April economic activity data due from China
Industrial Production +7.0% y/y ... beat
- expected 6.4%, prior 6.0%
Industrial Production YTD 6.9% y/y ... beat
- expected 6.7%, the previous was 6.8%
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Retail Sales +9.4% y/y ... miss
- expected 10.0%, previous was 10.1%
Retail Sales YTD 9.7% y/y ... miss
- expected 9.9%, previous was 9.8%
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Fixed Asset Investment (Excl. Rural) YTD 7.0% y/y ... miss
- expected 7.4%, prior also 7.5%
Private sector fixed-asset investment rose 8.4 % in January-April
- slowing from growth of 8.9 percent in January - March
Private investment accounts for about 60 percent of overall investment in China.
Real estate investment +10.3% in Jan-April
- +10.4% in Jan to March
New construction starts +7.3% (measured by floor area) in January - to April
- +9.7% Jan - March
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April's survey-based unemployment rate is 4.7% (in 31 major cities)
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Industrial production beats contrast with the miss on retail sales (and investment). Growth is still kicking on the but the miss on retail is indicative of slowing in demand domestically (IMO anyway)
mtc more to come
