For the first time in over three years, UK inflation has dipped below the Bank of England's target of 2%, leading to expectations of interest rate cuts in upcoming meetings.

This significant decline in inflation is attributed to weaker private-sector activity and concerns in the job market.

In Canada, all but one of the six largest banks anticipate a half-point cut in borrowing costs following the drop in inflation, indicating signs of a weakening economy.

Similarly, the European Central Bank has reduced interest rates for the third time in 2024, lowering its key deposit rate by a quarter-point to 3.25%.

In the broader context, several countries, including Thailand, the Philippines, Namibia, and Chile, have cut interest rates in response to easing inflation, while others like Singapore and Turkey have maintained their rates.

In China, export growth unexpectedly slowed in September, which poses challenges for its economic recovery that heavily relies on manufacturing.

Despite these economic challenges, Apple Inc. has reported a 20% surge in iPhone 16 sales in China during its first three weeks, suggesting improved demand compared to last year's model.

In the US, retail sales exceeded expectations in September, signaling robust consumer spending, which has led the Atlanta Fed to project a 3.6% annualized increase in personal consumption for the third quarter.

Meanwhile, Peru's economy has shown resilience, growing more than anticipated in August as it recovers from a recession, driven by increased public spending despite a rising deficit.

In contrast, Japan's exports experienced their largest decline since February 2021, with significant drops in shipments to China, the US, and Europe.