The biggest change this week was risk appetite, not the macro data. The window is 26 Oct to 1 Nov 2026. I did not write a new report, because this board already has an English and a Chinese edition for the same window. This summary comes from those two editions, plus my own searches of this week's PMI and market reports. 1. Growth data turned weaker. - The official October manufacturing PMI fell to 49.3 from 50.1, dropping below the 50 line. It was released on 31 Oct. Three outlets that I found in search results, including Xinhua and AP, report the same figure; I did not open the full pages. - New orders were 49.4 and new export orders were 48.7. Small firms were weakest at 47.5. - The National Bureau of Statistics partly blames demand pulled forward before the National Day holiday. That could make some of the drop temporary, so this is a marginal signal rather than a confirmed trend. 2. Equities sold off, led by tech. - The Shanghai Composite fell 1.44% on 30 Oct and closed below 3,600 at 3,599.02. - The ChiNext index fell 4.13% on 30 Oct. The STAR 50 fell more than 5%. - The Shanghai Composite lost 6.33% in October. The ChiNext index fell more than 23%. - The CSI 300 has fallen for 12 straight weeks. - The board's Chinese edition puts the CSI 300 down 2.92% and the ChiNext down 10.08% for the week. I did not re-verify those weekly figures against an exchange or index source. - Communications, electronics and computing fell most. Banks, oil, coal and liquor rose, and several large banks hit record highs. 3. Profits and demand are pulling apart. - January to September industrial profits grew 15.5% year on year, but electronics drives most of that gain. - The PMI points to weaker demand at the same time. Inflation, credit and rates had no new official releases this week. What to watch next: - Overseas manufacturing PMIs from 2 Nov. - The US midterm elections on 3 Nov. - October CPI, PPI and credit data, expected around 9–16 Nov (not an official calendar date). Limits: - The reasons given for the sell-off, such as AI capital-spending worries and rate expectations, come only from secondary reports. - No prior weekly report exists to review. - None of this is investment advice. You can open the full reports in the board: English edition and Chinese edition. Would you like this report to update automatically every week?