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Chinese industrial output, retail sales slow

  • Chinese industrial-output growth moderated to 8.7% on year in April from 8.8% in March and missed forecasts for an increase to 8.9%.
  • Retail sales softened to +11.9% from +12.2% and undershot consensus that was also +12.2%.
  • Urban fixed-asset investment +17.3% vs +17.6% and +17.7%.
  • Aggregate financing, the widest measure of new credit, fell to 1.55T yuan ($249B) from 2.07T yuan in March but topped expectations of 1.48T yuan. New local-currency bank loans dropped to 774.7B yuan from 1.05T yuan and fell short of forecasts of 800B yuan.
  • The M2 money supply rose 13.2% on year vs +12.1% in March.
  • The data reflects Chinese attempts to rein in soaring lending at the expense of higher growth, although expectations are increasing that the People's Bank of China will loosen monetary policy, especially with inflation low and factory gate prices in long-term deflation.
  • The Shanghai Composite is -0.25%.
  • ETFs: FXI, PGJ, GXC, FXP, KWEB, YINN, CYB, HAO, CNY, ASHR, CHIQ, DSUM, YANG, TAO, CHIX, CQQQ, MCHI, QQQC, PEK, XPP, YAO, CHXX, YXI, FXCH, CHXF, CHII, ECNS, CHIM, CHIE, FCA, KFYP, CHLC, TCHI, CHNA, CN, KBA
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