October retail sales sank by 0.5%, the first decline since May. This is the result of the weak real estate sector, sinking exports, and the weight of China’s bizarre zero-Covid policy. At present Covid cases are breaking records daily, and the number of high-risk cities is almost 180, and represent 60% of GDP, well above the spring 2022 high of almost 40 and 20% of GDP. Yikes!