Chinese activity data for the month of October 2019

Industrial Production 4.7% y/y for a substantial miss

  • expected 5.4%, prior was 5.8%

Industrial production YTD 5.6% y/y

  • expected 5.6%, prior was 5.8%

Fixed Assets (excluding rural) YTD 5.2 % y/y

  • expected 5.4%, prior was 5.4%

Retail Sales 7.2% y/y and also a miss

  • expected 7.8%, prior was 7.8%

Retail Sales YTD 8.1% y/y

  • expected 8.1%, prior was 8.2%

The external sector is being hit by trade war impacts, and domestic demand is not holding up as expected.

I'll have more to come on this on a separate post.