China has just released industrial production, retail sales and urban fixed asset investment figures for July, and they’ve all missed expectations.
From a year earlier industrial production increased by 6.0%, below expectations for growth of 6.6%. In June production expanded by 6.8%.
Elsewhere retail sales grew by 10.5%, below the median market forecast for an increase of 10.6% which would have been unchanged from June.
Urban fixed asset investment – the comparative underachiever of the three in recent years – increased by 11.2%, a multi-decade low. Markets were looking for growth of 11.5% from 11.4% reported previously.
Alongside those disappointing reads, there was also weak data on the property market.
The NBS reported that between January to July property investment grew by just 4.3% compared to a year earlier, down on the 4.6% level recorded in the first half of the year.
Despite the deceleration in investment, total floor space sold accelerated to 6.1% from 3.9% in June.
Reflective of the weakness in property investment, crude steel output contracted at a faster pace, declining 4.6% from 12-months earlier. In June a decline of 0.8% was reported.
Given the near-unilateral data weakness – both today and over the weekend – it adds to the case for further yuan weakening in the period ahead.
The market turmoil seen in recent days may have further to run yet.
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