China Retail Sales Eased to 2.9% YoY in Oct-25

MACROECONOMY 
China Retail Sales Eased to 2.9% YoY in Oct-25 
China’s retail sales grew 2.9% YoY in Oct-25, slightly softer than Sep25’s 3.0% and marking the weakest pace since Aug-24, though still above expectations of 2.7%. Growth was dragged by declines in appliances, autos, building materials, and petroleum products, while stronger demand for food, jewelry, apparel, cosmetics, office supplies, and communication equipment helped partially offset the slowdown. Over 10M25, retail sales rose 4.3% YoY. (Trading Economics) 

INDUSTRY 
China Industrial Production Rose 4.9% YoY in Oct-25 
China’s industrial production grew 4.9% YoY in Oct-25 (vs Sep-25; +6.5%), the softest pace since Aug-24 and below market expectations of 5.5%, weighed by slower manufacturing growth (+4.9% vs +7.3%) and mining (+4.5% vs +6.4%) due to Golden Week effects. Utilities output accelerated (+5.4% vs +0.6%), while 29 of 41 manufacturing industries expanded, led by autos (+16.8%), railway & shipbuilding (+15.2%), and computers & communications (+8.9%). On a monthly basis, industrial output rose 0.17%, with 10M25 production up 6.1% YoY. (Trading Economics)

COMPANY 
Boston Furnitures (SOFA) Planned Divestment of Furniture Unit and Shift Into Renewable Energy 
SOFA planned to divest its furniture business in 1Q26 following the entry of new controller AIC on 24-Oct-25, with valuation works currently underway as part of the divestment process. The co. is simultaneously assessing the economic feasibility of expanding into renewable energy, which would be operated through subsidiary PSP, while SOFA becomes the holding entity overseeing the new business line. (Kontan)