China August data:
Industrial Production
6.3% y/y BEAT
- expected 6.2%, prior 6.0%
For the YTD, comes in at 6.0% y/y AS EXPECTED
- expected 6.0% and prior 6.0%
Retail Sales 10.6% y/y BEAT
- Retail sales expected 10.2% y/y and 10.2% prior
Fixed asset (excluding rural) investment at 8.1% y/y BEAT
- expected 7.9% and prior 8.1%
Beats nearly across the board for this data. The veracity of the data will, as usual, be questioned. Can't say I blame the questioners for doing so.
On face value, though, positive data that should be (for example) AUD supportive. And, it adds to the run of better data we have been seeing out of China (for August).
In my preview I mentioned some of the detail of the data, specifically steel output. That has come in down 0.1% y/y. Which seems neither here nor there in the big scheme.
I don't want to sound like a broken record, but trust is an issue here.
Comments welcome.
