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China reports better-than-expected retail sales, industrial data
China's industrial output and retail sales grew at a faster-than-expected pace in October. All stocks are higher in the Asia-Pacific region, with the Japanese Nikkei index up 2.52% and the Hong Kong Hang Seng up nearly 4%. Retail sales grew by 7.6% last month from a year ago, above the 7% growth forecast by economists. Industrial production rose 4.6% year-on-year in October. On the geopolitical front, US President Joe Biden and China's President Xi Jinping are also expected to meet in person in San Francisco for the first time in a year.
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