China data dump today - "numbers suggest that China's economy has stabilised"
China's data is here from earlier, not too shabby:
- GDP for 4Q19 ... same as in 3Q19 and as expected ..the recent trend has been steadily down
- We are hopeful that some of the recent infrastructure spending will provide more of a tangible lift in early 2020, as the net export sector is unlikely to do much following only very modest changes in effective tariff rates after the phase-one trade deal.
- It is possible that a period of trade calm will provide some support for business sentiment and investment.
- Industrial production was the star of the show
- Infrastructure spending buoyed by stimulus measures seems to be providing the industrial sector with the demand it needs in the absence of a notable pick up in manufacturing production or residential construction.
ps FX response has been subdued. AUD, for example, is little changed now: