Further signs of uncertainties on both domestic & external demand

KraneShares
Door september 9, 2019 14:55

Further signs of uncertainties on both domestic & external demand

What happened in the past month? IP growth edged up from a low level but remained sluggish; domestic demand indicators weakened further in Aug, esp. property-related ones. CICC China CMI points to softening domestic demand growth but a mild uptick in IP. Meanwhile, inflationary impulse is softening rapidly (Key Chart #1). IPP coal consumption growth edged up to -4.5% YoY in Aug MTD from -13.9% YoY in July. Utilization rates of steel & coal recovered modestly. On the demand side, construction steel transaction volume growth was largely flat in Aug. 30 (larger)-city property transaction growth and 100-city land transaction growth both showed visible signs of weakness 1-2 months into the latest round of property-related policy tightening. MTD Auto sales growth retreated to -23% YoY from -5% YoY in July. Raw material prices declined further, food price inflation fell on a rising base.

KraneShares
Door september 9, 2019 14:55

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