The big news out of China: A major miss on industrial production growth.
Industrial production (IP) growth dropped sharply to 9.3% y-o-y in April from 11.9% in March (Consensus 12.2%, Nomura 12.1%, Figure 1). This slowdown was not due to a base effect. According to the National Bureau of Statistics, on a month-on-month seasonally adjusted basis, IP grew by only 0.35% in April (annualized growth rate of 4.2%). Output data across industries appears to be sending mixed signals, as steel and automobile production both picked up in April while electricity, cement, and oil production fell.
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