Morgan Stanley expects USD/BRL to test 5.60; if fiscal concerns intensify the pair could hit 6.00. Brazilian interbank rates are forecast to decline in phased cuts of 300–400 bps. Over the next few days Morgan Stanley sees Brazil 10-year sovereign spreads widening about 50 bps and 5-year CDS widening about 40 bps. It forecasts Brazilian equities to drop 20–30%, with pronounced stock-level dispersion.

A股短剧游戏板块盘初走弱，博纳影业跌超9%，果麦文化、慈文传媒跌超6%，天威视讯、掌阅科技、中文在线跟跌。

Caixin Securities chief economist Yuan Chuang said recent offshore shocks drove notable A‑share volatility but on Oct. 23 afternoon multiple broad-based ETFs registered a sustained pickup in volume, and the market rebounded on higher turnover, improving sentiment. He flagged US midterms, the Fed hiking cycle, US‑Iran tensions, AI-sector financing worries and US tech earnings as potential ongoing sentiment drags, but said recent overseas events do not change A‑shares' medium-to-long‑term investment value. Yuan expects A‑shares to gradually stabilise after continued consolidation through Oct–Nov and recommends controlling positions, favouring right‑side entries while awaiting a new trend.