China has reported that industrial output rose 7.7 per cent year-on-year in October, below market expectations and 0.3 percentage points lower than in September 2014.
Figures from the National Bureau of Statistics of China showed that he producer price index (PPI) for manufactured goods was down 2.2 per cent on the previous year in October.
Between January and October, on average the PPI decreased 1.7 per cent year on year.
It has been suggested that Chinese officials will review the country’s 2015 GDP growth target, leading to a downgrade.
In a note this morning, Chris Weston, chief market strategist at IG Group, said: “There has been some talk that a 7 per cent target could come into force at some stage.
“If they did target 7 per cent, then the market should be fine with this but a target below 7 per cent would be cause for concern.”
