Several disappointing economic readings out of China this morning. Retail sales +14.7% in Jan.-Feb., vs. +18.1% in Dec. and +17.5% consensus. Factory output +11.4% in Jan.-Feb., vs. +12.8% in Dec. and +12.4% consensus. Fixed asset investment slowed to +21.5% vs. 20% consensus but the lowest level since 2002. Consumer inflation falls to +3.2%, a 20-month low, leaving room to further loosen monetary policy to support growth.