(MENAFN- The Rio Times) This weekly recap shows a world still growing, but out of sync. Holiday-thinned trading across Asia muted risk appetite just as heavy sovereign issuance tested bond markets.

Energy data cut both ways-U.S. crude stocks rose while fuel inventories fell-so inflation relief remains conditional.

Europe's factories faltered again, the United States kept grinding forward with cooler credit and firm labor-adjacent signals, and India stayed the standout in Asia.

In Latin America, Brazil's inflation quickened even as trade and auto sales held up, underscoring a patchwork soft landing.
United States
The economy advanced, but with caution lights flashing. Firm auction results (3-month 3.850%, 6-month 3.695%, 3-year 3.576%, 10-year 4.117%, 30-year 4.734%) signaled steady demand for duration.

Households turned more careful-consumer credit rose just $0.36B, sentiment slipped to 48.3, one-year inflation expectations to 3.4%-and housing cooled as applications fell 4.7% with mortgage rates at 6.43%.

Energy added nuance: crude +3.715M bbl versus gasoline −1.601M and distillates −2.018M, with utilization up 1.0 pp and gas storage +80 bcf. Liquidity stayed ample (Fed balance sheet $6.591T; reserves $3.034T).


Europe and UK
The consumer held up, factories didn't. Euro-area retail sales rose 0.1% m/m (1.0% y/y) and Sentix improved to −5.4, but Germany's core faltered (orders −0.8% m/m; output −4.3% m/m) even as its surplus widened to €17.2B and car registrations jumped 12.8% y/y.

France's gap narrowed to €−5.5B; Spain's output rose 3.4% y/y. Construction PMIs stayed below 50 across the bloc (eurozone 46.0). In the UK, a 5-year gilt at 4.095%, PMI 46.2, and house prices −0.3% m/m depict growth constrained by high real rates.
Asia
A two-speed narrative. Japan's demand and pipeline prices firmed (spending +2.3% y/y; PPI 2.7%; lending 3.8%), with long JGBs clearing at 3.248% as normalization talk lingered.

India's private sector stayed red-hot (services 60.9; composite 61.0; FX reserves $699.96B).

Australia's approvals −6.0% and inflation expectations 4.8% flagged a soft patch. Holidays in China, Korea, and Hong Kong damped flows.
Major Emerging Markets And Canada
Brazil balanced heat and heft: IPCA 5.17% y/y (0.48% m/m; SA 0.52%) alongside a $2.99B trade surplus; autos split-production −1.5% m/m, sales +7.9% m/m; IGP-DI +0.36%; FX flows −$1.056B.

Mexico mixed (CPI 3.76% y/y; industrial production −3.6% y/y). South Africa's manufacturing −1.5% y/y; Canada's labor rebound (+60.4k; jobless 7.1%) met a wider −$6.32B trade gap.
Commodities & Flows
Supply edged ahead of demand: EIA crude +3.715M (API +2.780M) while product draws and higher runs hint at steady consumption; crude imports rose by 0.731M bpd; rigs slipped (oil 418; total 547); gas storage +80 bcf.
Risks and Framing
Divergence rules: steady U.S./India versus Europe's factory slump. Energy balances and heavy issuance keep long yields sticky.

The next stress test arrives as Asia reopens and China's post-holiday data set the tone for Q4 risk.

MENAFN11102025007421016031ID1110181263