阿迪達斯首席執行官：法國抗議活動迫使我們關閉部分門店，但目前尚無值得討論的影響。

South Korea September industrial production rose 1.2% YoY, above the 1.0% consensus; the prior reading was revised from -2.20% to -1.7%.

CITIC Securities says 2026 should be a base year for bulk agricultural commodity prices to bottom and rebuild momentum. International conflicts and El Niño-related weather shocks are pushing up overseas planting-chain prices ahead of domestic staples, which have stabilized at their lows. For 2027, a historically strong El Niño, high farm-input costs, rising bioenergy demand and a falling stocks-to-use ratio should reinforce production-cut expectations and support further price gains. Hogs remain deeply loss-making; continued losses plus policy-driven capacity cuts make a cyclical recovery likely in H2 2027. Meat and poultry chains are showing a mild recovery; post-cycle animal health appears to be bottoming and may rebound. Recommended 2027 positioning: 1. Early exposure to a hog-cycle reversal—favor cost leaders, firms with strong cash-distribution prospects, low-valuation names and companies diversifying into cattle. 2. Operators with stable, cycle-resilient earnings and firms positioned for post-cycle strength. 3. Plays across the crop/planting value chain. 4. Pet-industry chains at an inflection point. 5. Agricultural processors and suppliers of functional ingredients.