China December Industrial Production 6.9% y/y (expected 5.9%) & Retail sales 8.0% (expected 7.9%)

China 'activity' data for the final month of 2019 - a couple of beats … beats everywhere!

Industrial Production 6.9% y/y and a solid beat

• expected 5.9%, prior was 6.2%

industrial production YTD 5.7% y/y beat

• expected 5.6%, prior was 5.6%

Fixed Assets (excluding rural) YTD 5.4% y/y,

• expected 5.2%, prior was 5.2%

Retail Sales y/y, 8.0% beat

• expected 7.9%, prior was 8.0%

Retail Sales YTD y/y, 8.0% beat

• expected 8.0%, prior was 8.0%

The GDP data (separate post) was slightly disappointing but this more timely data is more encouraging. IP is a big, big beat. Add it to the trade deal signing and its tought to see optimism falling too much into the end of the week.