A fresh batch of economic data came out, and most of it seems pretty benign. Inflation ticked up a bit, though nothign alarming.
Still, via Reuters, this is interesting commentary from Citi analyst Ken Peng:
“The surprise that I see so far is from fixed-asset investment. Falling from 33 per cent to 32.1 per cent year-to-date, November as a single month has fallen off quite a bit. This has to do with the government’s intention to curb investment growth, especially the government-led- type. It is a good thing. The State Council said as much, saying it would control new project approvals. It was not referring to next year but probably more immediate.”
– Industrial output up 19.2 pct vs forecast 18.0 pct
— Urban FAI (ytd) up 32.1 pct vs forecast 33.0 pct
— Retail sales up 15.8 pct vs forecast 16.5 pct
— CPI +0.6 pct vs forecast +0.4 pct
— PPI -2.1 pct vs forecast -2.3 pct