Goldman with the note:
1. China’s Caixin manufacturing PMI fell to 49.5 in October from 50.6 in September, suggesting weaker activity in the manufacturing sector. Among major sub-indexes, the output and the new order sub-index declined to 49.4 and 50.7 from 51.8 and 51.1, respectively. The employment sub-index fell further to 48.2 from 48.7. The suppliers’ delivery times sub-index increased to 50.5 in October from 49.8 in September. Surveyed firms indicated that the fall in production was linked to slower growth in overall sales, with the latter dampened by weak foreign demand.
2. On the trade-related sub-indexes, the new export orders sub-index inched up to 49.3 in October from 49.1 in September. The raw materials inventory sub-index fell to 48.4 from 50.4 while the finished goods inventory sub-index rose to 52.1 from 50.3. Price indicators suggest price pressure still existed in October. The input price index edged up to 52.0 (vs. 51.8 in September) while the output price index decreased to 51.3 (vs. 51.7 in September).