What happened last week

Monday: China October official Manufacturing PMI 49.2 vs 50e, Non-manufacturing official PMI 48.7 vs 50.2e. German Sept. retail sales 0.9% vs -0.3% MoM expected. Eurozone October CPI 10.7% YoY vs 10.2% expected, core CPI 5% vs 4.8% expected. Euro area GDP up 0.2% QoQ in Q3. US Chicago PMI 45.2 vs 47e. Oct. Dallas Fed Mfg Business Index -19.4 (from -17.2). Australia October Manufacturing PMI 52.7 vs 52.8e. Korean Oct. exports -5.7% YoY vs -3% expected. Korea Oct. Manufacturing PMI 48.2, up from 47.3. Japan Oct. Manufacturing PMI 50.7 as expected. China Caixin Oct. PMI 49.2 vs 49e. The Reserve Bank of Australia hikes 25bps to 2.85% as expected.

Tuesday: Unverified rumors of China exiting zero-covid...