Data is here, a series of misses: China data: Industrial production +6.4% y/y (expected +7.1%)

China coal production in July -4.5% m/m

  • Lowest since October
  • On the y/y, up 8.5%

Steel output rose 10.3%m/m in July

  • To a monthly record of 74.02 million tonnes

Aluminium output fell 8.2% in July m/m

  • Albeit from a record high a month earlier

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Also, on employment, NBS says the unemployment rate in urban areas 5.1% in July

  • China created 8.5mn new jobs ins January-July

more:

  • NBS says overheated property market has cooled somewhat
  • Stable economic performance should confine in H2