GlobalSource Partners | Country Insights

An analysis of what the Democratic sweep of Congress in the November 3 midterms means for the Gulf. * A resounding result. The Democrats took both chambers of Congress on Nov 3 with as many as 56 Senate seats and around 260 in the House, the largest midterm margin since 1974. The new Congress ...

Kazakhstan macro: Economic statistics still look puzzling

KAZAKHSTAN · Report · 12 Nov 2026

Recent economic data shows a gradual slowdown in Kazakhstan’s growth, which seems natural y-o-y after last year’s remarkable surge in the second half. While some easing was anticipated, the extra drag on GDP from disrupted oil exports this year was harder to foresee. Even so, the forecast of arou...

A bit too sanguine, a bit too soon

TURKEY · Report · 12 Nov 2026

The CBRT released its fourth and final Inflation Report of the year today. The Bank raised its end-2026 inflation forecast from 28% in the previous report --and 28.4% in the Medium-Term Program (MTP)-- to 29.5%. As we’ve expected, the CBRT also brought its inflation forecasts for 2027 and 2028 in...

The Senate floor should vote on the fiscal adjustment package, the Finance Ministry stated that Tax Reform will remain on schedule, and the crisis at the Federal Police regarding the Banco Master case continues

BRAZIL POLITICS · Report · 12 Nov 2026

The Senate floor is expected to vote today on Complementary Bill (PLP) 299/2026. The bill was introduced by Jaques Wagner and is being reported by Eduardo Braga, who is also the rapporteur for the 2027 Budget. The fiscal adjustment proposal allows the government to impose spending freezes aimed a...

Russia: a brief market watch

RUSSIA ECONOMICS · In Brief · 12 Nov 2026

The ruble slipped slightly at the start of November following Minfin’s announcement to ramp up hard currency purchases for the National Wealth Fund under the fiscal rule. Authorities plan to spend R15.6 bln in November (the highest since 2026), compared to R12.7 bln in October. These operations c...

Four shocks and a funeral

BRAZIL ECONOMICS · Report · 10 Nov 2026

The Minutes of last week´s Copom meeting reinforces the mismatch between the diagnosis of the inflation outlook and the monetary policy reaction, which was already present in the statement released back then. Anticipating the conclusion, even though BCB correctly perceives the deterioration of th...

The government postponed the decree ending the 6x1 work schedule, Justice Edson Fachin closed the fake news investigation yesterday, and Kassab said PSD support for the government depends on fiscal adjustment

BRAZIL POLITICS · Report · 10 Nov 2026

The government has postponed until next week the decree regulating the end of the six-days-on, one-day-off (6x1) work schedule. The text was expected to be issued yesterday (Nov. 9), but President Lula, who traveled to Turkey for the UN Climate Change Conference (COP31), wants to sign it at a cer...

CPI-inflation up in October, largely in line with expectation

HUNGARY · In Brief · 10 Nov 2026 · 1 response

The headline rate was 0.4% mom, 2% yoy, the latter up from 1.6% yoy in September. Core inflation rose to 2.1% yoy, non-fuel inflation ascended to 1.6% yoy, both up two decimal points from their readings in the previous month. Fuel prices rose by 3% mom, 11.3% yoy, up 9% over the past two months, ...

Weekly Report - November 9, 2026: All political scenarios remain on the table; 2027 budget on hold; October CPI and Q3 GDP data in focus next week

ISRAEL · Report · 09 Nov 2026

Israel's inconclusive election results have complicated government formation and increased the risk of a prolonged political confrontation, potentially delaying approval of the 2027 budget. Eisenkot is seeking to form a minority government quickly, but Lieberman opposes this approach and is pursu...

Commitment to the social agenda and other weekly topics

BRAZIL POLITICS · Report · 09 Nov 2026

President Lula travels to Turkey, where he will attend COP31. He will also visit the Philippines. The Supreme Federal Court will hold a conciliation hearing on ending the six-day-on, one-day-off work schedule. A Joint Committee may be established to review the Provisional Measure on betting. In t...

Economics: Fiscal consolidation sees no progress: the deficit isn't easing, and Pemex's problems are worsening despite support

MEXICO · Report · 09 Nov 2026

Fiscal consolidation is not advancing toward its targets: through September, public sector borrowing requirements (PSBR) totaled MXN 959 billion (up 3% in real terms), and the primary balance plunged from a MXN 190 billion surplus to just MXN 4 billion. Budgetary revenue fell -2.8% in real annual...

Riding the oil wave

BRAZIL ECONOMICS · Report · 09 Nov 2026

The trade surplus should exceed USD 85 billion in 2026 and in 2027, supported by rising exports and imports contained by the slowdown in activity. A significant part of this result comes from oil, favored by higher prices. Regarding remaining exports the effect of US tariffs has been relatively s...

Lula delivered a national address to reaffirm his commitment to fiscal responsibility, he will travel to Turkey today for COP31, and discussions continue on congressional succession

BRAZIL POLITICS · Report · 09 Nov 2026

President Lula delivered his first nationally televised address since his reelection yesterday (Nov. 8), prioritizing his commitment to the social agenda. He pledged to eliminate taxes on basic food staples and implement fare-free public transportation. He also defended fiscal responsibility and ...

Politics: 2027 gubernatorial elections—a tougher road for Morena than expected

MEXICO · Report · 09 Nov 2026

Next year's elections will determine the type of majority Morena holds in the Chamber of Deputies—absolute or qualified—and also whether the 4T expands or loses territorial control in the governorships and municipal presidencies at stake ahead of the 2030 presidential contest. The outcome also ma...

Police at the Tribunal, a partial truce at the NBP and a warning from S&P, as the MPC turns hawkish

POLAND · In Brief · 09 Nov 2026 · 1 response

Summary CPI inflation fell to 3.5% y-o-y in October, from 4.1% in September, below the 3.7% consensus. The return of the fuel relief cut pump prices by almost 10% in one month, and our estimate of core inflation eased to about 3.0%. The MPC kept the reference rate at 3.75% on November 4, but its ...