China just released five key economic data points overnight. Here’s a quick run-down: Consumer prices rose 2.7% year over year in July, representing an unchanged inflation rate from June. Economists were expecting a pickup to 2.8% inflation.
Producer prices fell 2.3% year over year in July after dropping 2.7% in June. Economists had predicted a 2.1% fall in prices in July.
Fixed asset investment year-to-date rose 20.1% from 2012, matching June’s YTD rise. Economists had predicted a tick down to 20% growth year over year in July.
Chinese industrial production rose 9.7% year over year in July, well above economists’ expectations for an 8.9% growth rate, unchanged from June. Retail sales grew 13.2% year over year in July, slowing from June’s 13.3% growth rate and missing economists’ forecasts for a pickup to 13.5% growth. "Among the data points, the most important upside surprise is [industrial production] growth," says Deutsche [...]