U.S. President Trump (on Iran): I do not want to cause a large loss of life, but if it must be done, so be it.

MOFCOM’s County Commerce Development Report (2026), released Nov. 3, says China’s county-level consumer market is the most promising area for consumption growth. Rural retail sales of consumer goods reached 6.8 tln yuan in 2025, up 4.1% YoY. Rural living standards and supply quality improved, commercial networks expanded, new consumption formats emerged, and rural delivery logistics accelerated downward penetration as county-level logistics distribution centers achieved near-full national coverage. The 2025 county consumption prosperity index was 47.5, in a stable range; the services sub-index was highest, reflecting a continued shift toward service consumption in county markets.

ECB governing council member Moulin said France’s Q3 activity unexpectedly contracted and the Banque de France may need to lower its 2026 growth forecast. The bank currently projects 0.4% growth for this year, but that would require very strong Q4 expansion. Speaking at a Jeco meeting in Lyon, Moulin said the current projection is somewhat optimistic and will likely be revised down slightly. Banque de France plans to update its macro forecasts in December after the ECB’s next rate decision.