Overview of Key Overnight Developments on May 3

On October 8 local time, the European Court of Auditors (ECA) released its 2025 annual report, expressing concerns over the continuous growth of EU debt. According to the report, by the end of 2025, the EU's debt had reached approximately 740 billion euros. The report also warns that this figure may further rise to 1 trillion euros by 2027. The ECA pointed out that the increase in EU debt is mainly related to aid for Ukraine, rising interest rates, defense spending, and the EU recovery fund. (CCTV)

⑴ European Central Bank’s Holzmann stated that core inflation is stabilizing, which to some extent indicates that overall price pressures are under control. ⑵ ECB Governing Council member Holzmann expressed that persistently high inflation supports the view that policy rates should be adjusted to more restrictive levels. ⑶ Inflation risks are tilted to the upside due to oil, natural gas, food, and robust growth. ⑷ The timing and scale of any action will be decided at each meeting. ⑸ More stable core indicators provide some reassurance, suggesting that broader price pressures are being contained.

Spot platinum has just surpassed the $1650.00/oz mark, now at $1649.63/oz, up 1.01% on the day; Nymex platinum futures are now at $1657.1/oz, up 0.44% on the day.

The surge in data center construction in Finland is accelerating. Following last month's announcement by Google, a subsidiary of Alphabet, of its largest investment in Europe to date, several new projects have been unveiled. Thanks to its relatively cool climate, renewable energy supply, and readily available grid connections, multiple companies, including Alibaba Group and Applied Digital, have recently announced plans to invest in and build data centers in Finland. Currently, the total investment for data center projects either planned or underway in the country has exceeded €67 billion (approximately $75 billion).