The People’s Bank of China conducted its third Securities, Fund, Insurance Swap Facility (SFISF) operation, allotting RMB100 billion at a 10bp fee for a one-year tenor, with extension optional. Everbright Securities won an allocation and said it will use the quota in compliance with regulations to accelerate deployment, act as a stabilizing market intermediary, and help improve liquidity and steady market expectations.

S&P GLOBAL MARKET INTELLIGENCE deputy chief economist Phil Smith said Germany’s services-sector recovery lost momentum in October as business demand softened, according to the latest PMI. Q3’s pickup in new-business inflows and existing backlogs helped sustain October activity, but Smith warned that continued growth through the rest of Q4 would likely require a swift rebound in demand. The business expectations index rose to its highest since February, suggesting the slowdown may be temporary. The reintroduction of an October fuel discount pushed down input and output price inflation, but price pressures remain elevated by historical standards. Firms also cited high fuel costs, rising borrowing costs and wage growth as ongoing margin squeezes.

New Zealand Q3 Labour Cost Index YoY 2.0%, below 2.1% expected and prior 2.1%.