Chinese inflation data for October was sneaked out over the weekend:
Chinese authorities would like to see the CPI higher. If there was encouragement for them it was in core inflation which moved to +0.2% y/y in October from +0.1% in September. Lest they get too excited, though, headline CPI fell 0.3% m/m in October from flat in September.
PPI, of course, remains a basket case. Check out that link for the deepening y/y figures. For the m/m it fel;l 0.1% in October from -0.6% in September. Maybe another ray of hope for authorities.
Late September right through October and into November saw fresh stimulus announcements from China. Overal;l the market has viewed these with disappointment:
- Chinese yuan falls as NPC announcement lacks oomph so far
- The optimism in the Chinese market yesterday was baffling
