1) China retail sales beat expectations in October with 4.9% growth
The report of 4.9% growth from a year ago of China’s retail sales in October beat Reuters’ poll forecast of 3.5%. The Chinese National Bureau of Statistics also announced that industrial production expanded 3.5% YoY, beating expectations of 3% growth.
The data showed that from January to October, fixed asset investment grew by 6.1% from the first 10 months in 2020.
2) Japan’s 3Q21 economy fell by 3%, faster than expected
Japan’s economy is falling faster than anticipated with a 3.0% contraction in the third quarter, compared to a 0.8% as one of the largest economies in Asia battled with the Covid-19 situation in the quarter that pressured business spending and consumption.
Compared to the previous quarter, Japan’s GDP fell 0.8%, which was higher than what economists had forecast for a 0.2% drop.
3) WHO called booster shots a scandal as poorer nations struggle with first jabs
The World Health Organization (WHO) said that Covid-19 vaccine booster shot is a scandal as poor nations are struggling with getting their hands on the first jab, Director-General Tedros Adhanom Ghebreyesus said.
Countries in Africa are hurting from the Covid-19 pandemic as six countries have vaccinated more than 35% of their populations, but overall, the majority of African nations have less than 10% of their populations vaccinated.