Key Events Around the Globe That Investors Must Know

China Manufacturing PMI Shrinks More Than Expected in Oct; Logs 7th Month in Red

Chinese manufacturing activity shrank more than expected in October, official purchasing managers index data showed on Friday, as weak local demand and slowing economic momentum continued to chip away at the sector. Manufacturing PMI fell to 49.0 in October, missing expectations of 49.6 and falling from the 49.8 print seen in September. The PMI data, which is a sentiment-based survey, showed Chinese manufacturers remained largely cautious amid sluggish domestic demand and still high U.S. trade tariffs on exports.

Bank of Japan Keeps Key Rate on Hold

The Bank of Japan left its interest rate unchanged even as inflation continued to remain above 2 percent, and also left its real growth and inflation outlook more or less unchanged. The policy board of the Bank of Japan decided, by a 7-2 majority vote, to hold the uncollateralized overnight call rate at around 0.5 percent. Previously, the BoJ had raised the benchmark rate to the current level from 0.25 percent in January.

Tokyo CPI Inflation Rises More Than Expected in Oct

Consumer price index inflation in Tokyo grew more than expected in October amid high food prices and strong private spending, while underlying inflation also rose further above the Bank of Japan’s annual target. Core CPI– which excludes volatile fresh food prices– rose 2.8% year-on year, government data showed on Friday. The print was higher than expectations of 2.6% and also picked up from the 2.5% seen in the prior month

US Weekly Jobless Claims Fall, Economists Estimate

The number of Americans filing new applications for unemployment benefits fell last week, economists estimated on Thursday, though new job opportunities for those who are laid off remained scarce amid a reluctance by businesses to boost hiring. Initial claims for state unemployment benefits dropped to a seasonally adjusted 219,000 for the week ended October 25 from 232,000 in the prior week, JPMorgan calculated. Estimates from Goldman Sachs and Nationwide were within that ballpark.