Iris Pang, the economist for Greater China at ING, notes that China's headline industrial production growth slowed to 4.7%YoY in October from 5.8% in the previous month.   

• "Industrial production of two items in particular, vehicles (-11.1%YoY) and smartphones (-7.3%YoY), show how the trade war has affected exports as well as local demand. Vehicles and smartphones share two similar features; they are both expensive and demand for new models from consumers is low without an obvious reason to upgrade. As demand is weak, production shrinks as inventory must be sold.
• It's not all bad though. Production of integrated circuits grew 23.5%YoY in October and we expect this to remain strong due to the production of 5G parts and products."