Global Key Indices — Latest Readings

Domestic Macroeconomic Indices

2026 Macroeconomic Indices

Contents

Domestic News

1. NDRC: further improving the price regulation mechanism for key livelihood commodities

2. General Administration of Customs: private enterprises' imports and exports reached 25.46 trillion yuan in the first ten months, up 20.1%

3. Ministry of Finance releases joint outcome statement of the second China-Canada Economic and Financial Strategic Dialogue

4. CGN's San'ao nuclear power project in Zhejiang begins main construction of Unit 4

5. Hog purchase and dressed carcass ex-factory prices at designated slaughterhouses in the fifth week of October

6. NDRC: expanding the supply of regular high school and higher education places through multiple channels

7. ST Longda: the company is under investigation by the CSRC for suspected information disclosure violations

8. Is Alice Huang a Chinese citizen? Foreign Ministry: the so-called "Chinese spy" narrative is pure fabrication and smear

International News

1. Dollar softens slightly ahead of CPI report as the market waits for inflation clues

2. Sources: recent Ukrainian attacks have cut Russian oil refining capacity by 30%

3. US average gasoline price falls below USD 4 for the first time since August, but Thanksgiving travel costs may still be the most expensive on record

4. Freight rates for Russian Urals crude plunge, with per-barrel transport costs falling to USD 25

5. Confidential report: the United States has gained USD 12 billion from Venezuelan oil

6. Strategists: beyond the oil shock, AI investment demand may become a new driver of US inflation

7. Pressure mounts on Trump: poll shows more than 70% of Americans want the new Congress to push to end the Iran war

8. US October CPI cools slightly but still beats expectations; energy cost pass-through may become more visible

Domestic News

1. NDRC: further improving the price regulation mechanism for key livelihood commodities

On November 10, the National Development and Reform Commission held a press conference in its "Striving for the 15th Five-Year Plan" series to brief on improving public wellbeing. Zhang Luqin, deputy director of the NDRC's Department of Prices, said that during the 15th Five-Year Plan period the NDRC will apply differentiated policies and address both symptoms and root causes to further improve the price regulation mechanism for key livelihood commodities, carry out the relevant work solidly and secure the bottom line for people's livelihoods. First, it will improve the monitoring and early-warning system, raise the quality of monitoring analysis and make warnings more timely, providing strong support for getting ahead on supply and price stability. Second, it will optimize the long-term regulation mechanism, implement support policies such as minimum purchase prices for rice and wheat, strengthen coordination between production and marketing and across regions, using stable supply to underpin stable prices and stable prices to reinforce stable supply. Third, it will strengthen the guidance of market expectations, push relevant parties to do a good job of supply-demand balance analysis and information release, guide production and consumption rationally, and gradually achieve a higher level of dynamic supply-demand balance, so that prices of key livelihood commodities run at reasonable levels and people have a real sense of gain.

2. General Administration of Customs: private enterprises' imports and exports reached 25.46 trillion yuan in the first ten months, up 20.1%

According to customs statistics, by trader type, in the first ten months private enterprises recorded imports and exports of 25.46 trillion yuan, up 20.1%; foreign-invested enterprises 13.15 trillion yuan, up 20.4%; and state-owned enterprises 6.12 trillion yuan, up 19.1%. By key commodity, on the export side, China exported 16.81 trillion yuan of mechanical and electrical products in the first ten months, up 25.2%; labor-intensive products 3.45 trillion yuan, up 2.4%; and agricultural products 622.08 billion yuan, up 3.9%. On the import side, China imported 8.17 trillion yuan of mechanical and electrical products, up 35%; crude oil 400 million tonnes, down 15.1%; and agricultural products 1.29 trillion yuan, up 4.6%.

3. Ministry of Finance releases joint outcome statement of the second China-Canada Economic and Financial Strategic Dialogue

The Ministry of Finance announced that on November 8-9, 2026 local time, Chinese Vice Premier He Lifeng, Canadian Minister of Finance Shang Pengfei and Minister of International Trade Sidu jointly chaired the second China-Canada Economic and Financial Strategic Dialogue in Vancouver, Canada. The two sides agreed to deepen cooperation in the financial sector, including market access for financial services, and to promote exchanges between capital markets and financial regulators. The two countries' finance ministries, financial regulators and central banks signed a memorandum of understanding on China-Canada fiscal cooperation, a cooperation agreement on a financial regulatory dialogue, and the working rules of a financial working group respectively. Both sides welcomed the implementation of bilateral local currency swap arrangements and the recent positive progress in China-Canada economic and trade consultations, and looked forward to holding the next dialogue in China.

4. CGN's San'ao nuclear power project in Zhejiang begins main construction of Unit 4

Today (the 10th), the first concrete was poured for the nuclear island of Unit 4 of CGN's San'ao nuclear power project in Zhejiang, marking the official start of main construction for the unit and the entry of the project's phase II into full-scale construction. The unit uses China's independently developed third-generation nuclear technology, Hualong One. To raise construction efficiency, the project has introduced a range of intelligent equipment, replacing some traditional manual work with automated processing and increasing efficiency in some tasks by two to four times.

5. Hog purchase and dressed carcass ex-factory prices at designated slaughterhouses in the fifth week of October

According to monitoring by the Ministry of Agriculture and Rural Affairs, from October 26 to November 1, 2026, the average hog purchase price at designated slaughtering enterprises was 11.15 yuan/kg, down 2.4% month on month and 17.8% year on year. The average ex-factory price of dressed carcass meat was 14.77 yuan/kg, down 2.2% month on month and 16.1% year on year.

6. NDRC: expanding the supply of regular high school and higher education places through multiple channels

On November 10, Huang Weiru, deputy director of the NDRC's Department of Social Development, said that during the 15th Five-Year Plan period the imbalance between supply and demand for high school and higher education places will become more pronounced. Going forward, the NDRC will continue to support the construction of teaching buildings, dormitories, canteens and playgrounds at regular high schools, improve schooling conditions and expand the capacity to supply places, so that anxiety about being unable to enter regular high school because of a shortage of places can be further eased. In addition, it will support qualified localities in building a number of new research universities and a batch of high-level vocational undergraduate colleges with distinctive programs, expanding the supply of quality higher education resources through multiple channels and giving young people more choices.

7. ST Longda: the company is under investigation by the CSRC for suspected information disclosure violations

ST Longda announced that on November 10, 2026 it received a Notice of Case Filing from the China Securities Regulatory Commission; on suspicion of illegal and irregular information disclosure, and pursuant to the Securities Law of the People's Republic of China, the Administrative Penalty Law of the People's Republic of China and other laws and regulations, the CSRC has decided to open an investigation into the company. As of the date of the announcement, all directors and senior management are performing their duties normally, production and operation are normal, and the matter will not have a material impact on the company's production and operation. During the investigation, the company will actively cooperate with the CSRC and promptly fulfill its information disclosure obligations in strict accordance with laws and regulations.

8. Is Alice Huang a Chinese citizen? Foreign Ministry: the so-called "Chinese spy" narrative is pure fabrication and smear

On November 10, Foreign Ministry spokesperson Guo Jiakun chaired a regular press conference. A Bloomberg reporter asked whether the Foreign Ministry could confirm whether Alice Huang (Huang Le) is a Chinese citizen and where she is currently located. "We have already responded on this. The so-called Chinese spy narrative is entirely baseless speculation, a smear and a slander," Guo said.

International News

1. Dollar softens slightly ahead of CPI report as the market waits for inflation clues

The dollar weakened ahead of the release of the US CPI report, data that may offer clues on the timing of any potential further Federal Reserve rate hikes. Investors will look for signs of whether the energy shock triggered by the Middle East conflict has fed more broadly into price pressures. Recently, oil prices have retreated as the market pinned hopes on a resolution to the conflict, but volatility remains elevated. Economists surveyed by The Wall Street Journal expect headline inflation to have slowed to 0.3% month on month in October from 0.6% in September, with core inflation easing from 0.3% to 0.2%. The DXY dollar index is currently down 0.12 at 101.55.

2. Sources: recent Ukrainian attacks have cut Russian oil refining capacity by 30%

Two industry sources said that since late October Ukraine has renewed drone attacks on Russian refineries, cutting Russia's refining capacity by about 30%. The industry sources said the Russian refineries hit by drone strikes since late October include three large refineries in central Russia with a combined nominal capacity of about 300,000 tonnes per day, or 2.2 million barrels, against total Russian primary refining capacity of about 930,000 tonnes per day. The sources said that at the end of October Russian refineries were processing about 700,000 tonnes of crude a day, or 5 million barrels. They estimate actual crude runs at Russian refineries may have fallen by as much as 200,000 tonnes per day. Affected plants include refineries in Ryazan, Yaroslavl and the Volga region.

3. US average gasoline price falls below USD 4 for the first time since August, but Thanksgiving travel costs may still be the most expensive on record

Expectations of an easing in the Iran conflict have pushed oil prices lower, and the midterm election cycle is also playing a role. Product shipments from the Persian Gulf have rebounded markedly from their May lows, but remain only about half of pre-conflict levels, with a clear divergence between the recovery in crude and in refined product exports.

4. Freight rates for Russian Urals crude plunge, with per-barrel transport costs falling to USD 25

Trade sources said that as global oil prices and tanker freight costs fell sharply, freight for shipping Urals crude from Russia's western ports to Asia in early November pulled back from record highs. The sources added that because Russian refineries have again been hit by drone attacks, more crude is being diverted to exports, and November loadings may exceed plan, which could limit any further sharp fall in Urals freight. In late October, freight for shipping Urals crude to India hit a record high of around USD 30 a barrel or more depending on the shipowner and destination port, and has now fallen to about USD 25. The sources said that at present an Aframax tanker of about 100,000 dwt carrying crude from Russia's Baltic ports to western India costs about USD 19 million to USD 21 million for a single voyage, down from about USD 23 million in late October. On the Baltic-to-India route, a Suezmax of about 140,000 dwt currently costs about USD 23 million one way, down from USD 27 million at the end of last month.

5. Confidential report: the United States has gained USD 12 billion from Venezuelan oil

The New York Times reported that a confidential report by global financial services firm KPMG shows the US government received and spent more than USD 12 billion in revenue from Venezuelan natural resource exports in the first nine months of this year. The report was written a few days before the US midterm elections. According to the report, from January 3, when the United States carried out its military intervention, to the end of September, the "Venezuela custodial account" set up by the US Treasury received cumulative deposits of USD 12.26 billion. The vast majority of those funds were redirected back to Venezuela shortly after arriving. As of the September 30 cutoff date, the account balance was about USD 170 million, and the account also earned about USD 12 million in interest over the period. Of the funds remitted from the custodial account back to Venezuela, most were used to supply foreign currency to the market through foreign exchange auctions held by Venezuelan commercial banks. The report does not disclose the ultimate beneficiaries of the funds from Venezuela's foreign exchange auctions.

6. Strategists: beyond the oil shock, AI investment demand may become a new driver of US inflation

Brian Jacobsen, chief economic strategist at Annex Wealth Management, said core CPI came in at 0.3% month on month again. The problem is not only that headline CPI remains elevated, but also that the oil shock has already fed through into core inflation. Chicago Fed President Goolsbee does not have a vote this year, but when he pointed out that AI demand could become a factor the Fed needs to restrain, he may have been speaking for many Fed officials. In addition, Fed Governor Waller said he might support a larger rate hike. The Fed may now be more concerned that AI investment demand will crowd out resources from other economic activity and push up prices. Oil price aside, the Fed's new worry may be rising hiring costs for skilled trades such as plumbers and electricians.

7. Pressure mounts on Trump: poll shows more than 70% of Americans want the new Congress to push to end the Iran war

After the midterm elections, the Democratic Party is about to regain a majority in Congress. The latest poll shows US voters want the new Congress to move quickly to end the war with Iran and roll back import tariffs, with the cost of living an overwhelming priority.

8. US October CPI cools slightly but still beats expectations; energy cost pass-through may become more visible

Data from the US Department of Labor show that headline CPI rose 0.4% in October, cooling from 0.6% in September but above analysts' forecast of 0.3%; core CPI rose 0.3% month on month, unchanged from September and also above expectations. Gasoline prices did not fall sharply last month and remain painfully high for drivers. But because gasoline prices also did not rise sharply, economists had expected them not to contribute much to October's overall price increase. After months in which the Iran war drove up energy prices and squeezed consumers' wallets, that is some relief. Data from the American Automobile Association (AAA) show the average gasoline price last month was USD 4.32 a gallon, slightly down from USD 4.34 in September. Gasoline, however, is still about 34% higher than before the Iran war began. The big question for the coming months is how far higher energy prices will continue to percolate into the rest of the economy and push up prices more broadly. Some energy-sensitive sectors are already showing strain, with companies that buy large quantities of fuel passing on higher costs. Since the Iran war began in February, energy prices have climbed so sharply that some economists worry the broader pass-through may still lie ahead.

International Shipping News

Baltic Freight Indices

Container Shipping — Europe Route

Carriers Keep Defending Rates, Expectations Still Supportive

The main Europe route container shipping contract ran slightly firm. The market is still gaming Maersk's new opening rates; given that these have been flat for several consecutive weeks, as long as they do not keep falling there is some expectation support for prices stabilizing and recovering in December. The board has currently found a temporary equilibrium near the valuation anchor implied by week-47 FAK rates, and the pricing of nearby contracts has essentially completed its switch from "rate-increase letter promises" to "actual concluded levels". The November contract has moved within a narrow range, and with some expectation of December increases still in place, once the bearish news of disproven earlier rate hikes and spot anchoring have both settled at reasonable thresholds, the board has some room to revise upward — though the extent will need to be matched by the real strength of spot rate increases. The near-term pricing driver on the board remains carriers' opening rates; going forward, given that carriers usually begin signing long-term contracts in December and that cargo volumes generally improve marginally in late November, December increases are usually partly realized, so the market still has expectation support for rate increases in far months. Overall, the market trades around carriers' actual quotations, with many game-playing factors at work, and will mainly oscillate and wait in the short term until new effective carrier rate guidance emerges.

International Shipping Developments

1. Hapag-Lloyd suspends some bookings to Thailand

Hapag-Lloyd recently notified customers that, effective immediately, it is suspending acceptance of new bookings for certain scrap cargo bound for Thailand until further notice. At the same time, Thai terminals will from November 16 impose a deposit of THB 150,000 per container on scrap import boxes, covering four categories: steel, copper, aluminium and rubber.

2. MSC to raise Europe route rates on the 15th

MSC announced that from November 15 it will raise rates from the Far East to Northern Europe, the Mediterranean, the Black Sea and North Africa, with nine destinations taking effect on the same day and varying increases by lane: USD 100 to USD 600 per 20-foot container, applicable to all Far East origin ports including Japan, South Korea and Southeast Asia.

3. 46 sailings blanked over the next five weeks

Drewry data show that between November 9 and December 14, 46 of 717 planned sailings on major east-west routes are expected to be blanked, a blanking rate of 6%. Asia-Northern Europe/Mediterranean accounts for half, eastbound transpacific 35%, and transatlantic 15%.