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Fitch Ratings affirmed Slovakia’s long-term foreign-currency Issuer Default Rating at A- with a Stable Outlook on October 30, 2026, citing the country’s deep integration with the euro area and continued EU fund inflows despite mounting budget pressures. However, fiscal consolidation is expected to lose momentum ahead of the 2027 parliamentary election, with the deficit projected to widen to 5.0% of GDP in 2027 before improving from 2028. The deterioration reflects higher public-sector wages, social spending, defense expenditure, and debt-servicing costs. Still, an average debt maturity of over eight years helps contain near-term refinancing risks. GDP growth is projected to grow by 0.8% in 2026 amid higher energy prices and financing costs linked to Middle East tensions. Growth is forecast to strengthen gradually to 1.8% by 2028, on rising automotive production and stronger investment. Other major agencies keep stable outlooks, with S&P rating Slovakia A, Moody’s A3, and DBRS A (low).

China’s official NBS Non-Manufacturing PMI fell to 49.7 in October 2026 from September’s three-month high of 50.2, missing market expectations of 50.5 and indicating a contraction in services activity for the sixth time so far this year. By sector, activity weakened in both construction and services, partly reflecting the seasonal impact of the Golden Week break. New orders (44.4 vs 46.5 in September) and export sales (46.5 vs 48.5) contracted at a steeper pace, while employment remained weak (46.0 vs 45.9). On the cost front, input prices continued to rise for a third consecutive month, although at a slower pace (51.5 vs 52.5). Meanwhile, selling prices returned to contraction after a brief increase in September (49.5 vs 50.3). Looking ahead, business confidence eased to an eight-month low (50.7 vs 51.3).

China’s NBS Composite PMI Output Index fell to 49.7 in October 2026 from September’s nine-month high of 50.7, marking the fifth contraction in overall business activity so far this year. The decline reflected weaker manufacturing output and a renewed contraction in the services sector following a brief expansion in September. While high-tech manufacturing remained resilient, supported by AI-related demand, broader business activity softened amid subdued domestic demand and seasonal disruptions from the Golden Week holiday. NBS statistician Huo Lihui attributed the overall slowdown partly to the impact of the holiday.

Coal increased to 152.45 USD/T, the highest since October 2024. Over the past 4 weeks, Coal gained 2.63%, and in the last 12 months, it increased 38.06%.

The Ibovespa fell 0.7% to close at 167,922 on Friday, extending its losing streak to five sessions and posting its worst weekly performance since March 2020, at the height of the pandemic. The index had rallied in early October amid bets on a change in government and fiscal adjustment. However, Lula’s reelection triggered the unwinding of those positions, while concerns over public spending and debt prolonged the selling pressure. The shift particularly affected companies sensitive to credit conditions and consumer spending. Banks declined, with Bradesco and Itaú each losing 2.1%. Steelmakers posted sharp losses, with CSN plunging 8.5%. In contrast, Vale, whose shares had plunged more than 11% over the month, rose 3.3% despite reporting a net loss in the third quarter, as its copper business helped offset costs in iron ore and nickel. Petrobras also advanced 1%, tracking oil prices. The Ibovespa sank 17.3% on the week and 10% for the month.

The S&P/TSX Composite Index fell more than 1.7% to close at 36,620 as rebounding oil prices renewed inflation concerns. Crude rose after a tanker attack in the Strait of Hormuz underscored supply risks. Energy-driven inflation concerns have weighed on major banks since the start of the US-Iran war, raising the risk that interest rates will remain higher for longer. RBC fell 1.5%, TD Bank lost 2.3%, and BMO shed 2.9%. Meanwhile, lower gold prices pressured heavyweight miners, with Agnico Eagle down 6%, Barrick losing 4.6%, and WPM shedding 5.7%. Technology stocks also posted heavy losses amid a major selloff in US chipmakers and hyperscalers. Celestica fell 6.8%, while Shopify lost 5.7%. Elsewhere, Cameco sank 7.7% after reporting a net loss in the third quarter of 2026 despite higher revenue. Imperial Oil gained 5.4% after beating profit estimates, while Canadian National Railway shed 0.5% despite also posting strong results. The TSX lost 0.7% on the week but gained 1.5% for the month.

The Central Bank of Colombia left its benchmark interest rate unchanged at 12.25% at its October 2026 meeting, in line with market expectations. The Board of Directors noted that annual inflation edged up to 6.3% in September, slightly below forecasts. Core inflation, meanwhile, declined from 6.1% in August to 6.0% in September. However, the El Niño weather phenomenon represents a significant upside risk to the outlook for food and regulated prices. Inflation expectations for December 2026 edged up to 6.9%. The Board also noted that Colombia’s annual economic growth is estimated to have slowed in the third quarter compared with the previous quarter. Domestic demand indicators point to weaker consumption growth in both the private and public sectors. The Board emphasized the importance of thoroughly reviewing the Economic Rescue Bill submitted to Congress, noting that the evolution of public finances is a key factor in future monetary policy decisions.

Uruguay’s trade deficit narrowed to $35.3 million in September 2025, from $124.4 million a year earlier. Exports grew 7.8% year-on-year to $1.14 billion, led by an 11.5% increase in manufacturing exports. Within the sector, sales of food and beverage products rose 5.8%, tobacco product exports increased 52%, and textile product sales climbed 84.4%. Exports of primary products grew 2%, as higher sales of forestry and wood extraction products (+16.5%) offset declines in other subsectors. Meanwhile, utility exports rose 2.4%. On the import side, purchases edged down 0.6% to $1.17 billion. Imports of intermediate goods recorded the largest decline, falling 5.7%, as purchases of oil and distillates dropped 53.3%. Imports of capital goods slipped 0.8%, amid an 8.4% decline in purchases of machinery and equipment. In contrast, imports of consumer goods rose 9.9%, driven by a 28.1% increase in vehicle purchases.