China has released its July data dump and it’s a doozy. Industrial production came in at 6.4% versus 7.4% consensus and 14.4% YTD. Fixed asset investment is sliding away at 10.4% YTD. Retail sales were up 8.5% versus 11.5% expected and 20.7% YTD:
Looking at the data over two years is a better way to see the slowdown:
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Turning to realty, the data is becoming ominous. House prices are still OK, up 0.4% on the month and 4.6% on the year: