China’s GDP for the March QTR is out and hit consensus at 7% year on year, a six year low, but missed quarterly at 1.3%, an annualised rate of 5.2%:
The March internals are bad. Industrial production came in at 5.6% y/y versus 7.0% expected and the trend is headed to the woodshed:
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All important fixed asset investment fell to 13.5% year to date from 13.9%:
Retail sales fell to 10.2% versus 10.9% expected:
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All of these figures are comparable to GFC lows and there is really no other way to describe it than a hard landing, albeit one without crisis.
Sadly, the Australian dollar hardly budged, which is pretty weird given how much worse these figures are than the recent trade data.