China data – retail sales, industrial production, fixed asset investment

September retail sales: 11.6% y/y

• expected +11.7% y/y, prior +11.9%

Industrial production for September: 8.0% y/y

• expected +7.5% y/y, prior was +6.9%

Fixed asset investment: 16.1% y/y

• expected is +16.3% y/y, prior was +16.5%

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• The better IP number may be suggestive of export growth
• It may also indicate that the pressure for further stimulus is not as urgent as some in the market are thinking