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