• Mexico's annual inflation decelerated in October, official data showed on Friday, staying within the central bank's target range, although analysts remained cautious about the path ahead.
• Consumer prices in Mexico rose 3.57% in the year through October, according to the national statistics agency INEGI, down from 3.76% the previous month and roughly in line with economists' forecasts in a Reuters poll that pointed to a 3.56% increase. Despite the inflation rate remaining within the central bank's target range of 3%, plus or minus a percentage point, for the fourth month in a row, analysts and policymakers have adopted a cautious tone.
• "We anticipate a rebound in annual inflation in early 2026 as a result of the effects of tax increases," economists at Banamex said in a note. For next year, Gabriel Casillas, Barclays head of LatAm Economics Research, particularly mentioned the expected tax increase on soft drinks, the imposition of tariffs on imports from non-FTA countries and the awaited 12% minimum wage increase, as the most relevant issues hitting inflation.
• Mexico's central bank, also known as Banxico, lowered borrowing costs on Thursday for the fourth consecutive time, reducing its benchmark rate by 25 basis points to 7.25%, its lowest level since May 2022. The closely watched core index, which strips out some volatile food and energy prices, increased 0.29% every month, compared with expectations of a 0.28% increase.
• Together with concerns about core inflation, the bank's policymakers cited the ongoing weakness in Mexico's economy. Banxico's governor, Victoria Rodriguez, told Imagen radio late Thursday that she expects the economy to maintain moderate growth, with persisting slack conditions. The governor, who voted in favour of the latest rate cut, noted that the bank's quarterly report due at the end of November will update its gross domestic product and inflation forecasts.

(Source: Reuters)

• U.S. central bankers who have supported two interest rate cuts this year signalled on Monday divergent views on the need for more, underscoring the challenge for Federal Reserve Chair Jerome Powell as he helms a divided group of policymakers. St. Louis Fed President Alberto Musalem was downright skeptical about the prospect of further monetary easing.
• "It's very important that we tread with caution here: I think there is limited room to ease policy further without policy becoming overly accommodative," he told Bloomberg Television. Inflation, he noted, is closer to 3% than the Fed's 2% target.  He added that financial conditions including stock valuations and house prices are elevated; monetary policy is nearer to neutral than to modestly restrictive; and the labour market has cooled in an orderly manner.
• Signalling a bit more openness to a rate cut was San Francisco Fed President Mary Daly, who said muted wage growth shows demand for labour is cooling, and at the same time tariffs have not lifted inflation in any broad-based or persistent way. Daly said she is on the alert for the possibility that a rise in productivity from the adoption of artificial intelligence could allow for faster economic growth without pressuring inflation. "While I'm looking for productivity gains and seeing if they're going to continue, I'm also keeping my eye completely focused on inflation to make sure that it doesn't pick up in a way that would suggest we need to do more or we need to hold longer," Daly told Bloomberg Television. At the same time, she said, "we don't want to make the mistake of holding on too long for rates, only to find out we injured the economy."
• Fed Governor Stephen Miran, who dissented in October in favour of a bigger rate cut, feels the evidence is already in, with quickly falling inflation and a softening labour market making further policy easing "imperative."

(Source: Reuters)

• Chinese exports unexpectedly fell in October after months of front-loading U.S. orders to beat President Donald Trump's tariffs, in a stark reminder of the manufacturing juggernaut's reliance on American consumers, even as it woos buyers elsewhere.
• The world's second-largest economy has pushed hard to diversify its export markets since Trump won last November's presidential election, bracing for a resumption of the trade war that dominated his first term in office, and seeking closer trade ties with Southeast Asia and the European Union. "It appears the rush to ship goods to the U.S. ahead of tariff hikes subsided in October," said Zhang Zhiwei, chief economist at Baoyin Capital Management. "With export momentum now waning, China may need to rely more heavily on domestic demand."
• Chinese shipments to the U.S. tumbled 25.17% year-on-year, the data showed, while those to the European Union and Southeast Asian economies - big trading partners with whom policymakers have sought to bolster ties amid tariff tensions with Washington - grew by just 0.9% and 11.0%, respectively.
• Most analysts largely agree that Chinese manufacturers have pushed as many goods into the world as possible for now.
• "I think the PMI was already warning us that Chinese exports cannot continue to grow forever, and it's not only because of the U.S. but because the global economy is slowing," said Alicia Garcia-Herrero, chief economist for the Asia-Pacific at Natixis.
• "Exports through Vietnam to the U.S. will decelerate once the front-loading is over, and we're there. So, I think it's going to be much tougher for China in the fourth quarter, which means it's going to be tougher in the first half of 2026 as well," she added

(Source: Reuters)

• Jamaica's hospitality sector is facing an uneven recovery following Hurricane Melissa, with some resorts already welcoming back guests while others in harder-hit regions face lengthy reopening timelines. Properties in the Montego Bay area were hit much harder by the hurricane's October 28, 2025, landfall than those in Ocho Rios and Negril.
• "Jamaica is a large and diverse island, and each region has experienced the storm differently," said Adam Stewart, executive chairman of Sandals Resorts International, which has eight resorts across the island. Five of the group's resorts in Negril and Ocho Rios will reopen on December 6: the Sandals Dunn's River, Sandals Ocho Rios, Sandals Royal Plantation, Sandals Negril and Beaches Negril. Sandals said that some of those resorts could theoretically open sooner. Stewart said the Ocho Rios properties were "largely unaffected by the most severe impacts", but that the company set the December date "to offer a period of rest and recovery for our local team members in Jamaica."
• That isn't the case for the company's properties in Montego Bay and White House. The Sandals Montego Bay, Sandals Royal Caribbean and Sandals South Coast resorts are not set to reopen until May 30, 2026. Likewise, Hyatt's Inclusive Collection has suspended operations and new bookings at its eight Montego Bay-area properties through January. Salamander Collection's Half Moon resort, also in Montego Bay, aims to reopen on December 15, citing impacts to local infrastructure as a factor in its timeline.
• In support of the islandwide recovery effort, Jamaica's Ministry of Tourism has activated a Hurricane Melissa Recovery Task Force, with Minister of Tourism Edmund Bartlett setting a December 15 target date for Jamaica's tourism industry to be fully operational.
• Among those appointed to serve on the task force is Sandals' Stewart, who emphasised that returning visitors will play a key role in Jamaica's comeback. "Tourism is a vital part of Jamaica's national recovery, and guests can feel confident that the best way to support the region is by visiting and returning to the island they love," Stewart said.
• The late-October timing of Hurricane Melissa adds to the island's challenges, as many closures are expected to stretch over the crucial holiday season. "That's peak season, and they're losing out on it," said Michael Cummings, CBRE's (an initialism of Coldwell Banker Richard Ellis’) managing director for valuation and advisory services. "It's going to be a while before Jamaica recovers." Furthermore, Cummings added that immediate humanitarian needs will continue to take precedence over resort operations.

(Sources: Travel Weekly)

• In a press release on the Jamaica Stock Exchange (JSE) on November 6, 2025, General Accident Insurance Company (Jamaica) Limited (GENAC), through its parent company, Musson (Jamaica) Limited (Musson), has purchased 100% of Beacon Insurance Company Limited (Beacon) effective October 31, 2025. Beacon will subsequently become a subsidiary of General Accident, subject to additional regulatory approvals.
• Beacon specialises in general insurance, underwriting for both individual and institutional clients, and offers a broad product range comprised of Property, Motor, Accident and Casualty, Marine Cargo and Hull, Bonds, and Engineering insurance. It is the fourth largest general insurer in Trinidad and Tobago by gross written premiums, trailing Guardian General Insurance Limited, Trinidad & Tobago Insurance Limited (TATIL), and Colonial Fire & General Insurance Limited (COLFIRE). The company has a regional presence through its Barbados, Grenada and Saint Lucia offices, and agency operations located in Dominica, Saint Kitts and Nevis, and Saint Vincent and the Grenadines.
• The acquisition is set to greatly expand General Accident’s presence in Trinidad and Barbados and allow it to enter new markets in Dominica, Grenada, St. Kitts, St. Lucia and St. Vincent. General Accident’s gross written premiums are now projected to be in excess of J$32Bn annually, up from J$23Bn in FY2024.
• That said, Beacon is set to continue to operate as an independent subsidiary of General Accident, and the combined company intends to maintain both the Beacon and General Accident brands in Trinidad and Barbados.
• Additionally, Beacon will continue to be managed by its existing executive team led by Chief Executive Officer Christopher Woodhams. Mr Woodhams will report directly to Sharon Donaldson, Group Chief Executive Officer of General Accident, and oversee Beacon and General Accident’s combined business in Trinidad.
• General Accident Chairman PB Scott said, “We have long admired Beacon as an outstanding, well-managed insurance company. We are privileged to now have the opportunity to work with its talented leadership team, combine Beacon with our own business and create a powerful platform across the Caribbean. I’m excited about our ability to join forces with [the] Beacon team to better serve our people and our clients at both General Accident and Beacon.”
• With Hurricane Melissa posing short-term headwinds for General Accident and other local insurance companies, owing to likely higher insurance claims, the potential geographical diversification and growth provided by the Beacon acquisition could be accretive for long-term investors. However, this will depend on the realisation of post-merger synergies, effective integration and management, and the financial structure of the deal.
• At market close on Thursday, GENAC’s price was J$5.56, down 10.03% since the start of the year. At its current price, the company trades at a P/E of 9.11x, which is below the Main Market Financial Sector average of 11.51x.

(Source: JSE, NCBCM Research)

• Caribbean Information and Credit Rating Services Limited (CariCRIS) has reaffirmed the Issuer/Sovereign Credit Ratings assigned to the Government of Saint Lucia (GOSL or the Country) at CariBBB- (Foreign and Local Currency Ratings) on the regional rating scale for several rated debt issues of the country.
• These ratings indicate that the level of creditworthiness of this obligor, adjudged in relation to other obligors in the Caribbean, is adequate.
• CariCRIS has also maintained a stable outlook given that the country’s is expected to see modest real GDP growth over the next three years and its Debt-to-GDP, currently above 70%, is not expected to increase significantly. Alongside GDP growth, planned surpluses should help reduce indebtedness to 60% by 2035. Financial system metrics remain strong, and international reserves have improved from 2.9 months of import cover in 2022 to 4.4 months in 2024 due to recovering tourism earnings.
• The ratings are driven by monetary and exchange rate stability due to a quasi-currency board arrangement, a sound financial sector characterised by high but declining NPL ratios and wide economic activity, albeit dependent on tourism.
• The rating strengths are tempered by the projected debt-to-GDP ratio, which is expected to remain above 60%, necessitating fiscal consolidation and sustained GDP growth. It also considered high unemployment, particularly among youth, and rising crime, which can lead to political upheaval and disrupt fiscal and investment planning..
• Factors that could, individually or collectively, lead to an improvement in the Ratings and/or Outlook include debt-to-GDP below 65%, a balanced budget, and sustained 5% annual GDP growth. Conversely, a fiscal deficit above 15% of GDP or debt-to-GDP exceeding 90% alongside weaker debt servicing capacity could, individually or collectively, lead to a lower rating and/or Outlook.

(Source: CariCris)

• Chevron and Petronas have secured offshore exploration rights to Blocks 9 and 10 off the coast of Suriname, signalling growing international confidence in the country's upstream potential and its emergence as a Caribbean energy frontier. The agreements bring leading global operators into the Suriname Guyana basin and pave the way for accelerated exploration and investment, particularly as state-owned energy company Staatsolie prepares to launch a licensing round for additional offshore acreage later this month.
• Under the agreements, Block 9 will be operated by Petronas Suriname E&P B.V. (30%), with Chevron (20%), QatarEnergy (20%) and Paradise Oil Company (POC) (30%) as partners. Block 10 is led by Chevron (30%), alongside Petronas (30%), QatarEnergy (30%) and POC (10%). The initial three-year exploration phase will focus on 3D seismic surveys and subsurface mapping ahead of potential drilling.
• The awards reinforce Suriname's ongoing strategy to develop its offshore sector. Building on previous deals, such as the June 2025 PSC signed with Petronas for Block66, which includes plans for two exploration wells, the country is attracting top-tier international operators to its basins. By positioning Blocks 9 and 10 near proven deepwater discoveries and onshore producing fields in the Suriname Guyana basin, Suriname strengthens the likelihood of commercial success while reducing perception risk for other investors.
• The deals underscore the Caribbean margin as a growing hotspot for upstream investment. Neighbouring Guyana's offshore success has already drawn global attention, and Suriname's new agreements reinforce investor confidence in the region.

• The signing of Blocks 9 and 10 represents more than exploration activity, which signals investor confidence in Suriname's regulatory framework, strategic vision and growing role in the global energy market. With additional licensing opportunities imminent, Suriname is poised to attract further international investment and solidify its standing for the fifth successive year of expansion in the non-oil economy at the half-year, following the contraction in 2020.

(Sources: Energy Capital Power)

• S.-based employers cut more than 150,000 jobs in October, marking the biggest reduction for the month in more than 20 years, a report by Challenger, Gray & Christmas said on Thursday, as industries adopt AI-driven changes and intensify cost cuts.
• Tech firms led the job cuts in the private sector, followed by retailers and the services sector, the global outplacement company said.
• Cost-cutting was the top reason for the layoffs in October, followed by artificial intelligence, while "DOGE Impact" was the leading reason for job cuts in 2025.
• The layoffs in October surged 175% from a year ago to 153,074. From the start of the year to October end, employers have announced 1,099,500 job cuts, a 65% rise from 664,839 in the same time period last year.
• So far this year, job cuts are at the highest level since 2020 when 2,304,755 cuts were announced through October.
• "Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes," said Andy Challenger, chief revenue officer for Challenger, Gray & Christmas.
• Not only did individual companies announce large layoffs in October, but a higher number of companies announced job cut plans, Challenger said, tracking nearly 450 individual job cut plans in October compared to under 400 in September.
• Any economic data from private sources will be on investors' radar as official data continues to be absent with the U.S. government now entering its longest-ever shutdown.

(Source: Reuters)

• British companies' expectations for employment in the year fell last month for the first time in nearly five years, while expectations for future inflation touched the highest level since late 2023, a Bank of England survey showed on Thursday.
• The readings underlined the trade-offs faced by the central bank as it weighs further cuts to interest rates, faced with growing signs of a cooling labour market coupled with the highest rate of inflation among Group of Seven economies.
• The BoE kept borrowing costs on hold on Thursday, but a narrow vote and signs that Governor Andrew Bailey might soon join those seeking a rate cut increase the chances of a December move after the government's budget later this month.
• The BoE's Decision Maker Panel showed expected employment growth for companies during the three months to October slipped to -0.1% from zero in September, marking the first negative reading since November 2020, during the COVID-19 pandemic. Expectations for wage growth ticked higher to 3.7% in the three months to October, the highest reading for five months.
• While companies' expectations for their own price increases in the year ahead were steady, they predicted consumer price inflation of 3% in the year head, the highest reading since December 2023.

(Source: Reuters)

• Supreme Ventures Limited (SVL) posted a 48.7% increase in shareholder profits to $555.03Mn for Q3 2025. The growth was primarily driven by an expansion in total gaming income, which outpaced direct operating expenses.
• Total gaming income grew by 9% to $13.96Bn, supported by an 18.6% rise in income from fixed-odd wagering games and a 3.6% increase in revenue from non-fixed-odd wagering games, horse racing, and pin codes.
• Direct costs grew marginally slower, up 8.1% to J$10.79Bn. Consequently, gross profits improved by 11.7% to $3.16Bn and gross margins widened from 34.3% to 37.0%, indicating the company is better managing input costs as it grows its revenues.
• The growth in gross profits also outpaced operating expenses (+4.3%), resulting in a 32.8% improvement in operating profit relative to Q3 2024. Of note, selling, general, and administrative expenses declined by 8.7% due to the company’s ongoing cost optimisation strategies. Consequently, operating margins ended the quarter at 11.5% from 8.9%. Lastly, finance costs (+13.13% to $0.22Bn) grew more slowly than operating profits, which also supported higher shareholder profits and a widening of net margins, from 2.9% to 4.0%.
• SVL’s Q3 performance helped to offset a 41.56% slip in Q1 20251. As a result, 9M 2025 earnings are up 9.1% to $1.85Bn. Q1’s earnings decline was largely driven by a disproportionate spike in operating expenses despite higher revenues.
• Looking ahead, SVL could face significant operating pressures due to the impact of Hurricane Melissa, which ravaged the Western Section of the island. In 2024, Hurricane Beryl and Tropical Storm Rafael had a notable one-off impact on third and fourth-quarter revenues, with the company estimating a $1.00Bn loss in gross ticket sales due to damage sustained by retail networks in Clarendon, Manchester, St. Elizabeth, and Westmoreland. Due to the wider scale of damage relative to Beryl, along with the projected longer downtime of electricity and lottery terminals in the affected parishes, SVL could face losses in excess of the $1.00Bn this time around.
• The company, however, noted that it has, to date, restored 60% of its lottery terminals after Hurricane Melissa forced a temporary shutdown of its operations and that the remaining capital from its recently concluded $5Bn debt issuance has placed it in a much better position to withstand the disruption.
• At the market close on Wednesday, November 5, 2025, SVL’s stock price was J$17.59, down 28.9% since the start of the year. At this price, SVL trades at a P/E of 23.8x, which is above 13.05 for the Main Market average.

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¹Q1’s earnings decline was largely driven by a disproportionate spike in operating expenses despite higher revenues.