Japan industrial production rose strongly by 2.9% mom in October, way above expectation of 1.2% mom. It’s also more than enough to reverse the -0.4% mom contraction in September. Besides, it’s the fastest month-on-month gain since January 2015. Nevertheless, it’s noted by economists that the strong reading was mainly a reaction to supply-chain disruptions caused by natural disasters. The rebound should be considered a one-off and outlook remains dim ahead on global slowdown.
Also from Japan, unemployment rate edged up to 2.4% in October, above expectation of 2.3%. Tokyo CPI core was unchanged at 1.0% yoy in November, matched expectations.
Release in Asian session, China PMI manufacturing dropped -0.2 to 50 in November. PMI non-manufacturing dropped -0.5 to 53.4. Australia Private sector credit rose 0.4% mom in October. New Zealand building permits rose 1.5% mom in October. UK Gfk consumer sentiment dropped -2 to -13 in November.
