意大利9月非歐盟貿易帳 28.3億歐元，前值20億歐元。

China Merchants Securities International cut its target price for Pop Mart (09992.HK) by 6.6% to HKD113 from HKD121 and maintained an Overweight rating. The broker cited weaker-than-expected Q3 results, with domestic and overseas sales under pressure, stalled sales growth and margin compression. It expects net profit to continue declining in 2027 and 2028, lowering 2026–2028 net profit forecasts by about 28% and trimming 2026–2028 revenue forecasts by an average 22%, reflecting softer-than-expected growth momentum in both domestic and international markets.

Microsoft is conducting its first investment-grade bond issuance since 2017 as AI-driven investment lifts financing demand. The deal is split into 10 benchmark tranches with maturities from 2 to 40 years. The longest tranche, due 2066, carried initial price guidance of up to 135 bps over U.S. Treasuries. Wells Fargo, JP Morgan and UBS are leading the sale. Proceeds are earmarked for general corporate purposes, including capex. Microsoft’s prior investment-grade bond offering was in 2017, when it raised $17.0 bln across seven tranches.