Being the first data following The National Congress, we are expecting little in the way of disappointment from China's macro data. However, the slowdown in credit supply has been well telegraphed, and sure enough the data was not pretty with FAI growth at its weakest in 17 years, Retail Sales and Industrial Production both disappoint. Early indicators for October industrial output aren't positive - the official PMI and export growth both edged down and came in below expectations, writes Bloomberg Economics economist Qian Wan: "Environmental factors could also be at work - as winter is coming, factories in North China ... (full story)