China: October PMIs softened – BBH

China's PMI was reported and it will not surprise many that some less favorable news on the economy may have been held back ahead of the recent 19th Party Congress as in any event, the October PMIs softened.  

Key Quotes

“The manufacturing PMI slipped to 51.6 from 52.4, which is a bit more of a drop than expected.  The non-manufacturing PMI eased to 54.3 from 55.4.  Forward-looking new orders and prices moved lower.  President Xi did not repeat the goal of doubling China's GDP in the 2010-2020 period, and many observers recognize that this could allow the country to report slower growth, which would be consistent with the shift toward quality issues.”