China October imports in USD terms YoY 41.6% (consensus 32%; prior 31.0%).

Demand at Japan's 30-year government bond auction was weak, below the 12-month average, as global fiscal-policy concerns damped bids. The bid-cover ratio was 3.36 on Tuesday, down from 3.88 at the prior auction and below the 12-month average of 3.6. A recent 10-year JGB auction also showed soft demand after yields fell, reducing investor interest. A global bond rally last week, including US Treasuries and JGBs, following a US midterm-driven tech selloff, pushed investors into safe havens and sent Japanese yields sharply lower from earlier multi-decade highs. The yield decline raises questions over whether current levels will attract buyers for ultra-long JGBs; market focus is on overall rate direction and the Bank of Japan's December meeting. Swap-market pricing implies roughly a 77% probability of a Bank of Japan rate hike in December.

摩根士丹利预计，2027年全球高带宽内存（HBM，AI芯片使用的高速堆叠式存储器）需求将出现明显变化，谷歌TPU预计占全球需求的35%，仅略低于英伟达的36%，两家合计达到71%。AMD预计占16%，亚马逊AWS占5%，创意电子客户约3%，微软和Meta各约2%。从芯片类型看，GPU预计占HBM需求的52%，定制AI芯片（ASIC）占47%，两者已基本平分。单颗芯片的HBM配置也在持续提高：AMD MI500预计搭载768GB，谷歌TPU v9为576GB，英伟达Rubin Ultra为384GB。这意味着HBM需求正在从英伟达GPU主导，转向英伟达与大型云厂商定制芯片共同驱动，谷歌已成为与英伟达规模相当的HBM需求方。