From the top, first Goldman:
The modest retracement in large part reflects a reduction in concerns surrounding the potential for aggressive policy tightening, which our China economists had anticipated, as well as – albeit to a lesser degree – a strengthening of oil prices which in part reflected news that Saudi Arabia and Russia had agreed to extend their output cuts for another 9 months.
Overall the latest Chinese ‘old economy’ data was solid in our opinion, albeit mixed in its composition.
