The Caixin China Composite PMI data (which covers both manufacturing and services) pointed to only a marginal increase in Chinese business activity at the start of the fourth quarter. At 51.0 in October, the Composite Output Index fell from 51.4 in September to signal the weakest pace of expansion since June 2016.

The softer increase in overall output was largely driven by a further slowdown in manufacturing production growth. Output at Chinese goods producers rose at only a marginal pace that was the weakest since June. Meanwhile, growth in Chinese services activity picked up from September's 21-month low, but was modest overall and remained weaker than the historical average. This was highlighted by the seasonally adjusted Caixin China General Services Business Activity Index rising from 50.6 to 51.2 in October.