Swiss government says it needs an additional CHF 24 bln for military spending.

Prime Minister Christopher Luxon won his National Party caucus confidence vote on the 12th and will remain party leader. Luxon said on social media on the 11th that media reports had increased speculation about his leadership and he called a caucus meeting for the 12th. New Zealand's parliamentary election is scheduled for Nov. 7.

China International Capital Co research: commodity markets are likely to continue to diverge. AI data centers, power‑grid expansion and energy transition will support copper and aluminum demand. With supply constraints still tight, nonferrous metals combine improved liquidity and AI-driven physical investment; recommend overweight. Oil and other energy commodities retain hedging value but volatility may increase; recommend maintaining positions and avoiding chasing gains.