JP Morgan now expects the RESERVE BANK OF AUSTRALIA to raise rates again this week, citing recent inflation readings and comments from senior central bank officials. JP Morgan chief economist Ben Jarman says the RBA has signaled inflation is not yet under control and still has work to do. Markets put roughly a 90% probability on another increase in the official overnight cash rate. Weak economic activity reduces the chance of further hikes after November, but with inflation still too high the RBA is expected to maintain a tightening bias.

Trump: The reason we haven't completely resolved the Iran issue is simply because I want to appear friendly. If possible, I hope to do everything I can to save those lives. But at some point, we will have to deliver a heavy blow to them.

Colombia's vice president warned that if Congress fails to pass a fiscal adjustment bill, the country would face sovereign default risk.

The Colombian vice president stated that Colombia faces the risk of default if Congress fails to pass the fiscal adjustment bill.

1. Monday: ① Data: China's October RatingDog Manufacturing PMI; Switzerland's September Real Retail Sales YoY; Final October Manufacturing PMIs for France, Germany, the Eurozone, and the UK; Final October S&P Global Manufacturing PMI for the US; US October ISM Manufacturing PMI; US September Construction Spending MoM; ② Events: 1 trillion yuan of overnight reverse repos and 56 billion yuan of 7-day reverse repos will mature today. ③ Earnings Reports: Apple (AAPL.O), Palantir (PLTR.N), etc. 2. Tuesday: ① Data: Australia's Reserve Bank of Australia (RBA) interest rate decision (until November 3); Switzerland's October CPI month-on-month rate; US September JOLTs job openings; US September factory orders month-on-month rate; ② Events: RBA releases interest rate decision and monetary policy statement; Governor Bullock holds a monetary policy press conference; 2027 FOMC voting member and Chicago Fed President Goolsby speaks; ECB Governing Council members Radev, Morain, Koch, Dorenz, etc. speak; 2026 US midterm elections; ③ Holiday: Tokyo Stock Exchange closed for Culture Day; ④ Earnings Reports: Pfizer (PFE.N), AMD (AMD.O), BioNTech SE (BNTX.O), etc. 3. Wednesday: ① Data: US weekly API crude oil inventories; China October RatingDog Services PMI; Final October Services PMIs for France, Germany, Eurozone, and UK; Eurozone October CPI preliminary reading; US October ADP employment change; US September trade balance; US October S&P Global Services PMI final reading; US October ISM Non-Manufacturing PMI; US weekly EIA crude oil inventories, weekly EIA Cushing, Oklahoma crude oil inventories, weekly EIA Strategic Petroleum Reserves; ② Events: Speeches by ECB Governing Council member Nagel and Chief Economist Lane; US Treasury releases quarterly refinancing announcement; The 24th China Semiconductor Packaging and Testing Technology and Market Annual Conference will be held from November 4th to 6th at the Nanjing Fengda International Hotel; ③ Earnings Reports: Qualcomm (QCOM.O), Arm (ARM.O), Uber (UBER.N), McDonald's (MCD.N), etc. 4. Thursday: ① Data: French September industrial production month-on-month; Swiss October seasonally adjusted unemployment rate; Eurozone September PPI month-on-month; US October Challenger job cuts; UK central bank interest rate decision to November 5; US initial jobless claims for the week ending October 31; US October global supply chain stress index; US weekly EIA natural gas storage; ② Events: Bank of Japan releases minutes of its September monetary policy meeting; ECB Governing Council member Mourinho and Executive Board member Schnabel, among others, deliver speeches; Bank of England releases interest rate decision, meeting minutes, and monetary policy report; Governor Bailey holds a monetary policy press conference; Swiss National Bank President Schlegel delivers a speech; 2026 FOMC voting member and Cleveland Fed President Hamak speaks on stablecoins and safe-haven currencies; 2027 FOMC voting member and Richmond Fed President Barkin speaks; Saudi Aramco releases official crude oil prices around the 5th of each month. ③ Earnings Reports: Zai Lab (09688.HK), BeiGene (06160.HK), ConocoPhillips (COP.N), etc. 5. Friday: ① Data: Germany's September seasonally adjusted industrial production month-on-month; UK's October Halifax seasonally adjusted house price index month-on-month; France's September trade balance; Switzerland's October consumer confidence index; Eurozone's September retail sales month-on-month; Canada's October employment change; US October unemployment rate, October seasonally adjusted non-farm payrolls, October average hourly earnings year-on-year, October average hourly earnings month-on-month; US November one-year inflation rate expectations preliminary value; US November University of Michigan consumer sentiment index preliminary value; ② Events: Speeches by ECB President Lagarde, Governing Council member Dorenz, etc.; Speech by 2026 FOMC voting member and Dallas Fed President Logan; FOMC permanent voting member and New York Fed President Williams, and ECB Chief Economist Lane participated in discussions at the 2026 ECB Monetary Markets Conference; 2028 FOMC voting member and St. Louis Fed President Mulsalem delivered a speech; Bank of England Chief Economist Peale spoke on the central bank's latest policy decisions and economic outlook; Canadian Finance Minister François-Philippe Champagne announced the federal budget; ③ Earnings reports: Hong Kong Stock Exchange (00388.HK), Moderna (MRNA.O), etc. 6. Saturday: ① Data: US weekly oil rig count; China's October foreign exchange reserves ② Events: Bank of Japan Governor Kazuo Ueda delivered a speech at the International Monetary Fund (IMF), followed by a dialogue with IMF Managing Director Kristalina Georgieva.

Spot silver rose 1.0% intraday to $49.63/oz.