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Key News
Asian equities were mixed on a quiet night as Pakistan was closed for a holiday. It was fairly quiet overnight as Mainland China and Hong Kong bounced around the room to end mixed.
October inflation data was deflationary, with CPI year-over-year (YoY) at -0.2% versus expectations of -0.1% and September’s 0%, while the producer price index (PPI) fell -2.6% versus expectations of -2.7% and September’s -2.5%. The mid-morning release may have weighed on sentiment as the CPI highlights slack in consumer demand. If one looks at the data you would see that food, which is really comprised of pork prices, fell -4% while non-food was up +0.7%, and ex-food and energy were both up +0.6%. Food prices fell -0.8% in October, led by pork’s fall -30.1% YoY after increasing +0.3%. Who wouldn’t want a cheaper trip to the grocery store?
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