Bank of Japan Governor UEDA said if the BOJ fails to adjust policy rates in a timely manner, market concern about an inf overshoot could push up long-term yields.

CITIC Securities research note: The recent correction in China’s AI core names, in both magnitude and duration, now parallels the new‑energy core pullback from late‑2021 to April‑2022. The first round of hardware valuation re‑rating amid a downshift in the super‑cycle’s acceleration (second derivative) appears close to completion. For long‑term investors focused on AI’s growth rate (first derivative) rather than its acceleration, the current adjustment is insufficient to alter the trend. Memory prices, GPU rental rates and CSPs’ (cloud service providers’) profit margins are the key variables to watch for direction of underlying AI demand.

China National Bureau of Statistics: Jan–Sep retail sales of consumer goods and services rose 2.6% YoY; services retail rose 5.0% while goods retail rose 1.0%. Social consumer goods retail totaled RMB 37.00 trillion in Jan–Sep, up 1.1% YoY; urban retail RMB 31.98 trillion (+0.9%), rural RMB 5.02 trillion (+2.3%). By type, goods retail was RMB 32.80 trillion (+1.0%) and catering revenue RMB 4.20 trillion (+2.4%). Among categories, above‑threshold unit retail of grain/oil/food +6.8%, communications equipment +18.1%, cultural and office supplies +6.2%; within services, telecom/information, travel/leasing and cultural/sports/leisure retail grew faster.