Global Macro Perspectives
China Consumer Price Index was up 3.3% in July, right at the consensus. June reading was at 2.9%. China Producer Price Index was up 4.8% in July vs. 6.0% consensus and 6.4% June reading. All of the consumer price increase came from food. PPI eased a bit on weaker dollar and lower commodity prices. Consumer inflation […]
China Q2 GDP growth was reported at 10.3%, slowing down from Q1 growth rate of 11.9%. The slowdown came despite exports were stronger in Q2, meaning internal demand has weakened. Chart 1. China GDP Quarterly Growth¸ Urban fixed assets investments growth rate also slowed down to 23.5%. The May reading was at 25.9%. Chart 2. Fixed Assets Investment Inflationary pressures […]
CPI was up 3.1% vs. 3.0% consensus and 2.8% reading in April. PPI was up 7.1% vs. 6.8% consensus and same April reading. The prices are rising despite lower crude oil and commodity prices. The mail driver was rise in food prices. PPI / CPI gap widening putting pressure on corporate margins. Chart 1. Producer & Consumer Price […]
As usual all the data from China cones at the same time. So, let’s start. In short: China trade balance for April was marginally positive, but in my opinion the China ability to run large trade surplussed is lost and will not return in short term. Implications are diverse, maybe most important the quantity of […]
China consumer prices rose 2.7% in February vs. consensus of 2.5% and 1.5% in January. In the same time China producer prices rose 5.4% vs. consensus of 5.1% and 4.3% in January. This obviously is starting to represent a problem for The Peoples Bank of China as CPI this high brings real interest rates to […]
Asian markets bounced on China industrial production figures. Apparently China’s factory output rose 19.2% in November vs. 18.2% consensus. Exports are running at -1.2% yoy, imports at +26.7% yoy. CPI at 0.6% yoy in November vs. -0.5% yoy in October. PPI rebounded from -5.8% in October to -2.1% in November YoY. New loans at Rmb295bn […]
A lot of economic announcements from China today. So, let’s start. China’s industrial production rose 16.1% in October from a year before following 13.9% rise in September. The export decline slowed to 13.8% in October (year-on-year). If we adjust for holidays, it was down only 9.1% . The trade surplus rose to 23.99 billion USD […]