France-Germany 10-year government bond yield spread narrowed to 142.8 bps, the tightest since Oct. 19.

At its Q3 2026 results briefing, Wang Li (acting general manager) said Kweichow Moutai has been executing a company-wide shift toward the consumer (C-end) market. Despite deep industry adjustment and weak consumption, Moutai sales have been orderly and the sauce-aroma segment is basically stable. Jan–Sep 2026 product volumes rose YoY, and operating costs increased accordingly; average comprehensive per-ton prices were lowered to match real consumption, so per-ton revenue fell YoY. Cost growth outpaced revenue growth, leaving gross margin slightly down YoY; the company's cost/expense-to-profit ratio for the first three quarters remains within a reasonable range versus the past decade.

UK 2-year gilt yield rose to 4.855%, a one-week high.