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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.


This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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