China's July Data Miss Deepens Stimulus Debate as Industrial Output Slows to 4.5%
Industrial production undershoots consensus while retail sales grow just 0.6% year-on-year, reinforcing expectations of further policy support even as Chinese and Hong Kong equities rallied on a technology-led bid.
China's July activity data came in weaker than expected across both production and consumption, with industrial output up 4.5% y/y and retail sales advancing a bare 0.6%. The soft print sharpens the debate over the scale and timing of additional fiscal and monetary support, though equity markets in Shanghai and Hong Kong looked through the miss, led higher by technology names.
SPECIAL REPORTBEARISH