China's factory PMI slips to 49.3; OPEC+ holds targets

Story 1 of 4

China's factory gauge slips back below 50

Macroeconomics & Policy

China’s official manufacturing purchasing managers’ index fell to 49.3 in October from 50.1 in September, the National Bureau of Statistics said on Saturday. The production index fell 1.9 points to 49.8 and new orders fell 1.1 points to 49.4. Large firms’ PMI was 50.2 and small firms’ 47.5; the non-manufacturing and composite output indexes were both 49.7.[1]

Why it matters: Readings below 50 signal contraction; new orders, the index’s largest component at a 30% weight, also fell below 50.

Exhibit 1. China’s official factory PMI dipped below 50 Manufacturing PMI, Oct. 2025-Oct. 2026, seas. adj.; data as of Oct. 31, 2026

Source: National Bureau of Statistics of China. Table: New Street.

Story 2 of 4

OPEC+ producers hold December output targets

Business & Corporate

Saudi Arabia, Russia and five other OPEC+ producers met online on Sunday and decided to keep December required production at September’s level, OPEC said. On Oct. 4, the seven made the same call for November. They also reiterated their collective commitment to full conformity with the Declaration of Cooperation.[2][3]

Why it matters: Targets hold through December; the seven meet again on Nov. 29.

Story 3 of 4

OpenAI seeks up to $20 billion, CNBC says

AI & Technology

OpenAI is seeking up to $20 billion in a new funding round, down from up to $30 billion, CNBC confirmed on Saturday, citing a person familiar with the deal. The Financial Times, which first reported the cut, said OpenAI is seeking a $1.25 trillion valuation including the new money.[4]

Why it matters: That would be $10 billion below the earlier target, CNBC and the FT reported; the round has not closed.

Story 4 of 4

October ends with the Nasdaq down 5.30%

Markets & Finance

The Nasdaq Composite closed October at 25,437.00, down 5.30% from 26,861.06 at the end of September, Nasdaq data show. The Dow Jones Industrial Average rose 1.70% in October to 51,770.31.[5][6]

Why it matters: Monthly moves alone do not show what drove the gap.

Week ahead (ET)

• All day: Tue., Nov. 3: U.S. midterm general elections[7]
• 8:30 a.m.: Wed., Nov. 4: U.S. trade data, September[8]
• 8:30 a.m.: Fri., Nov. 6: October jobs report[9]

New Street View

The weekend’s signals favor discipline over expansion: China’s factories reported weaker orders, CNBC reported OpenAI is seeking less, and OPEC+ held December targets steady. Friday’s jobs report, due at 8:30 a.m., is this week’s clearest read on U.S. demand.

Limitation: The OpenAI item rests on media reports citing unnamed sources, and one month’s PMI does not set a trend.