Taliban declares 'war is over' as president and diplomats flee Kabul

tweet at 10:01pm: China triple hammering: CHINA JULY RETAIL SALES RISE 8.5% Y/Y; EST. 10.9% CHINA JAN.-JULY FIXED INVESTMENT RISES 10.3% Y/Y; EST. 11.3% CHINA JULY INDUSTRIAL OUTPUT RISES 6.4% Y/Y; EST. 7.9%China’s retail sales growth slows more than expected in July China released economic data for July that showed slower-than-expected growth. Retail sales rose by 8.5% in July from a year ago, lower than the forecast 11.5%, according to analysts polled by Reuters. Industrial production grew by 6.4%, also below expectations of a 7.8% year-on-year increase in July, according to the Reuters poll. Fixed asset investment for the first seven months of the year rose by 10.3%, below the forecast of 11.3% year-on-year growth for the January to July period, according to Reuters. Economists have cut their China GDP forecasts given the latest wave of travel restrictions and residential community lockdowns in the wake of the spread in the last two months of the highly contagious Delta variant within the country. Goldman Sachs expects 8.3% growth this year, down from 8.6% previously, according to an Aug. 8 note. Nomura predicts 8.2% GDP growth for the year, down from 8.9%, according to an Aug. 3 note. Although the number of new Covid cases is low compared with other countries, the economic impact could be greater sinAUD/USD sellers attack 0.7350 on softer China Retail Sales, Industrial Production AUD/USD refreshes intraday low to 0.7353, down 0.22% on the day, after China released headlines data on early Monday. The Aussie pair jumped the most in one week the previous day amid broad US dollar weakness but risk-off mood and downbeat statistics from Beijing weigh on the quote afterward. China’s Retail Sales for July eased to 8.5% YoY versus 11.5% expected and 12.1% prior. Further, Industrial Production also weakened below 7.8% market consensus and 8.3% previous readouts to 6.4% yearly during the stated month. In addition to the downbeat data from Australia’s biggest customer, AUD/USD also bears the burden of the sour sentiment, due to its risk-barometer status. The latest fears could be linked to Australia’s covid figures for Sunday as the key New South Wales state recorded all-time high infections, pushing the nation count to the fresh top since August with the 500 figure. Also weighing on the market sentiment could be the Wall Street Journal’s (WSJ) news signaling the record hospitalizations for 30–39 years old in the US. It’s worth noting that the weakest consumer sentiment data from the US, published Friday, adds to the economic fears. On a different page, the Taliban’s quest for power in Afghanistan and the US-Iran, as well as the Sino-American, tussles also weigh on the AUD/USD prices. Amid these plays, the UNational Economy Sustained the Momentum of Stable Recovery in July In July, faced with the impact of multiple factors including the growing external uncertainties and the domestic COVID-19 epidemic and flooding situation, under the strong leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at its core, all regions and departments strictly implemented the decisions and arrangements made by the CPC Central Committee and the State Council, and effectively carried out the macroeconomic policies. As a result, China’s economy growth was in line with expectations, the employment and prices remained generally stable, a basic equilibrium was maintained with regard to the balance of payments and the major macro indicators stayed within a reasonable range. The national economy continued the momentum of stable recovery. 1. Industrial Production Grew Steadily and High-Tech Manufacturing Industry Demonstrated Strong Momentum of Growth. In July, the total value added of industrial enterprises above the designated size grew by 6.4 percent year on year, down by 1.9 percentage points than that of June, and higher than that of the same period in 2019 and 2020; the average two-year growth was 5.6 percent; up by 0.30 percent month on month. In terms of sectors, the value added of mining increased by 0.6 percent year on year; that of manufacturing increased by 6.2 percent year on year; and the production and supply of electricity, thermal power, gas and water increased by 13.2 percent year on year. The value added of high-tech manufacturing and equipment manufacturing grew by 15.6 percent and 6.4 percent year on year respectively, or an average two-year growth of 12.7 percent and 9.7 percent respectively. In term of products, the production of new-energy automobiles, industrial robots, integrated circuits and micro computer equipment grew by 162.7 percent, 42.3 percent, 41.3 percent and 10.3 percent year on year respectively, with the average two-year growth all exceeding 14 percent. Goods for basic consumption enjoyed fast growth. The production of household gas water heater, beverage, and chemical fibers went up by 13.9 percent, 10.1 percent and 9.3 percent year on year respectively. An analysis by types of ownership showed that the value added of state holding enterprises was up by 7.2 percent year on year; that of share-holding enterprises was up by 7.1 percent year on year; that of enterprises funded by foreign investors or investors from Hong Kong, Macao and Taiwan was up by 3.8 percent year on year; and that of private enterprises was up by 6.1 percent year on year. The total value added of industrial enterprises above the designated size grew by 14.4 percent year on year in the first seven months, with an average two-year growth of 6.7 percent. Specifically, the value added of manufacturing of medicine and that of electrical machinery and apparatus went up by 29.3 percent and 26.2 percent year on year respectively. In July, the Manufacturing Purchasing Managers’ Index stood at 50.4 percent, staying above the threshold for seventeen months in a row; the Production and Operation Expectation Index was 57.8 percent.

tweet at 10:46pm: Breaking: Melbourne's lockdown will be extended by two weeks and a curfew imposed from 9pm to 5am every night. Follow our live coverage: https://t.co/VzG79vda0W https://t.co/WB0nTurLRR