July Industrial Production up 6.4% y/y ... Miss, as were all the others in this data dump

  • expected 7.1%, prior was 7.6%

Industrial production YTD 6.8% y/y

  • expected 6.9%, prior was 6.9%

July Fixed Assets (excluding rural) YTD 8.3% y/y,

  • expected 8.6%, prior was 8.6%
  • Growth of private investment slowed to 6.9% in January-July (from 7.2% in the first half of the year). Private investment accounts for about 60 percent of overall investment in China

July Retail Sales 10.4% y/y

  • expected 10.8%, prior was 11.0%

Retail Sales YTD 10.4% y/y

  • expected 10.5%, prior was 10.4%

More:

  • Real estate investment +7.9% percent in January-July from the same period a year earlier (was +8.5% growth in the first half of 2017)
  • New construction starts measured by floor area were up 8 percent in January-July (+10.6% in the first six months)
  • Property sales measured by floor area +14% in January-July from the same period a year earlier (16.1% in the first six months of the year)

The misses in the headline results should be a negative input for China proxies (like AUD)