Overview
- The official manufacturing PMI slipped to 49.0 in October, a six‑month low that missed the 49.6 forecast in a Reuters poll.
- It marked a seventh straight month of contraction, with declines in new orders and production signaling persistent factory weakness.
- The statistics bureau cited an eight‑day Golden Week holiday and a tougher external environment, while a property slump continues to weigh on domestic demand.
- A limited U.S.–China truce cut fentanyl‑linked tariffs to 10%, paused rare‑earth export controls for one year and included plans to resume large U.S. farm purchases.
- Despite weak activity, large industrial firms posted a 21.6% year‑on‑year profit jump in October, intensifying debate over broader stimulus versus targeted support.