Retail sales also missed, but only just. They rose by an annualized 10.4%, when investors had hoped to see a 10.8% rise after June’s 11%. It’s tempting to suggest that those forecast misses will come to matter less than the clear deceleration seen for both series.
China's Industrial Production figures missed market forecasts
Confirming the credit impulse peak is passed (June's surprise beats), China's July macro-economic data is ugly. Retail Sales, Industrial Production, and Fixed Asset Investment all fell and missed notably. For now the reaction is absolutely nothing. July’s industrial production rose 6.4% according to official figures. That was well below both the 7.1% gain expected and June’s 7.6% rise.
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