What happened in the past month? Charting China Monthly Review 3Q growth tracking lower, counter-cyclical efforts falling short of expectations

KraneShares
Door oktober 11, 2019 11:01

What happened in the past month? Charting China Monthly Review 3Q growth tracking lower, counter-cyclical efforts falling short of expectations

IP growth edged up from the lows in July-August, but remained relatively weak. 3Q GDP growth tracks lower. Demand indicators appear to be stabilizing at a relatively weak level. Following the weak IP growth (4.4% & 4.8% YoY) in July-August, CICC China CMI points to a mild uptick in IP in September, as IPP coal consumption growth rose to 6.2% YoY Mtd from -1.7% YoY in Aug, and industrial utilization rates were largely stable. On the demand side, construction steel transaction volume picked up by 9.2% YoY in Sept Mtd, partly driven by the front-loading of activities ahead of the 70th PRC anniversary and the long golden-week holiday. Consumption demand during mid-autumn long weekend showed resilience. Auto sales growth edged up to -17% YoY in the first 3 weeks of Sept, from -21% YoY in the same period of Aug. 30-city property transaction volume grew by 10.9% YoY Mtd vs. -9.5% YoY in Aug, while 100-city land transaction remained weak. Raw material prices saw larger YoY declines, while food inflation rose. 

KraneShares
Door oktober 11, 2019 11:01

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Asset Allocation Consensus September

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