Key Takeaways Delayed Q3 GDP, at 4.3%, Is the Strongest Print in 2 YearsDelayed Durable Goods Orders Slid to -2.2% in OctoberPre-market Futures Are Selling on Lower Likelihood of a Rate CutTuesday, December 23, 2025We begin today’s pre-market trading session slightly in the red following a strong day of trading Monday, and following a slew of economic reports ahead of the bell they have begun to slide a bit deeper down. Ahead of these reports, the Dow and Nasdaq were both -15 points and the S&P 500 was -2. ...

Uh probably the last really busy day of data of the year. Let's get to Rick Santelli with some industrial production. Hey Rick.Yes. Industrial production gas utilization. These are November numbers.We're expecting up onetenth of a percent for production comes in twice expectations up 2/10en of a percent. This would be the best industrial production since June of this year. And if we look at capacity utilization 75.9% is what we're looking for.76.0%. 0 is what arrived. That's the best since July of this year ...

Uh probably the last really busy day of data of the year. Let's get to Rick Santelli with some industrial production. Hey Rick.Yes. Industrial production gas utilization. These are November numbers.We're expecting up onetenth of a percent for production comes in twice expectations up 2/10en of a percent. This would be the best industrial production since June of this year. And if we look at capacity utilization 75.9% is what we're looking for.76.0%. 0 is what arrived. That's the best since July of this year ...

15 December 2025 | 1:14PM HKT Economics Research China: November activity data broadly missed market expectations November activity data broadly missed market expectations, especially for retail sales. Industrial production (IP) growth edged down in year-on-year terms despite the notable improvement in export growth, with slower output growth in automobile and utilities industries more than offsetting faster output growth in the special equipment and pharmaceuticals industries. Fixed asset investment (FAI) ...

11月份，规模以上工业（以下简称规上工业）原煤生产保持稳定，原油生产增速加快，天然气生产平稳增长，电力生产保持增长。 一、原煤、原油和天然气生产及相关情况 原煤生产保持稳定。11月份，规上工业原煤产量4.3亿吨，同比下降0.5%；日均产量1423万吨。 1—11月份，规上工业原煤产量44.0亿吨，同比增长1.4%。 原油生产增速加快。11月份，规上工业原油产量1763万吨，同比增长2.2%，增速比10月份加快0.9个百分点；日均产量58.8万吨。 1—11月份，规上工业原油产量19825万吨，同比增长1.7%。 原油加工平稳增长。11月份，规上工业原油加工量6083万吨，同比增长3.9%；日均加工量202.8万吨。 1—11月份，规上工业原油加工量67507万吨，同比增长4.0%。 二、电力生产情况 规上工业电力生产保持增长。11月份，规上工业发电量7792亿千瓦时，同比增长2.7%；日均发电量259.7亿千瓦时。1—11月份，规上工业发电量88567亿千 瓦时，同比增长2.4%。 分品种看，11月份，规上工业火电由增转降，水电较快增长，核电、太阳能发电增速加快，风电由降转增。其中，规上工业火电同比下降4.2 ...

11月份，规模以上工业（以下简称规上工业）原煤生产保持稳定，原油生产增速加快，天然气生产平稳 增长，电力生产保持增长。 原油加工平稳增长。11月份，规上工业原油加工量6083万吨，同比增长3.9%；日均加工量202.8万吨。 1—11月份，规上工业原油加工量67507万吨，同比增长4.0%。 天然气生产稳定增长。11月份，规上工业天然气产量219亿立方米，同比增长5.7%；日均产量7.3亿立方 米。 1—11月份，规上工业天然气产量2389亿立方米，同比增长6.3%。 二、电力生产情况 一、原煤、原油和天然气生产及相关情况 原煤生产保持稳定。11月份，规上工业原煤产量4.3亿吨，同比下降0.5%；日均产量1423万吨。 1—11月份，规上工业原煤产量44.0亿吨，同比增长1.4%。 原油生产增速加快。11月份，规上工业原油产量1763万吨，同比增长2.2%，增速比10月份加快0.9个百 分点；日均产量58.8万吨。 1—11月份，规上工业原油产量19825万吨，同比增长1.7%。 规上工业电力生产保持增长。11月份，规上工业发电量7792亿千瓦时，同比增长2.7%；日均发电量 259.7亿千瓦时。1—11月份 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Chinese economy, specifically the activity data for November, including industrial production (IP), fixed asset investment (FAI), and retail sales [1][2]. Core Insights and Arguments 1. **Industrial Production (IP) Growth**: - Expected to increase to 5.1% year-on-year (yoy) in November from 4.9% yoy in October, driven by improved export growth, which is projected to rise to +5.9% yoy in November from -1.1% yoy in October [4][5]. - Notable decline in auto output growth, dropping to 3.0% yoy in November from 11.3% yoy in October [4]. - Steel production continues to contract, with estimates showing a year-on-year decline of -1.8% in November [4]. 2. **Fixed Asset Investment (FAI)**: - Anticipated to remain depressed at -9.5% yoy in November, an improvement from -11.4% yoy in October [5]. - Approximately 60% of the FAI contraction in October was attributed to statistical corrections rather than a genuine slowdown [5]. - Ongoing "anti-involution" policies and a prolonged property downturn are expected to continue affecting manufacturing and property investments [5]. 3. **Retail Sales Growth**: - Forecasted to slow to 2.3% yoy in November from 2.9% yoy in October, primarily due to declining auto sales and the earlier start of the "Singles' Day" Online Shopping Festival, which shifted some demand from November to October [5]. - Auto retail sales volume growth is expected to drop significantly to -8.1% yoy in November from -0.5% yoy in October [5]. 4. **Comparison with Market Consensus**: - The forecasts for retail sales and FAI are below market consensus, while the IP forecast aligns closely with consensus estimates [5]. Additional Important Insights - The report indicates that the recent slump in FAI is unlikely to significantly impact the official Q4 GDP figures due to the statistical corrections by the National Bureau of Statistics (NBS) [5]. - The services industry output index growth is expected to remain stable and above retail sales growth in November, indicating a potential divergence in sector performance [5]. This summary encapsulates the key points regarding the Chinese economic activity data for November, highlighting the trends in industrial production, fixed asset investment, and retail sales, along with their implications for the broader economic outlook.

In September, output of U.S. industry grew by 0.1%, after by falling by 0.3% the month before, the Federal Reserve said. ...

US industrial production barely rose in September, restrained by flat factory output that is consistent with sluggish manufacturing. https://t.co/f2JByym4kE ...

Core Insights - National Bureau of Statistics data indicates that from January to October 2025, the production of coke and steel continues to grow year-on-year, while the production of crude steel and pig iron shows a decline [1] Production Data Summary - From January to October, the national coke production reached 41,905 million tons, reflecting a year-on-year increase of 3.3%. In October, coke production was 4,190 million tons, which is a year-on-year increase of 1.5%, but a month-on-month decrease of 1.6%, marking the second consecutive month of decline [1] - National steel production from January to October totaled 121,759 million tons, up 4.7% year-on-year. However, in October, steel production decreased by 0.9% year-on-year and 4.5% month-on-month, amounting to 11,864 million tons [1] - Pig iron production from January to October was 71,137 million tons, down 1.8% year-on-year. In October, pig iron production was 6,555 million tons, the lowest monthly level since March 2024, with year-on-year and month-on-month declines of 7.9% and 0.8%, respectively [1] - Crude steel production from January to October was 81,787 million tons, a year-on-year decrease of 3.9%. In October, crude steel production was 7,200 million tons, also the lowest monthly level since March 2024, with year-on-year and month-on-month declines of 12.1% and 2.0%, respectively [1]