China June Industrial output +5.3% y/y (anticipated +5.0%) Retail gross sales +2.0% (3.3%% exp)

Key economic indicators from China for June 2024.

Industrial Production +5.3% y/y

Retail Sales +2.0% y/y, a substantial miss

• expected 3.3%, prior 3.7%

Fixed Asset Investment (YTD) 3.9% y/y

Unemployment rate 5.0%

• expected 5.0%, prior 5.0%

Q2 GDP 4.7% y/y – big miss

• expected 5.1%, prior 5.3%

Q2 GDP +0.7% q/q – big miss

• expected 1.1%, prior 1.6%

more to come

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A mixed bag for the June data, but retail sales missing by so much is not going to give much encouragement for demand from the household sector.

No mixed bad for the Q2 economic growth data, big misses for the q/q qnd y/y.

This further increases the focus on the third plenum meeting this week and what measures will come, if any(!) to how economic growth:

• the third plenum of the Chinese Communist Party’s 20th National Congress is from July 15 to 18