亚洲股市本周开局良好，日本表现优于美国。上周，美国和中国之间持续的贸易紧张局势以及与美国地区银行（与欺诈有关）相关的不确定性激增削弱了风险情绪。欧洲的信贷紧张局势暂时缓解，因为法国新老总理勒科尔努周四在两次不信任投票中幸存下来，使他能够制定2026年的政府预算。

Asian Markets Start the Week on Positive Note with Japan Outperforming.Ongoing trade tensions between the US and China and a spike in uncertainty related to US regional banks (fraud-linked) undermined risk sentiment last week. Credit tensions in Europa were temporary mitigated as old/new French Prime Minister Lecornu on Thursday survived two no-confidence votes, allowing him to work on a 2026 government budget.

周一，白银跌至每盎司51.7美元左右，延续了前一交易日的大幅下跌，因为投资者在历史性反弹至历史高点后锁定了利润。风险情绪的改善，主要是由于美中贸易紧张局势缓解的迹象，也打压了避险需求。在政府停摆导致数据中断后，交易员们现在正在等待本周美国的关键通胀数据。与此同时，人们普遍预计美联储下周将降息25个基点，随后在12月再次降息，并可能在2026年再降息3个基点。上周，由于伦敦白银市场的流动性紧缩引发了全球对实物供应的争夺，白银飙升至历史新高，而印度强劲的需求进一步收紧了条件。

Silver fell to around $51.7 per ounce on Monday, extending a sharp decline from the previous session as investors locked in profits after a historic rally to record highs. Improving risk sentiment, driven largely by signs of easing US-China trade tensions, also weighed on safe-haven demand. Traders now await key US inflation data this week following a data blackout caused by the government shutdown. Meanwhile, the Federal Reserve is widely expected to cut rates by 25 basis points next week, followed by another move in December and possibly three more in 2026. Last week, silver spiked to all-time highs amid a liquidity crunch in London’s silver market that sparked a global scramble for physical supply, while strong Indian demand further tightened conditions.

2025年第三季度，沙特阿拉伯的房地产价格同比上涨1.3%，相较于第二季度3.2%的涨幅有所回落。这主要是由于住宅物业价格下跌（-0.9%对第二季度的0.4%）和商业物业价格急剧放缓（6.8%对11.7%）。与此同时，农业部门的价格大幅反弹（15.3%对-0.9%）。按季度计算，房地产价格在上一季度上涨0.1%后，第三季度下跌了1.1%。

Real estate prices in Saudi Arabia increased by 1.3% year-on-year in the third quarter of 2025, easing from a 3.2% rise in the second quarter. This was mainly due to a decline in residential property prices (-0.9% vs 0.4% in Q2) and a sharp slowdown in the commercial property prices (6.8% vs 11.7%). Meanwhile, prices in the agricultural sector rebounded sharply (15.3% vs -0.9%). On a quarterly basis, real estate prices dropped by 1.1% in the third quarter, following a 0.1% rise in the previous period.

关注PMI和通货膨胀。今天数据方面很平静。未来一周将聚焦于通胀，周三的英国印刷品可能是决定英国央行是否在11月降息的关键因素。

Focus on PMIs and Inflation.Today is quiet on the data front. The week ahead will focus on inflation, with the UK print on Wednesday likely being a deciding factor for whether a Bank of England rate cut is on the table in November.