New Zealand data, August trade balance -2200m (prior -963m)

HSBC expects the U.S. dollar to bottom in early 2026 as Fed rate cuts and uncertainty over the next chair weigh on sentiment. The bank says a busy week of Fed speeches and U.S. data could test dollar bears in the near term.

The Kremlin said Prime Minister Mikhail Mishustin’s Nov. 3–4 visit to China is “very important,” highlighting plans to meet Premier Li Qiang and possibly President Xi. Peskov said the trip reflects strong, ongoing Russia–China cooperation.

Chinese Premier Li Qiang will attend the opening of the China International Import Expo in Shanghai and deliver a keynote address, Xinhua reported. The event, running November 5–10, highlights Beijing’s push to promote global trade and investment.

China's factory PMI contracts 7th month, trade tariffs bite. Asia mixed ahead of data. Watch for manufacturing gloom.

November futures flat after October's +2% rally. Traders eye earnings, AI, and Fed for next moves. Choppy action expected.

China’s private manufacturing PMI slipped to 50.6 in October as output and new orders softened under tariff pressure. Employment rose for the first time in seven months, but exports weakened, prompting Beijing to step up fiscal support.

Goldman Sachs said the current U.S. government shutdown could have the biggest economic impact on record, cutting Q4 growth by more than one percentage point if it lasts six weeks, with a partial rebound expected in early 2026 as spending resumes.