China’s hard landing deepens

China has released its April data dump this afternoon and the news is bad with a deepening hard landing.

Industrial production managed a tiny bounce at 5.9% versus 6% expected:

But fixed asset investment tanked at to 12% versus 13.5% expected:

Finally, retail is in at 10% versus 10.5% expected:

Two words for ya: structural adjustment. China has poured a lot of stimulus in and is still only managing to support what looks a steep glide slope. Perhaps we’ll get a bit more activity in the next few months but the component of the economy that matters to Australia – building – is in an outright hard landing.

Markets barely budged and don’t seem to care but they will. Any bounce will be temporary.