After unexpectedly sliding in September, Durable Goods New Orders were expected to contract further in preliminary October data but instead surprised bigly to the upside, rising 0.6% MoM (-0.9% exp) after a downward-revised 1.4% drop in September.

Notably, however, Durable Goods Orders remain down 0.9% YoY...

Source: Bloomberg

Additionally, the proxy for capital expenditures, Capital Goods Shipments Non-Defense Ex-Air, rose0.8% MoM (-0.2% exp) - the biggest jump since Jan 2019 (after 4 months of contraction)...

Source: Bloomberg

So with China's Industrial Profits crashing by the most on record in October and US Durable Goods Orders rebounding aggressively, one might suggest 'Trump is winning' the trade war.