I posted on the economic calendar due for the Asian day here earlier: Economic data due from Asia today
To save you a click, this coming from China:
0200GMT - China
July Industrial Production y/y expected is 7.1%, prior was 7.6%
- Industrial production YTD y/y expected is 6.9%, prior was 6.9%
July Fixed Assets (excluding rural) YTD y/y, expected is 8.6%, prior was 8.6%
July Retail Sales y/y, expected is 10.8%, prior was 11.0%
- Retail Sales YTD y/y, expected is 10.5%, prior was 10.4%
Via Bloomberg, an overview on what to expect:
- Official releases due Monday will show industrial output and retail sales both dipped slightly last month as credit expansion slowed, while the pace of investment remained unchanged, according to economists surveyed by Bloomberg.
- Proxies such as excavator sales and bank card transactions also point to steady construction and consumer sentiment.
- Policy makers have pledged to cut industrial capacity and excessive borrowing in the world's second-largest economy, both major tasks that may risk weighing on the expansion. The pace of that easing is gradual for now though, as industries and property developers remain confident, and increasingly-wealthy consumers have become a key stabilizer.
Zhang Ning (an economist at UBS Hong Kong):
- "China's senior leadership made it clear at their recent Financial Work Conference that its ongoing supervisory tightening bid will not be reversing anytime soon and financial risk containment will remain a top policy priority in the coming years."
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And, a heads-up for China financing data, due either today or tomorrow:
New yuan loans RMB
- expected 800bn, prior was 1540bn
Aggregate financing RMB
- expected 1000bn, prior was 1776.2bn
(These are the two important ones, and as you can see expectations are for a winding back in credit. Let's see.)
Money supply M0 % y/y
- expected 6.5%, prior was 6.6%
Money supply M1 % y/y
- expected 14.0%, prior was 15.0%
Money supply M2 % y/y
- expected 9.5%, prior was 9.4%
