CHARTS: Chinese data over the weekend was weak

China released three key data prints over the weekend — trade, CPI and PPI for July — with all, bar CPI, coming in below market expectations.

On Saturday the government released international trade figures with exports and imports both undershooting expectations. From a year earlier exports dropped 8.3%, well below the 2.8% growth recorded in June, missing expectations for a decline of 1%. Imports also missed, down 8.1% compared to a 6.1% decline in June.

With exports performing poorly the trade surplus fell to $43.02 billion, the lowest level since April, well short of the $53.25 billion surplus expected.

Completing the dour data set there was mixed news on the inflation front with consumer price inflation ticking higher, while producer prices contracted at an even faster rate.

From a year earlier CPI rose by 1.6%, the largest increase since October 2014 and above expectations of 1.5%.

Food inflation, up 2.7% thanks to a huge 16.7% annual rise in pork prices, offset a decline in non-food inflation which fell to 1.1% from 1.2% in June.

While consumer prices increased, there was more worrying news for producer prices with the pace of deflation accelerating sharply in July.

From a year earlier prices fell by 5.4%, well below the 4.8% contraction of June and expectations for a decline of 5.0%, with the speed of the decline the fastest since October 2009.

The decline was the 41st consecutive month that producer prices had fallen.

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