Korean Cargo Flies High as European Travel Stumbles

Air: Records at Opposite Ends of the World

Korean air cargo reached 1.33 million tonnes in October 2026. That is the highest reading since the series began in 2023, according to Korean air traffic data, surpassing the previous record of 1.27 million tonnes. The direction is sharply upward. At the same time, EU airport data from Eurostat tells a different story at the passenger terminal. International passengers across EU airports totalled 115 million in April 2026, the smallest April figure in two years, down from 118.7 million in April 2024. Commercial aircraft movements across EU airports in April 2026 were the smallest for that month in four years. Singapore arrivals data adds another cautionary note: visitor arrivals from India fell 11% year on year in September 2026, and arrivals from Malaysia reached their smallest September in two years.

Inflation, Buybacks and an EV Slowdown

Italy's HICP annual inflation rate hit 5.6% in October 2026, according to Eurostat macro data. That is the largest October reading in three years, up from 1.8% in October 2023. Germany's HICP also hit its largest October reading in two years. Meanwhile, US corporate buyback data shows $245.8 billion in repurchases during Q2 2026, up 11% on the same quarter last year, with monthly buyback spend rising for three consecutive months through July 2026. In Singapore, new battery-electric car registrations have fallen for three straight months, reaching 2,827 vehicles in September 2026 per Singapore vehicle registration data, though that is still 21% above September 2025 levels. European conventional hybrid registrations in October 2026 hit their smallest October count in four years.

Automakers Reporting Today: What the Registers Show

Five automakers report today, 6 November. For HMC (Honda Motor), Japanese car registration data, which has a measured lead on Honda revenue of 65 days with a strong fit, is running +6% on the same quarter last year with one of three months in. Mazda Motor draws on German car registrations (measured lead of 30 days, strong fit), which are running +32% year on year with all three months of the quarter now in; Dutch registrations, a moderate-fit lead, run -5% with one month in. Mitsubishi Motors faces Dutch registrations running -24% on the same quarter last year, one month in. Isuzu Motors and Mahindra & Mahindra both draw on India registration data as a measured lead on revenue; that series is running -21% and -11% year on year respectively, each with one month of the quarter in.

Polestar reports 12 November. Dutch car registrations, a strong-fit lead on Polestar revenue with a 60-day lead, are running -68% on the same quarter last year with one month in. German registrations, also a strong-fit lead, run +32% with all three months complete.