China activity data for October

Industrial Production 6.9% y/y for a beat

  • expected 6.7%, prior was 6.9%

Industrial Production YTD 1.8% y/y

  • expected 1.8%, prior was 1.2%

Fixed Assets (excluding rural) YTD 1.8% y/y

  • expected 1.6%, prior was 0.8%

Retail Sales 4.3% y/y,

  • expected 5.0%, prior was 3.3%

Retail Sales YTD-5.9% y/y

  • expected -5.9%, prior was -7.2%

Unemployment fell to 5.3% from 5.4%

The factory sector, as represented by industrial production figures here is coming along but the consumer, well that is another story. Retail sales still disappointing. October sales

did improve on September, which is something, but fell short of expected.