Italy preliminary Oct harmonized CPI (HICP) YoY 5.6% vs 4.6% expected; Sep 4.2%.

Politico reports US officials increasingly view President Trump's proposed $1.5 tln defense request as unlikely to win congressional approval; the Pentagon is preparing for roughly $400 bln of reductions. The administration had sought up to $1.5 tln, aiming to use budget reconciliation to add $350 bln above a $1.15 tln base. Pentagon planners and congressional appropriations committees are instead drafting a roughly $1.1 tln defense budget, and Pentagon budget teams are assessing which programs must be prioritized for funding. A former government official said planners are drawing up a smaller package and that a lower budget is now the more common expectation versus any proposal near $1.5 tln.

Ten US military transport aircraft landed on Oct. 28 at Ovda and Nevatim air bases in southern Israel, delivering large quantities of air-defence and interceptor missiles from Fort Bliss, Texas to replenish Israeli stocks as Washington and Jerusalem prepare for potential renewed military action against Iran. Analysts say the shipments are intended to replace expended munitions and that US forces have not ruled out directly deploying Patriot air-defence batteries to Israel. Israeli officials say the two countries are in close strategic coordination and that their militaries are preparing to act on any decisions by President Trump. Large numbers of US transports also landed at bases in Jordan, Saudi Arabia and Qatar.