Israel Hayom reports Iran appears to have abandoned demands to control the Strait of Hormuz and to levy transit fees on vessels transiting the strategic waterway.

Brazilian President Lula, in his first TV address since winning a fourth term on Sunday, pledged to uphold public finances while preserving social programs to reassure investors. He said the trajectory of public debt and high interest rates worry him and reiterated a commitment to fiscal responsibility to ensure social-policy sustainability and spur investment. Lula flagged lowering borrowing costs as a key challenge and said his government would create conditions to reduce rates and lift investment above 20% of GDP, but he gave no details on spending cuts, revenue measures or other steps to support public accounts — a central investor concern as he begins a new four-year term.

1. Monday: ① Data: China's October CPI data; Germany's September seasonally adjusted trade balance; Eurozone's November Sentix investor confidence index; US September wholesale sales month-on-month rate; China's October M2 money supply year-on-year rate; ② Events: Speech by RBA Assistant Governor Hunt; Speech by Chicago Fed President Goolsby, 2027 FOMC voting member; ③ Earnings Reports: Occidental Petroleum (OXY.N), Lucid Group (LCID.O), etc. 2. Tuesday: ① Data: US October New York Fed 1-year inflation expectations; Japan September trade balance; France Q3 ILO unemployment rate; US October NFIB small business confidence index; US weekly ADP employment change; US October seasonally adjusted CPI month-on-month rate; US October seasonally adjusted core CPI month-on-month rate; China October trade balance in US dollars; China October trade balance; ② Events: G7 foreign ministers' meeting held, with foreign ministers from Saudi Arabia, Egypt, South Korea, Kenya, Brazil, and Ukraine also attending; US, Russia... Russia and Ukraine will meet in Abu Dhabi on November 10-11; 2027 FOMC voting member and Richmond Fed President Barkin will speak; Bank of England Governor Bailey will speak on central bank independence; the Bank of Japan will release a summary of opinions from its October monetary policy meeting committee members; Federal Reserve Governor Waller will speak; 2026 FOMC voting member and Dallas Fed President Logan will speak; ③ Holiday: The National Stock Exchange of India will be closed for Diwali; ④ Earnings Report: TSMC will release its October 2026 revenue report. 3. Wednesday: ① Data: US 10-year Treasury auction yield and bid-to-cover ratio (until November 10); US weekly API crude oil inventories; German October CPI final reading; ② Events: OPEC releases monthly oil market report; The US, Russia, and Ukraine will meet in Abu Dhabi from November 10 to 11; EIA releases monthly Short-Term Energy Outlook report; The Bank of Canada releases minutes of its monetary policy meeting; 2028 FOMC voting member and Kansas City Fed President Schmid speaks; 2026 FOMC voting member and Philadelphia Fed President Paulson speaks; ③ Holiday: US stock markets will be open as usual for Veterans Day, and CME US Treasury futures will also trade normally, but the US spot bond market will be closed for the day. 4. Thursday: ① Data: UK Q3 GDP annualized preliminary estimate; UK September three-month GDP monthly rate; UK September manufacturing output monthly rate; UK September seasonally adjusted goods trade balance; UK September industrial production monthly rate; US initial jobless claims for the week ending November 7; US October existing home sales annualized; ② Events: Domestic refined oil prices will enter a new adjustment window; 2026 FOMC voting member and Cleveland Fed President Hamak delivers a speech; ECB releases economic bulletin; ③ Earnings reports: SMIC (00981.HK), Applied Materials (AMAT.O), etc. 5. Friday: ① Data: US EIA crude oil inventories (weekly), Cushing, Oklahoma crude oil inventories (weekly), EIA strategic petroleum reserves (weekly); France's final October CPI month-on-month rate; Eurozone's revised Q3 GDP year-on-year rate; Eurozone's preliminary Q3 seasonally adjusted employment rate (quarterly); Eurozone's September seasonally adjusted trade balance; Canada's September wholesale sales month-on-month rate; US October PPI year-on-year rate; US October PPI month-on-month rate; US EIA natural gas inventories (weekly); China's October total electricity consumption year-on-year; China's October total electricity consumption; ② Events: The National Energy Administration releases total electricity consumption data around the 15th of each month; 2027 FOMC voting member and Chicago Fed President Goolsby speaks; 2027 FOMC voting member and San Francisco Fed President Daly speaks; FOMC permanent voting member and New York Fed President Williams speaks; IEA releases monthly oil market report; the 12th International Macroeconomics Symposium jointly hosted by the Bank of Italy, the Bank of England, and the Bank of France. 6. Saturday: ① Data: Total number of oil rigs in the United States for the week ending November 13; ② Events: Speech by Daly, 2027 FOMC voting member and president of the San Francisco Fed; Speech by Fed Vice Chairman Jefferson.