Macro and Politics

* The consumer confidence index slid merely from 84.3 to 83.9 level in September. Examining quarterly averages, the index averaged 89.3 in 3Q25 following an average level of 84.6 in 2Q25. It is important to underscore that the consumer confidence index — which ranges from 0 to 200 — signals pessimism when it falls below 100, and optimism when it exceeds that threshold. A breakdown of the September consumer confidence index reveals the following: The sub-index reflecting the financial situation of household at present decreased from 70 level to 67.8, while the sub-index measuring financial situation expectation of household over the next 12 months increased marginally from 83.8 to 84. Moreover, general economic situation expectation over the next 12 months decreased barely from 78.4 to 78 and finally, the sub-index tracking assessment on spending money on durable goods over the next 12 months — a key indicator of domestic demand — rose from 104.8 to 105.7 level in September.