China data.
The activity data is centred on 3 indicators: industrial production, retail sales and fixed asset investment.
That's a very impressive beat on Retail Sales in particular.
More:
Nationwide jobless rate 5.5%
- expected 5.8%, prior 5.7%
The data from the property sector is very soft indeed, as you'd expect:
- China 2022 funds raised by Chinese real estate developers -25.9% y/y
- China 2022 property sales by floor area -24.3% y/y (biggest fall since this data was made available in 1992)
- China 2022 new construction starts -39.4% y/y
- China 2022 property investment -10.0% y/y (the first fall since the record began in 1999)
Chinese authorities have rolled out a series of support policies targeting homebuyers and property developers in recent weeks. These are aimed at relieving the long-running liquidity squeeze that has hit developers and delayed the completion of many housing projects.