China activity data for June 2020
- Industrial Production +4.8% y/y vs. expected 4.8%, prior was 4.4%
- industrial production YTD -1.3% y/y vs. expected -1.5%, prior was -2.8%
- Fixed Assets (excluding rural) YTD -3.1% y/y vs. expected -3.3%, prior was -6.3%
- Retail Sales -1.8% y/y vs. expected 0.5%, prior was -2.8%
- Retail Sales YTD -11.4% y/y vs. expected -11.2%, prior was -13.5%
Industrial production is showing the rebound for many while retail is (imperfectly) showing the lagging behind of the consumer.
Both fiscal and monetary policy in China are in supportive mode, and will continue to be so.
