Italy HCOB Services PMI above expectations (0) in October: Actual (52)

Commerzbank’s Charlie Lay and Dr. Henry Hao report the Reserve Bank of Australia raised its cash rate to 4.85% but softened guidance on further hikes, with a 6–3 vote and concern over unemployment and housing. They note inflation is now seen above 3% until end-2027, yet OIS pricing implies markets expect no additional RBA hikes and even modest cuts by late 2027.