The US economy grew at its fastest pace in a year in the third quarter, powered by business investment and consumer spending, while September durable-goods orders posted their biggest increase in five months.

Mexico’s economy also accelerated, expanding 3.2% year over year in the third quarter—the fastest growth since 2023—as investment and exports supported activity.

In Asia, South Korea’s third-quarter growth beat forecasts as AI-related chip demand lifted exports and investment, while Taiwan notched a fourth straight quarter of double-digit growth, its longest such streak in nearly 39 years.

Euro-area growth came in at twice analysts’ expectations, with Germany and Spain expanding, Italy stagnating and France contracting 0.1%; separately, French consumer confidence dropped to 80 in October, its lowest reading in 13 years.

Germany’s business outlook improved for a sixth consecutive month, with investment in infrastructure, defense and AI helping underpin a recovery.

Against a backdrop of persistent inflation concerns and elevated energy prices, many central banks held rates steady, while the Federal Reserve and European Central Bank left open the possibility of increases at their December meetings.

The European Central Bank kept its deposit rate at 2.5% amid expectations of a possible December increase; President Christine Lagarde is due to step down in February.

The Bank of Japan also held rates in October, even as Tokyo inflation stayed above its 2% target and Governor Kazuo Ueda signaled strong prospects for a December hike.

The Federal Reserve, European Central Bank, Bank of Japan, and central banks in New Zealand, Thailand, Chile, Botswana, Malawi, Colombia and the Dominican Republic held rates unchanged, while Canada, Pakistan, Ukraine and Egypt raised them.

The Bank of Canada raised its benchmark rate to fight inflation, putting added pressure on homeowners, many of whom renew mortgages every five years or less or have variable-rate loans.

Egypt lifted its deposit and lending rates by 100 basis points, to 20% and 21%, respectively, as its currency weakened and inflation risks increased.

Meanwhile, Chinese buyers’ scramble to secure copper amid tightening supply drove the Yangshan import premium to a record high, signaling intensifying competition for the metal.