德意志银行：中国 GDP 超预期；股市定价特朗普胜选

Industry/Company Involved * China: The document focuses on the Chinese economy, including GDP growth, industrial production, retail sales, property investment, and new home prices. * United States: The document discusses the US housing market, including housing starts and building permits. * United Kingdom: The document analyzes UK retail sales data. * Japan: The document examines Japanese CPI data. * Europe: The document discusses European services inflation and German consumer confidence. Core Points and Arguments * China GDP Growth: China's GDP grew by 0.9% quarter-on-quarter and 4.6% year-on-year in Q3 2024, beating market expectations. This growth was driven by strong industrial production and retail sales. * US Housing Market: US housing starts decreased by 0.5% month-on-month in September, while building permits declined by 2.9% month-on-month. * UK Retail Sales: UK retail sales increased by 0.3% month-on-month and 3.9% year-on-year in September, exceeding market expectations. * Japanese CPI: Japan's headline CPI increased by 2.5% year-on-year in September, in line with market expectations. * European Services Inflation: There is evidence of a turning point in European services inflation, with underlying measures easing. * German Consumer Confidence: There is a generational gulf in German consumer confidence, with young people's confidence higher than at any point since reunification. Other Important Points * Equities Pricing: The document suggests that equities may be increasingly pricing in a Trump win, but the dollar is not. * Inflation: The document discusses the potential for inflation to undershoot target in 2025, particularly if the labor market weakens. * Week Ahead: The document provides a preview of upcoming economic data and events, including flash PMIs, central bank policy decisions, and speeches by central bank governors. * Data Calendar: The document includes a detailed data calendar for the week ahead, providing information on upcoming economic releases and events in various countries. References * [doc id='2'] * [doc id='3'] * [doc id='4'] * [doc id='5'] * [doc id='6'] * [doc id='7'] * [doc id='8'] * [doc id='9'] * [doc id='10'] * [doc id='11'] * [doc id='12'] * [doc id='13'] * [doc id='14'] * [doc id='15'] * [doc id='16'] * [doc id='17'] * [doc id='18'] * [doc id='19'] * [doc id='20'] * [doc id='21'] * [doc id='22'] * [doc id='23'] * [doc id='24'] * [doc id='25'] * [doc id='26'] * [doc id='27'] * [doc id='28'] * [doc id='29'] * [doc id='30'] * [doc id='31'] * [doc id='32'] * [doc id='33'] * [doc id='34'] * [doc id='35'] * [doc id='36'] * [doc id='37'] * [doc id='38'] * [doc id='39'] * [doc id='40'] * [doc id='41'] * [doc id='42'] * [doc id='43'] * [doc id='44'] * [doc id='45'] * [doc id='46'] * [doc id='47'] * [doc id='48']