Mixed results from China data out a few moments ago.
August Retail Sales +10.8% y/y
- expected is up 10.6%, prior was up 10.5%
Retail Sales YTD +10.5% y/y
- expected is +10.4% y/y and prior was 10.4%
August Industrial Production, +6.1% y/y
- expected is +6.3%, prior was +6.0%
Industrial Production YTD +6.3% y/y
- expected is 6.3%, prior was 6.3%
August Fixed Assets Ex Rural YTD +10.9% y/y
- expected is +11.2%, prior was +11.2%
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Retail sales for August has beaten estimates, while industrial production has missed, as has fixed asset investment. Recent manufacturing PMI data from China has pointed to weakness in that sector, the IP data today is further confirmation, if any was needed. Trade data last week showed slowing exports, as well as reduced demand for imports.
Today's data should prompt the usual calls for more government stimulus ... though with 5 rate cuts since November, what else is it going to take?
The data today is probably a net AUD negative for the open on Monday, but I'd think minor. Monday morning open isn't too far away, so we'll soon see.
