FirstFT: China delays key GDP data in middle of party congress

Good morning. China has delayed at the last minute the discharge of eagerly anticipated third quarter financial information, together with its intently watched gross home product development charge, which had been because of be issued in the midst of the twentieth Communist get together convention.

No rationalization for the postponement was given in an replace to an official statistics calendar and no new dates had been offered. The Nationwide Bureau of Statistics didn’t instantly reply to a request for remark.

The newest figures had been initially set to be printed as we speak at a politically delicate time, with President Xi Jinping anticipated to make use of the get together congress to increase his powers for a 3rd time period and description Chain’s overarching coverage method.

The financial information had been anticipated to spotlight China’s continued financial weaknesses, together with a worsening property disaster and the influence of strict zero-Covid insurance policies that this yr locked down dozens of massive cities, stifled consumption and successfully closed the nation off from the remainder of the world.

Economists polled by Bloomberg had forecast GDP development of three.3 per cent yr on yr within the third quarter, in contrast with a 5.5 per cent full-year development goal that was already the bottom in three a long time.

Extra on the Communist get together convention:

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5 extra tales within the information

1. Hunt rips up Truss’s financial coverage in bid to calm markets Jeremy Hunt, the brand new UK chancellor, scrapped two-thirds of the controversial £45bn of unfunded tax cuts introduced by his predecessor Kwasi Kwarteng and warned of “eye-wateringly troublesome” selections nonetheless to return to stability the books. The transfer reassured markets, however left the future of prime minister Liz Truss hanging by a thread.

2. EU ministers suggested to take more durable line on China The EU’s overseas service has suggested the bloc’s members to toughen up its attitude towards China and restrict areas of potential engagement, forward of talks on recalibrating Brussels’ technique in direction of Beijing. It really helpful that the EU work extra intently with the US, strengthen its cyber and hybrid risk defences, and diversify its provide chains away from China.

3. Blasts heard as suspected Russian drones strike Kyiv A minimum of 5 explosions had been heard within the centre of Kyiv early as we speak as Russia carried out renewed strikes on the Ukrainian capital with Iran-suppled kamikaze drones. The assaults hit a constructing and the world close to the central railway station within the Shevchenkivsky district of the capital, the goal of final week’s strikes.

• Sanctions: EU member states have signalled their assist to impose fresh sanctions on Iran if its navy backing for Russia’s battle in Ukraine is proved within the wake of assaults on Kyiv allegedly utilizing Iranian-made drones.

4. SoftBank writes off £450mn after dumping THG stake The Japanese expertise funding group is dumping its entire stake in troubled UK ecommerce firm THG, crystallising a £450mn loss for SoftBank. The disposal comes as the corporate is liquidating its inside hedge fund after a sequence of unhealthy bets, together with an 8 per cent stake it purchased in THG in Might 2021 for about £481mn.

5. Fumio Kishida orders probe of Moonies The Japanese authorities will launch an investigation into the Unification Church amid a public outcry over shut ties between politicians and the South Korean non secular group that got here to gentle following the assassination of former prime minister Shinzo Abe. The probe into the church, generally generally known as the “Moonies”, is uncommon in Japan, the place a assure of spiritual freedom makes it troublesome for authorities to research such teams.

The day forward

Opening of Qatar’s Al-Kharsaah plant The solar energy plant is a key a part of the nation’s ambition to host the primary internet zero soccer World Cup, which begins subsequent month.

UK cupboard assembly Cuts and “effectivity financial savings” shall be mentioned by ministers at a Downing Avenue reception at a proper cupboard assembly as we speak.

Earnings Outcomes season continues with Goldman Sachs, Hasbro, Johnson & Johnson, Lockheed Martin, Netflix, Roche and State Avenue among the many firms reporting on Tuesday.

Be a part of FT journalists for a subscriber-exclusive webinar on October 26 exploring what the end result of the Communist get together’s congress means for China and the world. Register for your free pass here.

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