Analysts at TD Securities note that China’s October trade data came out better than expected, with exports at -0.9% y/y (mkt -3.9%, TD -1.3% y/y) and imports at -6.4% y/y (mkt -7.8% y/y, TD -10.2% y/y).

• “The trade surplus was bigger than expected at $42.81bn (mkt $40.1bn, TD 42bn). China's overall trade surplus continues to grow, with the rolling 12m surplus rising to $440.1bn, its highest since July 2017.
• China's trade surplus with the US increased to $26.4bn, but narrowed on a 12m basis to its smallest surplus since Oct 18 at $313bn. Trade Exports and imports to the US dropped by 16.2% and 14.3%, respectively.”