Taiwan's industrial production surge 4.6%

It exceeded market expectations.

According to BBVA Research, Taiwan’s IP increased by 4.6% in October, from 3.0% in September, higher than market expectations (consensus: 2.6%).

Here's more from BBVA Research:

The improved production was mainly driven by the manufacturing sector, implying increasing demand for Taiwan’s electronics. The trend is likely to continue - at least in the near future - given the improved performance on a sequential basis in Taiwan’s export orders (a forward-looking indicator).

Retail sales also accelerated to 2.0% from 0.4% in September, indicating improving consumer sentiment. Finally, the “final” reading of Q3 GDP came out at 0.98% y/y, in line with the preliminary estimate (1.02%) released at the end of October. Taken together, the data released today suggests that growth momentum of Taiwan’s economy is stabilizing.