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China: Lowest GDP growth on record for Q2 as US trade war bites
China’s economic growth slowed to a record low of 6.2 per cent in the second quarter of 2019 as the shock from the protracted trade war with the United States continued to resonate through the world’s second largest economy. Gross domestic product (GDP) growth slid from 6.4 per cent in the first quarter, according to data published by the National Bureau of Statistics (NBS) on Monday. Even during the global financial crisis in 2009, China’s quarterly GDP growth did not dip below 6.4 per cent. The figure, nonetheless, falls within the range of Beijing’s target growth rate for the year of between 6.0 to 6.5 per ... (full story)
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AUD/USD surges to 10-day high after China’s data dump
With China’s headline economic data clocking better than forecast prints, AUD/USD surges to early-month high while trading near 0.7022 on early Monday. China’s June month Retail Sales and Industrial Production cleared 8.3% and 5.2% expectations for yearly figures while clocking in 9.8% and 6.3% respective growth numbers. The Gross Domestic Product for the second quarter (Q2) of 2019 matched 6.2% forecast on a yearly basis but grew past 1.5% estimate to 1.6% on a QoQ format. While upbeat prints of Retail Sales and Industrial Production initially please the Aussie buyers, because China is Australia’s largest ... (full story)
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