Bankinter | Yesterday marked the biggest online shopping event of the year in China (and the world), known as ‘Singles’ Day’ (11.11). Launched in 2009 by Alibaba as a promotional event, it has grown in duration over the years. In 2025, it began on 9 October (JD.com) and 11 October (Alibaba), the earliest start in its history, resulting in a duration of five weeks compared to 28 days in 2024…
Norbolsa | Over the weekend, China released its October price data, showing a slight slowdown in producer price deflation (down 2.1% against the 2.2% drop expected), while the CPI rose 0.2% against the 0.1% drop expected, reflecting the effects of measures being taken to curb overcapacity and limit competition. In any case, the deflation problem is not over yet, as we have yet to see more vigorous demand. On the…
Link Securities | According to data from the General Administration of Customs, China’s trade surplus reached $90.07 billion in October, lower than the $95.6 billion expected by the consensus of analysts and the $95.72 billion recorded in the same month last year. This is the lowest trade surplus since February, as exports fell unexpectedly while imports increased. Specifically, exports fell 1.1% year-on-year, compared to the expected 3% increase, reversing September’s…
Norbolsa | China will suspend for one year the additional 24% tariffs it imposed on US products in April, maintaining the 10% tariffs on all US products introduced in retaliation for the tariffs announced on Liberation Day. In addition, the government announced that it will eliminate tariffs of up to 15% imposed on a range of agricultural products from 10 November, although it will maintain tariffs of 13% on Chinese…
Bankinter | The Manufacturing PMI (RatingDog) declines in October. It stands at 50.6 vs. 51.2 previously and 50.8 estimated. Since August 2025, the Caixin PMI has changed its name to the RatingDog PMI. The universe of companies surveyed by RatingDog (650 companies in total) is more focused on private companies of different sectors and sizes, weighted by their contribution to GDP. The Chinese government’s official PMI focuses on state-owned enterprises…
Bankinter | Trade agreement reached. The United States will reduce its general tariff on China from 57% to 47% based on cutting the tariff on fentanyl precursor products from 20% to 10% in exchange for China’s efforts to curb illegal trade in this substance. China will resume soybean purchases and rare earth exports to the United States. The agreement is valid for one year, although, according to Trump, it could…
Intermoney | In the Asian giant, the first figures we saw for Golden Week in early October once again highlight the sluggishness of Chinese domestic demand. It is true that domestic tourist trips reached 888 million, up from 765 million in the same week in 2024, but this was because there was an extra public holiday this year. The key figure for assessing the strength of demand is the average…
Link Securities | According to Bloomberg and Reuters, the US and China concluded talks in Madrid, establishing a framework agreement on the ownership of TikTok. US President Donald Trump said the meeting went well and that he will speak with Chinese President Xi Jinping on Friday. US Treasury Secretary Scott Bessent indicated that the agreement could preserve Chinese characteristics while addressing US national security concerns. The Chinese news agency Xinhua…
Norbolsa | The Chinese ambassador in Washington warned that US protectionism is weakening agricultural cooperation between the two countries and that farmers should not bear the cost of the trade war. In a speech at a soybean industry event, he noted that US agricultural exports to China fell by more than 50% in the first half of 2025, amid cross-tariffs imposed under the Trump administration. He stressed that agriculture, a…
Link Securities | US President Donald Trump signed an executive order to extend the trade tariff truce with China for another 90 days, as confirmed by Trump himself and the Chinese Ministry of Commerce. With the latest round of negotiations set to expire early Tuesday morning, this pushes the deadline to mid-November, providing crucial relief for seasonal import increases ahead of Christmas. The US will maintain 30% tariffs on Chinese…