China data dump today - "numbers suggest that China's economy has stabilised"

Author: Eamonn Sheridan | Category: News

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:

China's data is here from earlier, not too shabby:

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