As of Q3 filings from 614 STAR Market companies, aggregate R&D spending in the first nine months reached 147.11 bln yuan, up 25.83% YoY; median R&D-to-revenue ratio was 12.64%, keeping the STAR Market ahead of other A-share segments. 188 companies (31% of reporters) posted R&D intensity above 20%, a 6 pp increase YoY. In the STAR Growth tier, 37 companies spent a combined 14.534 bln yuan on R&D, up 18% YoY, with a median R&D intensity of 38.26%.

Days after a 25bp BOC hike, data show Canadian employment fell 49.6k in August and GDP growth stalled that month, with September likely to contract; the figures imply Q3 annualized GDP near 1.3% versus the BOC’s prior 2% forecast. David Rosenberg, head of Rosenberg Research, said the weak prints challenge expectations of an economic acceleration and questioned whether the central bank can ignore the recent soft data. He added the rate decision looked based on questionable survey signals rather than real activity and that there is no evidence fuel-price rises have passed through to non-energy goods prices.

OPEC+ said at its Sunday meeting it decided to keep December oil production quotas unchanged.