy remains resilient despite the ongoing Middle East conflict, supported by strong financial reserves, a well-capitalized banking sector and prudent economic policies, Saudi Central Bank Governor Ayman Al-Sayari said at the 2026 IMF and World Bank Annual Meetings in Thailand. He warned that regional instability was disrupting global trade, shipping routes, transportation and inflation, inc

Malaysia’s Economy Grows 5.3% as Government Advances Fiscal Reforms MALAYSIA: Malaysia’s economy is estimated to have grown 5.3% in the third quarter of 2026, following 6.0% growth in the previous quarter, according to the Department of Statistics Malaysia. Prime Minister Anwar Ibrahim attributed the country’s resilience to fiscal reforms, targeted subsidies and improved governance, with cumulative growth reaching 5.5% in the first three quarters. However, rising global oil p

Spain's Annual Inflation Reaches 5% Amid Rising Fuel and Travel Costs Spain: Spain's annual inflation rate reached 5.0% in September 2026, its highest level since February 2023, according to data released by the National Statistics Institute (INE) on 14 October. The European Union-harmonised consumer price index recorded a 5.0% year-on-year increase, driven by rising fuel and air travel costs. The figure was consistent with the preliminary estimate and forecasts from economis

China's Producer Prices Rise 5% as Energy Costs Drive Annual Inflation China: China's producer price index (PPI) increased by 5.0% year-on-year in September 2026, marking its highest annual growth rate since June 2022, according to the National Bureau of Statistics (NBS). The increase exceeded the 4.5% forecast by economists surveyed by Reuters and was driven by higher fuel costs and coal prices. Coal prices were influenced by demand for winter heating, supply constraints in

Philippines and South Korea Fast-Track Environmental and Climate Cooperation Agreements Ahead of ASEAN Summit Philippines/ South Korea: The Philippines and South Korea are accelerating negotiations on two Memoranda of Understanding (MOUs) covering environmental and climate change cooperation ahead of the 49th ASEAN Summit in November 2026. Discussions between Philippine Environment Secretary Juan Miguel Cuna and South Korean Ambassador and Deputy Minister for Climate Change J

Egypt Advances Structural Reforms and Economic Transformation Programme to Boost Private Sector Growth Egypt: Egypt’s Minister of Planning and Economic Development, Ahmed Rostom, reaffirmed the government’s commitment to structural reforms under the State Ownership Policy Document and government IPO programme, expanding long-term financing, diversifying funding sources and broadening the tax base digitally. Despite slower global growth and regional geopolitical tensions, the

UAE-EAEU Trade Pact Targets $50bn Annual Trade by 2032 UAE: The UAE-Eurasian Economic Union (EAEU) Economic Partnership Agreement has entered into force, granting preferential access across more than 86% of tariff lines covering around 96% of the value of current goods trade between the UAE and Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, with the deal targeting nearly USD 50bn in annual trade by 2032. The agreement, signed on June 27, 2025, reduces or eliminates cust

Oil Prices Rise Again as Middle East Conflict Tightens Global Supply Global: Benchmark oil prices have resumed an upward trend as renewed hostilities in the Middle East have further disrupted regional oil exports, despite earlier easing from April peaks following IEA emergency stock releases, bypass routes around the Strait of Hormuz, higher non-Gulf production and weaker global demand. Oil flows through the Strait averaged 7.6 million barrels per day (mb/d) in August, 13.1 m

Inflation EUROPE: Euro zone wage growth continued to moderate in the second quarter, even as inflation picked up, while negotiated wage agreements indicate only a mild acceleration next year. This is expected to provide some reassurance to European Central Bank (ECB) policymakers that wage pressures remain contained. The ECB is closely monitoring wage developments amid concerns that higher energy prices could trigger stronger pay demands and create a persistent wage-price spi

US House Vote Raises Tariff Risks for India Over Russian Oil India: India faces the prospect of tariffs of up to 100% on countries purchasing Russian oil and gas after the US House of Representatives passed legislation giving President Donald Trump broader powers to impose sanctions and tariffs on such countries. The legislation is expected to go to Trump for signature. India and China are among the countries most exposed, as both are major buyers of Russian crude. Russia acc

Trade New Zealand’s Parliament has passed legislation to implement the country’s free trade agreement with India, paving the way for reduced or zero tariffs on around 95% of New Zealand’s exports to the Indian market. The legislation was approved by 93 votes to 29, with the opposition Labour Party supporting the measure. More than half of the products covered under the agreement are expected to become duty-free from the date of implementation. In return, India will receive du

German Wholesale Prices Rise GERMANY: German wholesale prices increased by 6.8% year on year in August 2026, marking their fastest annual rise since February 2023. The increase was largely driven by higher energy and raw material costs linked to the conflict in Iran and the wider Middle East. Petroleum product prices rose 36.1%, while chemical product prices increased 13.6%. Wholesale prices also rose 0.9% from July. The rise adds to inflationary pressure in Germany, with con

Canada imposes retaliatory tariffs Canada: Canada has imposed retaliatory tariffs on US imports worth C$27.6 billion (US$20 billion), effective September 8, 2026, escalating trade tensions between the two countries. Tariffs of 15%, 25% and 50% apply to products targeted by US Section 338 and Section 232 measures, with rates matched to the corresponding US duties. This includes some building and construction materials with 50% duties, such as floor coverings of plastics. On th

How Economic Pressure Is Affecting Building Products Prices in Egypt Over the past three years, Egypt’s building-products industry has been affected by a weakening currency, followed by a gradual stabilisation. This has resulted in a continuous recalculation of costs for both manufacturers and consumers in the bathroom, kitchen, and HVAC categories, from imported compressors and copper to industrial gas used in ceramic firing. The products that rely most largely on imported p

China Announces USD 54 Billion Capital Injection to Strengthen Financial Sector China: China's finance ministry is leading a CNY 360 billion (USD 54 billion) capital injection into state-owned insurers and banks to strengthen the country's financial system and support long-term economic growth. China Life Insurance will receive CNY 35 billion (USD 5.2 billion), China Taiping Insurance CNY 7 billion (USD 1.0 billion), People's Insurance Company of China plans to raise up to CN

South African Economy Contracts 0.2% In Second Quarter South Africa: South Africa’s economy contracted by 0.2% on a seasonally adjusted quarter-on-quarter basis in the second quarter of 2026, ending six consecutive quarters of growth, according to Statistics South Africa. Mining output declined by 3.0%, manufacturing fell by 1.8% and trade contracted by 1.9%. Higher imports and lower investment also constrained economic activity during the quarter. The economic slowdown follo

Distribution Do it Best Group has continued to make progress in integrating True Value, which it acquired in late 2024, with initiatives focused on product alignment, procurement efficiencies and optimisation of its distribution network. As part of the integration, the company has achieved 92% SKU alignment between the Do it Best and True Value businesses following a review of more than 50,000 products across both operations. The company has also completed more than 100 produ

UK Energy Costs Rise as US–Iran Conflict Drives Fuel Prices Higher UK: The ongoing US–Iran conflict is expected to add an estimated US$11.4 billion (£9.8 billion) to UK energy and road transport costs, according to the Energy and Climate Intelligence Unit (ECIU). Higher wholesale gas and oil prices could add more than £5bn to energy bills and US$ 5.5 billion (£4.7 billion) to road fuel costs. Energy users face around US$ 220.6 million (£190 million) in additional costs each w