日本內閣官房長官木原稔：動用1.1萬億日元儲備金來支持燃料價格補貼措施。

Caitong Asset Management launched its first ETF-FOF (a fund-of-funds that primarily invests in ETFs). The product must allocate at least 80% of assets to public funds, and at least 80% of non-cash fund assets to ETFs. It is the third brokerage asset manager to issue an ETF-FOF after Guotai Haitong Asset Management and Bohai Huijin Asset Management in May. Issuers report positive market reception citing low volatility. As ETF and public-FOF market scale expanded, public ETF-FOF registrations resumed in 2025; in just over a year the number of ETF-FOFs has surpassed 33 with AUM of 14.5 bln yuan. With the first active ETFs now established and the total ETF universe exceeding 1,700, ETF-FOFs may move from niche experiments to broader portfolio allocation tools.

Markets expect the ECB to keep the deposit facility rate at 2.50%. Whether the ECB signals further tightening at the December meeting will be a key driver for the euro and bond markets. Monitor pass-through of oil and gas costs into wages, services prices and core inflation. Movements in the French government bond market will inform whether the ECB judges prevailing financial conditions sufficiently tight to affect policy. Watch for any formal developments on Lagarde’s continuation or departure.