Banca March: Yesterday in China, inflation returned to negative territory and continues to reinforce expectations of the need for further monetary stimulus. Specifically, October’s CPI was -0.2% year-on-year versus 0% previously and one tenth of a percentage point lower than expected. By components, it should be noted that the fall in inflation came from goods prices, which fell by -1.1% year-on-year in October and accumulated seven consecutive months of declines, especially due to the -4% drop in food prices. Services prices rose by +1.2% year-on-year and continue to point to more sustained demand. On the other hand, lower energy costs are being passed on to industrial producer prices, which fell again in October by -2.6% year-on-year compared with -2.5% in the previous month.