Cautious optimism on inflation, little progress on peace

The Turkish central bank’s latest inflation report showed large upward revisions to its inflation forecasts, but policymakers emphasised that the underlying disinflation process remains on track. We still think there's scope for another interest rate cut in December. Elsewhere, the latest round of talks between the US, Russia and Ukraine has yet to bring all sides closer to any agreement. The focus now shifts to the potential meeting between Trump, Xi and Putin at the APEC summit in China next week, but hopes for a diplomatic breakthrough are low.