China’s Retail Sales, Industrial Output Beat Estimates China’s economy performed better than expected in October as retail sales climbed and energy shortages eased, though a slump in property and rising Covid outbreaks show the recovery isn’t on solid ground yet. Industrial output rose 3.5% in October from a year earlier, while retail sales growth accelerated to 4.9%, beating economists’ forecasts. Growth in fixed-asset investment eased to 6.1% in the first 10 months of the year, with tighter curbs on the real estate market continuing to weigh on the sector. The surveyed jobless rate was steady at 4.9%. The better-than-expected numbers provides some relief after the economy’s momentum weakened in recent months on the back of energy shortages, Beijing’s reining in of the property market and widespread Covid-19 outbreaks. However, the recovery remains uncertain, given the outsized contribution of real estate — at 25% of GDP when related industries […]