China April Industrial production 3.9% y/y & Retail sales -7.5% y/y

China activity data for April - retails sales giving a picture of the domestic demand response

Industrial Production beats at +3.9% y/y

• expected 1.5%, prior was -1.1%

Industrial production YTD -4.9% y/y

• expected -5.4%, prior was -8.4%

Fixed Assets (excluding rural) YTD -10.3% y/y miss

• expected -10.0%, prior was -16.1%

Retail Sales bad miss at -7.5% y/y ... demand still in the doldrums

• expected -6.0%, prior was -15.8%

Retail Sales YTD -16.2% y/y

• expected -15.69%, prior was -19.0%

Barely any response from the major trade forex rates.