FxStreet reports—On the morning of November 2 in Asian trading, spot gold was trading around $3,892.20 per ounce. Last Friday, gold prices fell to a one-year low of $3,869.97 per ounce, pressured by a sharp decline in tech stocks and investor concerns that AI spending may not generate sufficient returns, triggering forced liquidations and margin calls on safe-haven assets such as gold.
According to Huitong Finance APP — On Monday (Asian session, Beijing time, November 2), spot gold traded around $3,892.20 per ounce, having fallen to a one-year low of $3,869.97 per ounce last Friday amid a sharp decline in tech stocks and investor concerns that AI spending may not generate sufficient returns, triggering forced liquidations and margin calls on safe-haven assets like gold; U.S. crude oil fell nearly 2%, trading around $102.33 per barrel, after reaching a one-and-a-half-month high of $104.99 per barrel last Friday; however, U.S. crude oil opened lower on Monday as mediators from Iran and Qatar continued negotiations regarding U.S.-Iran tensions, with mediators having held multiple rounds of talks and proposed proposals more feasible and actionable than the "seven-day plan."
U.S. stocks closed sharply lower last Friday, with the Dow Jones falling 1.09% to 51,770.31, the S&P 500 dropping 1.82% to 7,580.07, and the Nasdaq plunging 2.86% to 25,437.00, marking its largest single-day percentage decline since June 5. The Nasdaq is now down 7.8% from its closing high on October 6. Disappointing quarterly earnings from Intel and Amazon intensified market concerns about the returns on massive investments in AI-related companies. Intel plunged 28.6%, while Amazon narrowed its intraday losses. NVIDIA fell 4.2%, AMD dropped 10.9%, and the Philadelphia Semiconductor Index slid 7.2%, down over 15% for the month. Dell and HP fell 10.8% and 9.6%, respectively.
Last week, all three major indices closed lower; in October, the S&P 500 and Nasdaq declined while the Dow rose. The S&P 500 technology sector posted its largest monthly decline since March 2025, and the communication services sector recorded its largest monthly drop since April 2022.
Halfway through earnings season, 299 S&P 500 companies have reported results, with 82% exceeding expectations. Analysts project a 31.6% year-over-year increase in third-quarter profits. ExxonMobil and Chevron rose 2.2% and 2.8% respectively due to higher profit margins driven by energy supply disruptions, while Starbucks fell 1.8%.
Spot gold plunged 3.62% last Friday, closing at $3,875.70 per ounce, and briefly touched a one-year low of $3,869.97 per ounce amid a sharp sell-off in tech stocks and investor concerns that AI spending may not generate sufficient returns.
Spot silver fell 5.83% to $49.10 per ounce, dropping below $50 for the first time in 11 months, while palladium fell below $1,000; platinum and palladium reached their lowest levels in 13 and 17 months, respectively, closing down 4.2% at $1,425.02 for platinum and 3% at $976.08 for palladium.
Independent precious metals trader Tai Wong said precious metals cannot escape the gravitational pull of the stock market correction, as corporate earnings—the backbone of the AI-driven rally—have begun to show cracks; Commerzbank noted that the decline in tech stocks could trigger forced liquidations and margin calls for safe-haven assets like gold, but expects precious metal prices to rebound in the future.
Gold prices have dropped 30% from their January record high of $5,595 per ounce, pressured by weak demand in Asia; however, analysts note that central bank gold buying often intensifies when prices fall below $4,000. The RSI for silver, platinum, and palladium has fallen into oversold territory for the first time in three years, with Tai Wong expressing particular concern over the slow, sustained decline in white metals.
HSBC forecasts a 2027 average silver price of $64, below this year’s forecast of $71; the gold-silver ratio has risen to 79, the highest in 11 months, compared to 46 during January’s silver record high and an average of 82 from 2020 to 2025; palladium has declined amid concerns over automotive demand, and the gold-platinum ratio has climbed to 2.7, the highest since mid-2025.
Oil prices rose last Friday, with U.S. crude closing up 0.0% at $102.95 per barrel, reaching a one-and-a-half-month high of $104.99 during trading; Brent crude rose 0.73% to close at $112.35 per barrel, supported by concerns over escalating tensions in Iran and the attack on a tanker in the Strait of Hormuz, highlighting supply risks.
The UK Maritime Trade Operations Office said a tanker was attacked in the Strait of Hormuz by an explosive device placed by a small boat; it is unclear who carried out the attack. Maritime sources said this was the first known successful use of an adhesive mine in the strait since the outbreak of war in February between the United States and Israel.
The U.S. Embassy in Riyadh stated that, due to security risks, the United States has ordered non-emergency government employees and their families to evacuate Saudi Arabia effective October 23, citing Houthi attacks on civilian airports and other critical infrastructure.
The Houthi movement in Yemen claimed to have attacked the Ras Tanura refinery, Rabigh refinery, and Saudi Aramco’s Abqaiq production facility. The Saudi-led coalition reported intercepting a cruise missile fired toward western Saudi Arabia, and Qatar’s mediation delegation returned to Tehran last Friday. Dennis Kissler of BOK Financial said traders will continue to monitor oil flows from the Middle East and potential escalatory actions by U.S. and allied forces.
Saxo Bank stated that oil price volatility may intensify over the coming weeks due to Israel’s election and the U.S. midterm election on November 3; even if the conflict ends, crude oil is expected to remain in a relatively high range of $70 to $90 per barrel, compared to $60 to $70 before the war; two ship tracking companies reported that despite the attacks, Saudi Arabia’s October crude oil exports increased compared to September.
The US Dollar Index rose 0.08% last Friday to close at 101.95, marking its second consecutive monthly gain. Although the dollar typically benefits when investors seek safe-haven assets, last Friday’s decline in U.S. Treasury yields had a more pronounced impact. Earnings reports from Alphabet, Amazon, and Intel reignited concerns about AI spending and triggered a sell-off in tech stocks.
The EUR/USD fell 0.12% to $1.1166, marking its second consecutive monthly decline. After the European Central Bank held rates steady last Thursday and noted that rising bond yields had tightened financial conditions, the euro dropped to its lowest level since May 2025. Barclays foreign exchange strategist Lefteris Farmakis said the euro received some support from relief in dollar pressure caused by AI concerns, but this strength may soon fade given that eurozone economic growth lags behind that of the United States.
The USD/JPY fell 0.11% last Friday to close at 157.52, marking its third consecutive trading day of declines, while posting a monthly gain. This followed the Bank of Japan’s expected decision to hold its key interest rate steady at 1.25%, while raising its inflation forecast and emphasizing that policy has entered a more hawkish phase, with potential rate hikes possibly occurring every few months ahead.
FXStreet analyst Joseph Trevisani said the market was slightly disappointed by the Bank of Japan, with the Federal Reserve's policy stance still offsetting the Bank of Japan's moves; Rory Green, an analyst at TS Lombard, expects the Bank of Japan to pause after raising rates to 2% in December, March next year, and July to assess the impact of tightening. This week, the market is focused on the decisions of the Bank of England and the Reserve Bank of Australia.
OPEC+ representative: Major oil-producing countries plan to maintain oil production quotas unchanged in December
Two OPEC+ representatives said major OPEC+ countries plan to maintain oil production quotas unchanged in December, as ongoing conflicts in the Middle East continue to affect the group’s output. The representatives, speaking ahead of Sunday’s video meeting, said the seven-nation group led by Saudi Arabia and Russia has reached a principled agreement to hold current quota targets, with the meeting expected to formally confirm this decision, in line with the roadmap established earlier this year. OPEC+ previously indicated it would suspend quota increases until the end of this year; prior to that, it had agreed to a series of modest production hikes over six months leading up to August. These increases were largely symbolic, as the war in Iran has disrupted oil production in the Persian Gulf region; however, in theory, they could offset cuts made in 2023. The next major OPEC+ decision will be whether to restore another portion of production suspended in 2022—a complex process whose direction will likely depend on the results of ongoing capacity audits by member countries. Policy for next year will be finalized at the full ministerial meeting on November 29.
U.S. officials: If Republicans suffer heavy losses in the midterm elections, Trump may be more inclined to strike Iran again
According to U.S. sources on October 31, U.S. officials stated that if the Republican Party suffers a major defeat in the midterm elections, President Trump may be more inclined to order a large-scale military action against Iran. U.S. officials also indicated that now is the best time for Iran to reach an agreement. (CCTV News)
The Iranian Foreign Minister proposed negotiation conditions: lifting oil export restrictions and unfreezing all frozen funds
On Saturday, Iran’s Foreign Minister Alireza阿拉格齐 stated that Iran demands the lifting of oil export restrictions and the unfreezing of all frozen Iranian funds, including those held in Qatari accounts; he outlined a series of conditions, stating that negotiations could only begin if these conditions are met. In an interview with Qatar’s Al Jazeera, Alireza阿拉格齐 said the conditions include: the removal of sanctions imposed after the signing of the Islamabad Memorandum, a reduction in U.S. military presence in the region, the reinstatement of lifted oil export restrictions, and the unfreezing of all frozen funds, including those held in Qatari accounts. He also stated that Tehran demands recognition of the Hormuz Strait route jointly determined by Iran and Omani authorities as the only permitted passage, and calls for “an end to all wars in the region,” including the conflict in Lebanon.
U.S. midterm elections enter final stretch as two records are broken in succession
On October 31 local time, just three days before the U.S. midterm elections, the competition between the two major parties for control of Congress has entered its final stretch. According to the latest data released on that day, this election has already set two notable new records: over 51 million voters have cast early ballots nationwide, breaking the record for any midterm election; and total federal election spending is projected to reach $11.9 billion, also setting a new high for midterm elections. Meanwhile, legal disputes over voter eligibility, candidate qualifications, and certification of results continue to mount, with several cases seeing new developments just days before voting. The record-breaking voter turnout, massive campaign spending, and surge in legal challenges not only reflect the intensity of this election but also highlight broader changes occurring within American society and politics. (CCTV News)
The Russian government has extended the diesel export ban until the end of January 2027, while establishing exceptions for certain suppliers
According to Russian government sources, the Russian government has extended the ban on diesel exports by producers until January 31, 2027; the relevant resolution has been signed, extending the prohibition on direct producers exporting diesel, marine fuel, and gas oil from within Russia until January 31, 2027 (inclusive). The announcement states that this decision aims to maintain stability in the domestic fuel market. Meanwhile, on October 30, Russian Deputy Prime Minister Novak stated that while extending the overall ban on diesel exports, Russia is developing exceptions for certain suppliers to allow them to supply international markets; such relaxations were implemented in October, and additional measures are planned for November.
The probability of the Federal Reserve raising rates in December is 72%, and the probability of at least a 25-basis-point hike by January next year is 80.7%.
According to CME's "FedWatch": The probability that the Fed will hold rates steady in December is 28%, and the probability of a 25-basis-point hike is 72%. The probability that the Fed will hold rates steady by January next year is 19.3%, the probability of a cumulative 25-basis-point hike is 58.4%, and the probability of a cumulative 50-basis-point hike is 22.3%.
Iran's Foreign Minister reveals the "two-day plan": U.S. fulfills its obligations first, then Hormuz opens the next day
On November 1 local time, Iranian Foreign Minister Alirza said that Iran’s delegation visit to Qatar is a continuation of ongoing consultations between Iran and mediators such as Qatar and Pakistan. The current proposal on the table is essentially identical to Iran’s previously proposed “seven-day plan,” and the mediators have held multiple rounds of consultations and put forward suggestions that are more feasible and operational than the “seven-day plan.” Alirza noted that one of Qatar’s proposals is to shorten the seven-day period to five days or even less. Iran currently agrees to a “two-day plan”: on day one, the United States takes a series of compliance measures; on day two, the Strait of Hormuz reopens and traffic returns to its previous state. He stated that if the United States adheres to this two-day plan, it will pave the way for peace and restore normalcy to the Strait of Hormuz. Only after the United States fulfills its related commitments and the strait is reopened will the path for resuming negotiations between Iran and the United States be opened. Iran’s conditions for U.S. compliance include: establishing a new shipping route through the Strait of Hormuz, unfreezing Iranian funds, ending regional conflicts including in Lebanon, lifting maritime blockades, granting Iran exemptions for oil exports, and rescinding new U.S. sanctions imposed after the termination of the Islamabad Memorandum of Understanding. (CCTV)
Net profits of Shanghai and Shenzhen-listed companies exceeded 5 trillion yuan, reaching a four-year high.
According to the China Securities Regulatory Commission, in the first three quarters of this year, listed companies on the Shanghai and Shenzhen stock exchanges achieved a net profit of RMB 5.1 trillion, the highest level since 2022. As of October 31, 5,224 listed companies on the Shanghai and Shenzhen exchanges had released their third-quarter reports for 2026, with 73% reporting profits. In the first three quarters, these companies generated revenue of RMB 56.6 trillion and a net profit of RMB 5.1 trillion, representing year-over-year growth of 5.8% and 8.5% respectively—both the highest scale and growth rates since 2022. (CCTV)
National Bureau of Statistics: Large enterprises continue to expand
On October 31, 2026, the National Bureau of Statistics' Center for Service Industry Survey and the China Federation of Logistics and Purchasing released the China Purchasing Managers' Index. In response, Huo Lihui, Chief Statistician at the National Bureau of Statistics' Center for Service Industry Survey, provided an interpretation. Large enterprises continued to expand. The PMI for large manufacturing enterprises was 50.2%, a decrease of 0.4 percentage points from the previous month, but still within the expansion range; the PMI for medium and small enterprises was 48.4% and 47.5%, respectively, down 1.3 and 1.4 percentage points from the previous month, with both showing a decline in business activity.
Focus on the day's key events
Stock market
U.S. stocks closed sharply lower last Friday, with the Dow Jones falling 1.09% to 51,770.31, the S&P 500 dropping 1.82% to 7,580.07, and the Nasdaq plunging 2.86% to 25,437.00, marking its largest single-day percentage decline since June 5. The Nasdaq is now down 7.8% from its closing high on October 6. Disappointing quarterly earnings from Intel and Amazon intensified market concerns about the returns on massive investments in AI-related companies. Intel plunged 28.6%, while Amazon narrowed its intraday losses. NVIDIA fell 4.2%, AMD dropped 10.9%, and the Philadelphia Semiconductor Index slid 7.2%, down over 15% for the month. Dell and HP fell 10.8% and 9.6%, respectively.
Last week, all three major indices closed lower; in October, the S&P 500 and Nasdaq declined while the Dow rose. The S&P 500 technology sector posted its largest monthly decline since March 2025, and the communication services sector recorded its largest monthly drop since April 2022.
Halfway through earnings season, 299 S&P 500 companies have reported results, with 82% exceeding expectations. Analysts project a 31.6% year-over-year increase in third-quarter profits. ExxonMobil and Chevron rose 2.2% and 2.8% respectively due to higher profit margins driven by energy supply disruptions, while Starbucks fell 1.8%.
Gold market
Spot gold plunged 3.62% last Friday, closing at $3,875.70 per ounce, and briefly touched a one-year low of $3,869.97 per ounce amid a sharp sell-off in tech stocks and investor concerns that AI spending may not generate sufficient returns.
Spot silver fell 5.83% to $49.10 per ounce, dropping below $50 for the first time in 11 months, while palladium fell below $1,000; platinum and palladium reached their lowest levels in 13 and 17 months, respectively, closing down 4.2% at $1,425.02 for platinum and 3% at $976.08 for palladium.
Independent precious metals trader Tai Wong said precious metals cannot escape the gravitational pull of the stock market correction, as corporate earnings—the backbone of the AI-driven rally—have begun to show cracks; Commerzbank noted that the decline in tech stocks could trigger forced liquidations and margin calls for safe-haven assets like gold, but expects precious metal prices to rebound in the future.
Gold prices have dropped 30% from their January record high of $5,595 per ounce, pressured by weak demand in Asia; however, analysts note that central bank gold buying often intensifies when prices fall below $4,000. The RSI for silver, platinum, and palladium has fallen into oversold territory for the first time in three years, with Tai Wong expressing particular concern over the slow, sustained decline in white metals.
HSBC forecasts a 2027 average silver price of $64, below this year’s forecast of $71; the gold-silver ratio has risen to 79, the highest in 11 months, compared to 46 during January’s silver record high and an average of 82 from 2020 to 2025; palladium has declined amid concerns over automotive demand, and the gold-platinum ratio has climbed to 2.7, the highest since mid-2025.
Oil market
Oil prices rose last Friday, with U.S. crude closing up 0.0% at $102.95 per barrel, reaching a one-and-a-half-month high of $104.99 during trading; Brent crude rose 0.73% to close at $112.35 per barrel, supported by concerns over escalating tensions in Iran and the attack on a tanker in the Strait of Hormuz, highlighting supply risks.
The UK Maritime Trade Operations Office said a tanker was attacked in the Strait of Hormuz by an explosive device placed by a small boat; it is unclear who carried out the attack. Maritime sources said this was the first known successful use of an adhesive mine in the strait since the outbreak of war in February between the United States and Israel.
The U.S. Embassy in Riyadh stated that, due to security risks, the United States has ordered non-emergency government employees and their families to evacuate Saudi Arabia effective October 23, citing Houthi attacks on civilian airports and other critical infrastructure.
The Houthi movement in Yemen claimed to have attacked the Ras Tanura refinery, Rabigh refinery, and Saudi Aramco’s Abqaiq production facility. The Saudi-led coalition reported intercepting a cruise missile fired toward western Saudi Arabia, and Qatar’s mediation delegation returned to Tehran last Friday. Dennis Kissler of BOK Financial said traders will continue to monitor oil flows from the Middle East and potential escalatory actions by U.S. and allied forces.
Saxo Bank stated that oil price volatility may intensify over the coming weeks due to Israel’s election and the U.S. midterm election on November 3; even if the conflict ends, crude oil is expected to remain in a relatively high range of $70 to $90 per barrel, compared to $60 to $70 before the war; two ship tracking companies reported that despite the attacks, Saudi Arabia’s October crude oil exports increased compared to September.
Forex
The US Dollar Index rose 0.08% last Friday to close at 101.95, marking its second consecutive monthly gain. Although the dollar typically benefits when investors seek safe-haven assets, last Friday’s decline in U.S. Treasury yields had a more pronounced impact. Earnings reports from Alphabet, Amazon, and Intel reignited concerns about AI spending and triggered a sell-off in tech stocks.
The EUR/USD fell 0.12% to $1.1166, marking its second consecutive monthly decline. After the European Central Bank held rates steady last Thursday and noted that rising bond yields had tightened financial conditions, the euro dropped to its lowest level since May 2025. Barclays foreign exchange strategist Lefteris Farmakis said the euro received some support from relief in dollar pressure caused by AI concerns, but this strength may soon fade given that eurozone economic growth lags behind that of the United States.
The USD/JPY fell 0.11% last Friday to close at 157.52, marking its third consecutive trading day of declines, while posting a monthly gain. This followed the Bank of Japan’s expected decision to hold its key interest rate steady at 1.25%, while raising its inflation forecast and emphasizing that policy has entered a more hawkish phase, with potential rate hikes possibly occurring every few months ahead.
FXStreet analyst Joseph Trevisani said the market was slightly disappointed by the Bank of Japan, with the Federal Reserve's policy stance still offsetting the Bank of Japan's moves; Rory Green, an analyst at TS Lombard, expects the Bank of Japan to pause after raising rates to 2% in December, March next year, and July to assess the impact of tightening. This week, the market is focused on the decisions of the Bank of England and the Reserve Bank of Australia.
International News
OPEC+ representative: Major oil-producing countries plan to maintain oil production quotas unchanged in December
Two OPEC+ representatives said major OPEC+ countries plan to maintain oil production quotas unchanged in December, as ongoing conflicts in the Middle East continue to affect the group’s output. The representatives, speaking ahead of Sunday’s video meeting, said the seven-nation group led by Saudi Arabia and Russia has reached a principled agreement to hold current quota targets, with the meeting expected to formally confirm this decision, in line with the roadmap established earlier this year. OPEC+ previously indicated it would suspend quota increases until the end of this year; prior to that, it had agreed to a series of modest production hikes over six months leading up to August. These increases were largely symbolic, as the war in Iran has disrupted oil production in the Persian Gulf region; however, in theory, they could offset cuts made in 2023. The next major OPEC+ decision will be whether to restore another portion of production suspended in 2022—a complex process whose direction will likely depend on the results of ongoing capacity audits by member countries. Policy for next year will be finalized at the full ministerial meeting on November 29.
U.S. officials: If Republicans suffer heavy losses in the midterm elections, Trump may be more inclined to strike Iran again
According to U.S. sources on October 31, U.S. officials stated that if the Republican Party suffers a major defeat in the midterm elections, President Trump may be more inclined to order a large-scale military action against Iran. U.S. officials also indicated that now is the best time for Iran to reach an agreement. (CCTV News)
The Iranian Foreign Minister proposed negotiation conditions: lifting oil export restrictions and unfreezing all frozen funds
On Saturday, Iran’s Foreign Minister Alireza阿拉格齐 stated that Iran demands the lifting of oil export restrictions and the unfreezing of all frozen Iranian funds, including those held in Qatari accounts; he outlined a series of conditions, stating that negotiations could only begin if these conditions are met. In an interview with Qatar’s Al Jazeera, Alireza阿拉格齐 said the conditions include: the removal of sanctions imposed after the signing of the Islamabad Memorandum, a reduction in U.S. military presence in the region, the reinstatement of lifted oil export restrictions, and the unfreezing of all frozen funds, including those held in Qatari accounts. He also stated that Tehran demands recognition of the Hormuz Strait route jointly determined by Iran and Omani authorities as the only permitted passage, and calls for “an end to all wars in the region,” including the conflict in Lebanon.
U.S. midterm elections enter final stretch as two records are broken in succession
On October 31 local time, just three days before the U.S. midterm elections, the competition between the two major parties for control of Congress has entered its final stretch. According to the latest data released on that day, this election has already set two notable new records: over 51 million voters have cast early ballots nationwide, breaking the record for any midterm election; and total federal election spending is projected to reach $11.9 billion, also setting a new high for midterm elections. Meanwhile, legal disputes over voter eligibility, candidate qualifications, and certification of results continue to mount, with several cases seeing new developments just days before voting. The record-breaking voter turnout, massive campaign spending, and surge in legal challenges not only reflect the intensity of this election but also highlight broader changes occurring within American society and politics. (CCTV News)
The Russian government has extended the diesel export ban until the end of January 2027, while establishing exceptions for certain suppliers
According to Russian government sources, the Russian government has extended the ban on diesel exports by producers until January 31, 2027; the relevant resolution has been signed, extending the prohibition on direct producers exporting diesel, marine fuel, and gas oil from within Russia until January 31, 2027 (inclusive). The announcement states that this decision aims to maintain stability in the domestic fuel market. Meanwhile, on October 30, Russian Deputy Prime Minister Novak stated that while extending the overall ban on diesel exports, Russia is developing exceptions for certain suppliers to allow them to supply international markets; such relaxations were implemented in October, and additional measures are planned for November.
The probability of the Federal Reserve raising rates in December is 72%, and the probability of at least a 25-basis-point hike by January next year is 80.7%.
According to CME's "FedWatch": The probability that the Fed will hold rates steady in December is 28%, and the probability of a 25-basis-point hike is 72%. The probability that the Fed will hold rates steady by January next year is 19.3%, the probability of a cumulative 25-basis-point hike is 58.4%, and the probability of a cumulative 50-basis-point hike is 22.3%.
Iran's Foreign Minister reveals the "two-day plan": U.S. fulfills its obligations first, then Hormuz opens the next day
On November 1 local time, Iranian Foreign Minister Alirza said that Iran’s delegation visit to Qatar is a continuation of ongoing consultations between Iran and mediators such as Qatar and Pakistan. The current proposal on the table is essentially identical to Iran’s previously proposed “seven-day plan,” and the mediators have held multiple rounds of consultations and put forward suggestions that are more feasible and operational than the “seven-day plan.” Alirza noted that one of Qatar’s proposals is to shorten the seven-day period to five days or even less. Iran currently agrees to a “two-day plan”: on day one, the United States takes a series of compliance measures; on day two, the Strait of Hormuz reopens and traffic returns to its previous state. He stated that if the United States adheres to this two-day plan, it will pave the way for peace and restore normalcy to the Strait of Hormuz. Only after the United States fulfills its related commitments and the strait is reopened will the path for resuming negotiations between Iran and the United States be opened. Iran’s conditions for U.S. compliance include: establishing a new shipping route through the Strait of Hormuz, unfreezing Iranian funds, ending regional conflicts including in Lebanon, lifting maritime blockades, granting Iran exemptions for oil exports, and rescinding new U.S. sanctions imposed after the termination of the Islamabad Memorandum of Understanding. (CCTV)
Domestic News
Net profits of Shanghai and Shenzhen-listed companies exceeded 5 trillion yuan, reaching a four-year high.
According to the China Securities Regulatory Commission, in the first three quarters of this year, listed companies on the Shanghai and Shenzhen stock exchanges achieved a net profit of RMB 5.1 trillion, the highest level since 2022. As of October 31, 5,224 listed companies on the Shanghai and Shenzhen exchanges had released their third-quarter reports for 2026, with 73% reporting profits. In the first three quarters, these companies generated revenue of RMB 56.6 trillion and a net profit of RMB 5.1 trillion, representing year-over-year growth of 5.8% and 8.5% respectively—both the highest scale and growth rates since 2022. (CCTV)
National Bureau of Statistics: Large enterprises continue to expand
On October 31, 2026, the National Bureau of Statistics' Center for Service Industry Survey and the China Federation of Logistics and Purchasing released the China Purchasing Managers' Index. In response, Huo Lihui, Chief Statistician at the National Bureau of Statistics' Center for Service Industry Survey, provided an interpretation. Large enterprises continued to expand. The PMI for large manufacturing enterprises was 50.2%, a decrease of 0.4 percentage points from the previous month, but still within the expansion range; the PMI for medium and small enterprises was 48.4% and 47.5%, respectively, down 1.3 and 1.4 percentage points from the previous month, with both showing a decline in business activity.