On the 12th, the European Central Bank cut the interest rate by 25 basis points as scheduled, marking the fourth rate cut this year. The deposit interest rate was lowered by 25 basis points to 3%, and the restrictive description of the interest rate was removed, opening the door for further rate cuts next year. On the 12th, the Swiss National Bank unexpectedly cut the interest rate by 50 basis points, while the market had expected 25 basis points. On the 11th, the Bank of Canada cut the interest rate by 50 basis points. The Federal Reserve’s counterparts have all turned dovish, adding expectations for rate cuts next year in their statements.