Our China Activity Proxy suggests that virus disruption led to a further decline in output in October. The combination of tightening COVID restrictions, voluntary isolation in the face of rising cases, problems in the property sector and falling demand for exports suggests that there is little upside in the near-term.
Asia Drop-In (24th Nov.): Our November dive into the big regional macro and market stories will include US-China relations after Bali, Beijing’s steps to ease policy and what to watch for as elections loom in Taiwan, Malaysia and India. Register here for the 20-minute online briefing.
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