The China April data is here: China April Industrial Production 9.8% y/y (expected +10%) & Retail Sales 17.7% y/y (expected +25.0%)

Remarks from China's National Bureau of Statistics:

  • says China's economy showed steady improvement in April
  • foundation for economic recovery not solid
  • says new problems in economy emerging
  • says China will keep its economic operations within a reasonable range

Some of the data points buried in the headlines are very strong, for example:

  • crude steel output hit a record high, as did the output of aluminium