China Auto Dealers issue a Vehicle Inventory Alert – the index soared most on record by 18.6 percentage points to 61.5%. (A reading above 50% indicates low market demand and high inventories). The total market demand index was 23.0%, a decline of 51.6 percentage points, a substantial decline in market demand index. Source: ZeroHedge
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A top Chinese official has claimed several high-ranking members of the Communist Party had plotted to seize power from President Xi Jinping.
These party members have since been arrested or jailed in a wide-reaching corruption crackdown launched by Mr Xi. Some observers have said the crackdown was used to conduct a political purge of Mr Xi’s opponents. Source BBC
Ericsson underperformed already low expectations as it reported a decline in third-quarter sales and big loss as the Swedish telecoms equipment maker continues to struggle. Sales in the third quarter fell by 6 per cent to SKr47.8bn, in line with analyst forecasts, but Ericsson announced an operating loss of SKr4.8bn, well ahead of average estimates of a loss of SKr3.5bn. Source Financial Times
President Recep Tayyip Erdoğan highlighted the importance of the use of national currencies in trade, noting that it will have positive repercussions for the economy. Speaking at the Developing-8 (D-8) Organization for Economic Cooperation Summit in Istanbul, Erdoğan said that switching to national currencies will revolutionize trade relations. Source: Daily Sabah