Japan's manufacturing sector contracted in October at the fastest pace in 19 months due to a sharper decline in new orders, a private-sector survey showed on Friday, Reuters reported. The S&P Global flash Japan Manufacturing Purchasing Managers' Index (PMI) fell to 48.3 in October from a final reading of 48.5 in September, hitting the lowest since March 2024. It has remained below the 50.0 threshold that separates growth from contraction for four straight months.

Chinese state oil majors have suspended purchases of seaborne Russian oil after the United States imposed sanctions on Rosneft and Lukoil, Moscow's two biggest oil companies, multiple trade sources said on Thursday, Reuters reported. The move comes as refiners in India, the largest buyer of seaborne Russian oil, are set to sharply cut their crude imports from Moscow, to comply with the U.S. sanctions imposed over the Kremlin's invasion of Ukraine.

China's Communist Party elite vowed on Thursday to build a modern industrial system and make more efforts to achieve technological self-reliance, moves it sees as key to bolstering its position in its intensifying rivalry with the United States, Reuters reported. As expected, the Party's Central Committee also promised more efforts to expand domestic demand and improve people's livelihoods - long-standing goals that in recent years have been little more than an afterthought as China prioritised manufacturing and investment - without giving many details.

Shoppers all over the world are buying more stuff from China than ever before. Even Americans are, despite the rising cost of tariffs. The only people who aren’t, it seems, are those in China, the New York Times reported. That is at the heart of a very big problem for China’s top leadership as it tries to steer a weakening economy through the volatility of the trade war with the United States. China depends on the world’s consumers to keep its economy steady, a point that was made clear on Monday by its latest economic update.

South Korea’s central bank held its policy rate steady for a third straight meeting, reflecting caution over financial-stability risks and uncertainty over tariffs, the Wall Street Journal reported. The Bank of Korea on Thursday left its benchmark seven-day repurchase rate unchanged at 2.50%, as widely expected, preserving policy space while signaling that it is ready to act if needed. The BOK’s extended pause comes against a backdrop of continued household-debt growth in South Korea.

Turkey’s central bank slowed the pace of rate cuts at its latest meeting, after inflation came in higher than expected in September, the Wall Street Journal reported. The Central Bank of Turkey cut its benchmark rate to 39.5% from 40.5%, it said Thursday. Money markets priced in a three-quarter-point rate cut, although with the possibility of a bigger, one-percentage-point cut, according to LSEG data. The bank previously cut rates by 2.5 percentage points and 3 percentage points in September and July, respectively.

The National Company Law Tribunal (NCLT) has directed for initiation of insolvency proceedings against Bhilai Jaypee Cement, a subsidiary of debt-ridden group Jaiprakash Associates Limited, for a default of Rs 45 crore, the Economic Times of India reported. The direction of Cuttack bench of NCLT came after it admitted a plea filed by the company's operational creditor Sidhgiri Holdings Pvt Ltd, to which Bhilai Jaypee Cement owed Rs 45 crore against supply of coal.

Indonesia’s central bank surprised markets by leaving interest rates on hold at its October meeting, pausing after three consecutive cuts as it keeps an eye on the rupiah, the Wall Street Journal reported. Bank Indonesia held its benchmark seven-day reverse repo rate at 4.75% on Wednesday. The rupiah strengthened slightly after the decision, which Gov. Perry Warjiyo said is consistent with the central bank’s expectations of low inflation within the 1.5%-3.5% target range and its mandate to maintain currency stability amid global uncertainty.

With trade hostilities between the world’s two economic superpowers back on, China has sent the unmistakable message that it is ready to fight. A week ago, it invoked its grip over virtually the entire global supply of critical materials, breaking a delicate trade détente between the two countries. Beijing feels it has another ace card: its booming factories. Even in the face of sky-high tariffs by President Trump, China’s manufacturing sector is helping to maintain growth and give the country’s top leader, Xi Jinping, a stronger hand to face down the United States.

Japan’s exports rebounded in September, snapping a four-month run of declines despite U.S. tariffs in a positive sign for the economy, but one that is unlikely to dispel concerns about the longer-term impact of trade policy, the Wall Street Journal reported. Outbound shipments rose 4.2% from a year earlier last month, bouncing back from August’s 0.1% decline, finance ministry data showed Wednesday. Still, the September print undershot the 5.7% rise expected in a poll of economists by data provider FactSet.