In China, economic growth is getting a boost from a surprisingly strong rebound in the Caixin PMI index, signaling heightened activity and factory output. The Caixin China general services business activity index climbed to 52.0 in October from 50.3 in September, marking a quickened pace of growth.
Back in the UK, retail sales growth took a breather in October, posting a 0.6% year-on-year rise, which falls short of the three-month average of 1.3%. This slowdown is attributed to the later half-term timing and consumer wariness amid budget uncertainties and escalating energy bills.
In Australia, the central bank decided to keep the cash rate target steady at 4.35%, citing restrictive policy measures and persistent high underlying inflation.
Elsewhere, the UK Competition & Markets Authority has given a nod to the £15 billion merger between Vodafone and Three, provided that competition concerns are mitigated through network investments and customer protections. TI Fluid Systems reported a 2.9% drop in annual revenue to EUR2.51 billion for the first nine months, blaming a tough global automotive market. Meanwhile, Primark's parent company, Associated British Foods, saw a 2% rise, buoyed by a 33% surge in annual profits to £1.96 billion, thanks to robust growth in its retail and food sectors. On the flip side, Schroders took a hit, plummeting 12% due to £2.3 billion in third-quarter outflows, driven by market volatility in China. ASOS reported a widened loss of £379.3 million for the year ending September 1, with underlying earnings down 44.4% to £80.1 million on revenues of £2.9 billion.
Things to read today:
- The Trump Trade is not what you think (Wall Street Journal).
- Is Germany's economic model broken? (Financial Times).
- Where everyone screws up on handbags (Bloomberg).