European Automobile Manufacturers Association reported that the car market in the EU region grew significantly in October, with a 14.6% increase in new car registrations compared to the same month last year. The growth was driven by strong demand across several countries, including France, Italy, Spain, and Germany. Electric cars also gained market share, rising from 12% to 14.2%.
Meanwhile, the net borrowing rate of the British public sector, excluding banks, reached its second-highest level since 1993 in October at £14.9 million. This exceeded the forecast of £13.7 million and highlights the ongoing financial challenges facing the UK government.
In other news, futures predict a bearish opening for Wall Street on Wednesday morning as global markets continue to be impacted by geopolitical tensions and uncertainty around trade policies.