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Latvian Prime Minister: Will nominate ECB Governing Council member Kazakhi to serve as ECB Vice President.

The Israel Defense Forces say they have struck Hezbollah infrastructure in southern Lebanon.

On November 27th, JPMorgan Chase's Head of European Interest Rates Strategy Research stated on Thursday that the UK's tax increase budget has reduced near-term uncertainty but will not change the bank's expectation of rising government bond yields next year. Francis Diamond said, "The short-term uncertainty surrounding the budget, and its potential impact on the UK government bond market, has been eliminated because there is more room for maneuver." He also stated, "In the medium term, I think there is always a challenge… as the 2029 general election approaches, it remains questionable whether these tax increases will achieve their intended goals." Currently, investors welcome Reeves' greater policy space but also warn of uncertainty surrounding the budget's outcome—as most tax increases will take effect later rather than in the short term. Diamond stated that the tax increases in the budget do not change his view that the Bank of England will cut interest rates three more times before June next year, then maintain the policy rate at 3.25%. Furthermore, he still expects the yield on 10-year UK government bonds to rise from the current slightly below 4.50% to 4.75% by the end of 2026.

November 27th - The latest minutes of the European Central Bank's (ECB) meeting revealed that policymakers were in no hurry to cut interest rates at last month's meeting, as uncertainty remained exceptionally high and further rate cuts might not be necessary. The ECB kept interest rates unchanged at its meeting last month, stating that policy was in a "good position" because the economy showed resilience and inflation was stable at the target level. This bolstered investor confidence that further rate cuts would not be made this year, with the market now viewing the probability of a further rate cut in 2026 at only one-third. The minutes noted that "the option of waiting for more information remains highly valuable, and the current level of policy rates should be considered sufficiently robust to handle shocks." Some officials even believed that the ECB might not cut rates again. The minutes stated, "There is a view that the rate-cutting cycle has ended, as the current favorable outlook is likely to persist unless risks materialize."

November 27th - The European Central Bank (ECB) released the minutes of its October meeting. Analysts pointed out that there was nothing new or unknown in the minutes. The ECB consistently prioritizes option and flexibility. Under the current circumstances, data has not forced them to accelerate the pace of interest rate cuts. However, the argument about the end of the rate-cutting cycle is intriguing. Analysts believe that the current situation remains unstable, therefore they do not interpret this statement as a position they will stubbornly adhere to.

ECB meeting minutes: Policy transmission was smooth and effective.

The European Central Bank's (ECB) meeting minutes indicated that its assessment of the inflation outlook remained largely unchanged. Some officials believed the rate-cutting cycle had ended because the current favorable outlook was likely to persist unless risks materialized. The ECB believed that a prudent approach would increase the chances of maintaining this favorable position, and strategically, the monetary policy stance should not be fine-tuned for mild and temporary fluctuations in inflation around the target, but only adjusted in the event of significant deviations from the target over the expected medium term. However, most members believed that the risks surrounding the inflation outlook were two-way, and that the outlook remained more uncertain than ever before. Overall, the option of waiting for more information remained highly valuable.

ECB meeting minutes: Most members believed that the risks to the inflation outlook were two-way.

European Central Bank meeting minutes: Some argue that maintaining a completely open mindset is very important.

European Central Bank meeting minutes: Some believe that the interest rate cut cycle has ended.

ECB meeting minutes: In addition, some argue that forecasts for more distant periods are less informative and that monetary policy may have a smaller impact on those periods.

ECB meeting minutes: Waiting for more information still has high option value.

ECB meeting minutes: Some argue that the current policy interest rate level is sufficient to effectively address shocks.

ECB meeting minutes: This uncertainty could also be a reason to keep interest rates unchanged.

ECB meeting minutes: The outlook remains uncertain.

German Association of Automakers (VDA): We are seeing increasing supply chain risks, especially in the first quarter of next year.

The German Association of Automotive Manufacturers (VDA) says the supply of parts remains uncertain.

JPMorgan's head of European interest rate strategy: The UK budget has not changed market expectations that UK government bond yields will rise next year.

Hungarian Prime Minister Viktor Orbán: Hungary will continue to import crude oil and natural gas from Russia, and will subsequently import from Serbia.