Russia Central Bank Reserves $ above expectations ($0B): Actual ($723.5B)

Commerzbank’s Dr. Henry Hao highlights a sharp acceleration in China’s September exports and a record trade surplus with both the US and EU. Producer prices rose faster than expected, driven by Oil and AI-related costs, while credit growth picked up on government bond issuance but remained uneven. The strong surplus arrives as EU-China trade tensions over sector safeguards intensify.