Russian inflation at 6.6% in November

SWISS GOVT: REDUCTION IN U.S ADDITIONAL TARIFFS TO ENTER INTO FORCE RETROACTIVELY Swiss government: With the US tariff ceiling of 15%, trade-weighted US tariffs on Swiss products will fall by around 10% on average. Swiss Gov't: Sectoral tariffs on steel, cars, aluminium and copper remain in place. Reduction in US additional tariffs to enter into force retroactively With the entry into force of the new US customs regulations retroactively from 14 November 2025, the applicable US tariffs on Swiss goods will be significantly reduced. The USA will apply an across-the-board tariff ceiling of 15% on imports from Switzerland, replacing the previous additional tariff of 39%. The existing exemptions from US additional tariffs – including pharmaceuticals, certain chemicals, gold and coffee – remain in force unchanged. In addition, based on the joint statement, the US is to lift the general additional tariff on further Swiss export products, including aircraft, certain aviation-related parts, rubber products, cosmetics and generic drugs. The list will be published in the US Federal Register. Switzerland is seeking further exemptions. Products that were subject to a tariff rate of more than 15% before 2 April 2025 will once again be subject to their original tariff rate. The sectoral US additional tariffs under Section 232, for example on steel, aluminium, cars and copper, also remain unchanged. For ongoing Section 232 investigations concerning pharmaceuticals and semiconductors, it was agreed in the joint statement that any additional sectoral tariffs imposed on Switzerland will not exceed 15%. SWISS GOVT: THIS APPLIES RETROACTIVELY FROM 14 NOVEMBER 2025

BoC's Senior Dep. Gov. Rogers: What we don't want is prices coming down. BoC's Senior Dep. Gov. Rogers: BoC sees better balance in the housing market. BoC's Senior Dep. Gov. Rogers: We don't expect another surge in house prices.