Daily Briefing · 2026-10-25

Russia's invasion of Ukraine has seen fighting intensify, with continued increases in energy prices and disruptions to supply chains, prolonging negative effects on the global economy. Meanwhile, a limited ceasefire agreement has been reached in southern Ukraine, enabling the inflow of humanitarian aid supplies, raising expectations for reduced reconstruction costs in combat areas. In France, protests against rising prices have expanded, and the government has responded by implementing heightened security measures. In Brazil, the presidential runoff election was held, with the contest between Mr. Lula and Mr. Bolsonaro drawing attention for its potential impact on the direction of economic policy, emerging markets, and investor sentiment. In the United States, ahead of the midterm elections, former President Obama's campaign support activities are being reported as a factor that could influence the Democratic Party's cohesion. North Korea's General Secretary Kim Jong Un visited China, engaging in communication that includes the possibility of resuming U.S.-North Korea negotiations. China's Premier Li Qiang reiterated that the Taiwan issue is an inviolable red line, with risks of instability in trade relations continuing. Negotiations between Iran and the United States remain in a state where Iran is awaiting confirmation of receipt of the U.S. proposal. In corporate news, the additional tax amount in major department store OKURA's improper refund issue has been determined to be 580 million yen. In the convenience store industry, amid continued declines in customer traffic, expanding sales in the clothing and daily goods sectors are drawing attention as a new source of revenue. Due to rising global demand for Japanese products, expanded earnings are expected for exporting companies. In the hair salon industry, polarization driven by intensifying competition is progressing, with the number of bankruptcies remaining at a high level. In the tourism sector, concerns have been raised that a decline in Chiba Prefecture's attractiveness ranking could lead to a decrease in the number of tourists. In the development of Osaka's IR facility, difficulties in securing dealer personnel are spreading, raising concerns about rising operating costs and business profitability. On cruise ships, suspected infections among passengers and crew have been spreading, raising concerns about financial impacts on related industries.