China’s industrial production in May misses target, retail sales up
Industrial output data for May was up by 5.0% on a year-on-year basis, compared to the 5.4% growth in the previous month.
China’s industrial output missed its target for the month of May while its retail sales did better-than-expected, data from the National Bureau of Statistics showed on Friday.
Industrial output data for May was up by 5.0% on a year-on-year basis, compared to the 5.4% growth in the previous month. Experts had called for a 5.4% growth.
The industrial output reading for last month was the slowest pace of growth in 17 years, relaying signs of weakening demand for a country caught in a trade war with the United States (US).
Retail sales meanwhile, rose by 8.6% in May, a step up from the 7.2% increase in April and the 8.1% estimate.
Muted reaction from AUD/USD
The mixed data from Australia’s biggest customer led to a muted reaction from the AUD/USD. The Australian dollar was little changed against the US dollar, down by 0.19% at US$0.6902 from the opening price of US$0.6915, at around 3.20pm Hong Kong time, IG data showed.
Fixed asset investment growth up 5.6%
Fixed asset investment growth expanded by 5.6% for the January to May period, compared to an increase of 6.1% in January to April. The market was expecting a 6.1% increase.
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