China released its May data dump today and growth is slowing sharply. All measures missed expectations with industrial production at 6.8%, fixed asset investment at all time lows of 6.1% and retail sales likewise weak at 8.5%:
But under the bonnet, the crucial real estate/steel complex is absolutely booming. Floor area sales rebounded to be up 2.9% year to date though will likely keep falling with credit:
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New starts printed the largest May on record: