Basics

China’s industrial profits rose 21.6% in September, the biggest gain since November 2023. Stronger output, slower price declines, and export demand lifted earnings, though weak domestic demand and a soft labour market cloud the outlook.

Social Security's 2.8% COLA boost for 2026 may not cover all retiree costs. Watch for potential impacts on spending.

China - Shanghai Composite Index hits a new 10-year high

HSBC will book a $1.1 billion provision to cover potential losses from a lawsuit in Luxembourg tied to the Bernard Madoff fraud. HSBC’s subsidiary plans a second appeal.

China’s Premier Li Qiang told Australian PM Anthony Albanese that Beijing is ready to build a “more stable and strategic partnership” with Canberra, Xinhua reported, signalling a continued thaw in relations after years of trade tension.

China September industrial profits +21.6% y/y (prior +20.4%) A solid September result, lifts YTD to 3.2% y/y (prior 0.9%)

Milei's party surges 40.8% in Argentina elections, easing peso devaluation fears. Investors see fiscal sustainability.