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Morning Minute 01/11: Canada growth likely to miss target Headlines: Canada's economy is likely to miss the Bank of Canada's (BoC) revised third-quarter forecast after a slew of temporary factors stalled gross domestic product growth in August. Swiss inflation fell to its lowest level in more than three years in October, government data showed on Friday, pointing towards more interest rate cuts by the Swiss National Bank this year and into 2025. Japan's factory activity shrank at the fastest pace in three months in October as weak domestic and overseas demand hurts sales and output. Emerging Markets: The Botswanan president conceded defeat after results came in showing that the Botswana Democratic Party, which has ruled the country for 58 years, won just 3 seats in the 61 seat parliament. Indonesia's October headline and core inflation rates came in slightly above expectations, official data showed on Friday, but they remain relatively low, with headline inflation at 1.71%, the lowest in three years and at the lower end of the central banks 1.5%-3.5% target range. Kenya's new Deputy President Kithure Kindiki was sworn in on Friday after a court lifted orders barring his inauguration following weeks of legal challenges by his predecessor. Upcoming elections 03/11: Moldova, Presidential 05/11: USA, Presidential ------------------------------------------------- Information contained in this publication is compiled from industry sources which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication

Morning Minute: 31/10 Public spending and tax rises in UK budget Headlines: ◾ Rachel Reeves unveiled £40 billion of tax rises in the Labour party’s first budget in over a decade and ramped up public spending as the party pledges to rebuild the UK following 14 years of Conservative rule. ◾ The US economy grew steadily in the third quarter, increasing by 2.8%, as consumer spending hit its fastest pace since the first quarter of 2023, at a rate of 3.7% | Consumption is being pushed along by a strong labour market and a rise in household net worth. ◾ The Bank of Japan (BoJ) held interest rates at 0.25% at the first meeting post an inconclusive general election, which is expected to complicate the normalisation of interest rates. Emerging Markets: ◾ Georgia’s Prosecution Service opened a probe into fraud allegations in the country’s parliamentary elections and said it plans to question President Salome Zourabichvili about her claims that the results were rigged. ◾ Kenya’s annual inflation rate fell to the lowest level since at least 2010 after fuel, food and utility price growth eased. ◾ Mexico's lower house of Congress approved a measure on Wednesday that makes changes to the constitution "unchallengeable" as ruling party Morena and allies push through a swath of constitutional reforms, including a controversial judicial overhaul. Upcoming elections 03/11: Moldova, Presidential 05/11: USA, Presidential  ------------------------------------------------- Information contained in this publication is compiled from industry sources, which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication

Kirsty Garrett, our Global Head of Sales, reflects on her recent trip to Beijing for Sibos 2024 🇨🇳 "The opportunity to spend time with clients and partners under one roof at Sibos last week was one not to be missed. With digitisation and AI key themes of the week, there is no doubt that all of us in the industry need to embrace and stay current with our rapidly evolving digital future. The importance of connections forged and built upon remains the focus of our presence at these types of events. Crown Agents Bank is uniquely placed to improve liquidity, manage risk, and build new market connections - creating opportunities for individuals and businesses, playing a vital role in the support of domestic economies around the world. We are proud to be a partner in the markets where we operate, to move money where it is needed." Get in touch if you would like to learn more 📞

Morning Minute 30/10 European equities open lower as investors await key economic reports Headlines: European shares have followed Asian stocks lower as investors await key economic reports to be released this week along with continued next week’s election in the USA. Consumer prices in Australia dropped to a three and a half year low in the third quarter of 2024, data released by the Australian Bureau of Statistics confirmed this morning. Economic growth in France grew by more than expected during the third quarter, data released this morning showed. Emerging Markets: Botswana has commenced voting today in an election that will determine whether President Mokgweetsi Masisi secures a second term in power. Central bank officials in Thailand have stated that the current policy interest rate is at an adequate level needed to address economic risks and inflation, in minutes to the most recent policy meeting released this morning. Mozambique’s opposition leader, Venâncio Mondlane, the runner up in this month’s presidential election, has called for a week-long strike and demonstrations from the 31st of October.   -------------------------------------------------   Information contained in this publication is compiled from industry sources which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication

Claire Gates, our Head of Payments, was featured in Payment Expert, where she reflected on her career across various industries and countries. She discusses how these experiences have equipped her with the skills necessary to make a significant impact in the payments industry. You can find the full article here https://lnkd.in/ezPGK2Sg

Morning Minute 29/10 BoJ policy uncertain in face of coalition talks Headlines: The head of a party that could be a kingmaker in Japanese coalition talks said that the Bank of Japan (BoJ) should avoid overhauling its ultra-loose monetary policy, potentially complicating the central bank’s rate hike plan. German consumer sentiment is set to continue to recover heading into November as households are more optimistic about their income prospects. Prices in British shops fell at the fastest pace in more than three years this month but this week's budget announcement by Rachel Reeves could help spur a return of inflation. Emerging Markets: Israel passed a law yesterday effectively banning the UN relief agency UNRWA from operating inside the country, a move which is expected to worsen the already calamitous humanitarian situation in Gaza. Mexico's Supreme Court published a proposal on Monday to invalidate core parts of a controversial judicial overhaul that has rattled markets and shaken investor confidence in Latin America's second-largest economy. Thailand should be targeting an inflation rate above 1%, according to the finance minister, before he meets with the central bank where he seeks to reach an agreement on a new target and whether it should be a midpoint or range.   -------------------------------------------------   Information contained in this publication is compiled from industry sources which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication

Morning Minute 28/10 Uncertainty in Japan after election results Headlines: The Liberal Democratic Party (LDP), and its junior coalition partner Komeito, lost their majority in the Japanese parliament over the weekend, as voters punished the scandal tainted ruling partners. Moody’s cut France’s rating outlook to negative over the deterioration of public finances and the political challenges in fighting budget deficits | This is the third warning in two weeks, after Fitch also put a negative outlook on France, with an update expected from S&P in November. British Prime Minister, Kier Starmer, pledged his government would “embrace the harsh light of fiscal reality”, as the country awaits the unveiling of its first budget on Wednesday. Emerging Markets: The President of Georgia, Salome Zourabichvili, called for protests today and the US and EU urged a full investigation into the results, after the ruling Georgian Dream party declared victory in the nation’s election over the weekend. Bulgaria's centre-right GERB party won a parliamentary election on Sunday with 26% of votes, preliminary results showed, but it will have to seek a coalition partner to form a government. Official presidential results in Uruguay on Sunday showed centre-left candidate Yamandu Orsi will likely face conservative Alvaro Delgado in a second round next month, as no candidate secured a majority.   -------------------------------------------------   Information contained in this publication is compiled from industry sources which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication

Morning Minute 25/10 Japan to vote in uncertain election Headlines: Japan will go to the polls this weekend to elect a new parliament, in a closely watched race that could end more than a decade of Liberal Democratic party (LDP) rule | Discontent over LDP funding scandals and the rising cost of living in the country could force the LDP into a power sharing agreement. European Central Bank Governing Council member and Belgian central bank governor, Pierre Wunsch, said in an interview yesterday that it was too early to start considering a 50 basis point cut in interest rates in December. British consumer confidence fell to the lowest level since March as concerns about possible tax hikes dented sentiment in the lead-up to the new government's first budget next week. Emerging Markets: Daniel Chapo, the ruling Frelimo Party’s candidate, has been officially declared the winner of Mozambique’s presidential election, taking 70.67% of the vote | Frelimo also won 195 out of 250 seats in parliament. Angola is in talks with the International Monetary Fund (IMF) about a new program, according to Finance Minister Vera Daves de Sousa, who said that differences remain on capital expenditures. The government is working to carry out relief delivery and evacuations in the Philippines as storm Trami devastates the country | 25 people have been killed, hundreds of thousands evacuated and towns submerged, as well as schools and government offices being closed.   -------------------------------------------------   Information contained in this publication is compiled from industry sources which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication

Let's meet! 🤝   Our team is at the Caribbean Association of Banks Inc. conference celebrating their 50th anniversary in Barbados this week🇧🇧   If you're in attendance, drop by our stand and speak with Ama Asiedua Agbenu and Patricia Amodu to learn more about our banking solutions. #CrownAgentsBank #CABConference

Morning Minute 24/10 European equities rise on positive earnings, PMI data in focus Headlines: European equities have opened higher on the day, following a muted session in Asia as investors digested a raft of positive earnings reports while waiting for European PMI data to be released this morning. Factory activity in Japan contracted for the fourth consecutive month in October, data released this morning showed. The Bank of Canada dropped its key rate at its meeting held yesterday | Policymakers cut the benchmark rate by 50 basis points to 3.75%, as expected by analysts. Emerging Markets: Officials at the central bank of Brazil stated yesterday that they will do what is needed to bring inflation back below to the 3% target. Business activity in India grew in October, data released this morning showed | The flash India Composite Purchasing Managers index compiled by S&P Global rose to 58.6 against a reading of 58.3 seen in September. Consumer prices in Malaysia rose in September, official government data released this morning showed | The consumer price index came in at 1.8% YoY for September, lower than the expectation from economists of a 1.9% print, which was seen in the previous period.   -------------------------------------------------   Information contained in this publication is compiled from industry sources which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication