China's factory activity and retail sales grew by the most in 10 months in October, as the world's second biggest economy leaves COVID-19 behind
industrial productiongrew by 6.9% in October, compared to the same month last year, marking the largest increase so far this year. Retail salesrose by 4.3% year-on-year in October, falling short of market expectations for a reading of 4.9%, but this was above September's 3.3% gain and was the largest increase since last December.
- "Today's latest economic data from
Chinawas also welcomed as further evidence that the Chinese economyis continuing its slow recovery from its February lockdown malaise," Michael Hewson, chief market analyst at CMC Marketssaid.
Industrial production rose by 6.9% year-on-year in October, beating market expectations for a rise of 6.7% and marking the largest increase since December, thanks to strong improvements in all major sectors, according to Chinese government data.
"Today's October number of 4.3% while lower than expected was nonetheless helped in no small part by the Golden Week holiday at the beginning of the month, and augurs well for a strong end to the year, with Singles Day in November likely to also offer a significant boost when the November numbers are released next month," he added.Chinese blue-chip stocks ended the day on a positive footing, with the Shanghai Composite up 1.1% on the day, while the offshore yuan gained 0.3% against the dollar.
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