美联储的反击和中国经济疲软的加深重新点燃了避险情绪。风险厌恶情绪一夜之间强势回归，随着投资者解除风险敞口，华尔街遭遇了一个月来最大的单日跌幅。美国政府的重新开放并没有支持市场情绪，相反，市场重新关注12月美联储降息远未得到保证的前景。

Risk-Off Rekindled by Fed Pushback and Deepening China Weakness.Risk aversion returned forcefully overnight, with Wall Street suffering its steepest daily decline in a month as investors unwound exposures. The reopening of the U.S. government offered no support to sentiment, with markets instead refocusing on the prospect that a December Fed rate cut is far from assured.

ICYMI：由于工业和投资数据疲软，中国房价出现一年来最大跌幅。中国10月份的数据突显出国内紧张局势加剧，随着中国房地产市场的低迷加剧，新房价格环比下跌0.45%，为一年来最大跌幅。工业生产同比增长4.9%，低于预期，较9月份有所放缓，而零售额增长2.9%。

ICYMI: China home prices steepest fall in a year as industrial, investment data weaken.China's October data underscored intensifying domestic strains, with new home prices sliding 0.45% month-on-month, the sharpest fall in a year, as the country's property downturn deepens. Industrial production rose 4.9% year-on-year, missing expectations and slowing from September, while retail sales grew a softer 2.9%.

10月份中国工业生产同比放缓至4.9%，投资收缩加剧。中国10月份的经济活动数据显示，增长势头减弱，工业生产同比增长4.9%，低于9月份的6.5%，也低于预期的5.6%。这标志着自2024年8月以来的最低年增长率。

China industrial production slows to 4.9% yoy in October, investment contraction deepens.China's October activity data pointed to a loss of momentum, with industrial production rising 4.9% yoy, down from September's 6.5% yoy and below expectations of 5.6%. It marks the weakest annual pace since August 2024.

中国国家统计局：新的增长动力取代旧的增长动力会带来短期痛苦。中国国家统计局：新的增长动力取代旧的增长动力会带来短期痛苦

China's NBS: There is short-term pain when new growth drivers replace the old ones.China's NBS: There is short-term pain when new growth drivers replace the old ones