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Trend Needle Points North Despite Recent Pullback


Trend Needle Points North Despite Recent Pullback


Late SOFR/Treasury Option Roundup

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MNI DATA IMPACT: China 2019 GDP Meets 6.1% Target, 29-Yr Low

     BEIJING (MNI) - China's GDP for Q4 2019 stabilized at 6.0% y/y, sending
annual growth to 6.1%. Although 2019 growth slipped to the lowest level since
1990, it fell within the target range of 6-6.5% set by the government.
     "China's growth is still the champion among global economies," said Ning
Jizhe, head of the National Bureau of Statistics, at a data release briefing on
     China's per capita GDP was CNY70,892 in 2019, equivalent to USD10,276,
breaking the USD10,000 mark and achieving a new leap, said Ning.
     December industrial activity, consumption and investment data all beat
market expectations with relatively strong readings.
     Here are some of the data highlights:
     - Industrial output growth accelerated to 6.9% y/y from 6.2% in Nov,
beating the projected 5.8% and hitting a nine-month high. Growth for the whole
year registered 5.7% y/y.
     - Retail sales rose 8% y/y in Dec, flat from Nov and outshining the 7.8%
forecast. Retail sales grew 8% y/y in 2019.
     - Fixed-asset Investment recorded 5.4% in 2019, stronger than 5.2% in
Jan-Nov and the 5.2% median forecast. This was helped by the rebound in
manufacturing investment, which rose 3.1% y/y from Jan-Nov's 2.5%, offsetting
the slowdown in the gains for property and infrastructure investment.
     - Property investment growth in 2019 continued to slow for the eighth
consecutive month to 9.9% y/y from 10.2% in Jan-Nov. Infrastructure investment
also further decelerated to 3.8% y/y from Jan-Nov's 4.0%.
     - Registered urban unemployment edged up to 5.2% in Dec from Nov's 5.1%.
The rate remained between 5.0% and 5.3% in each month of 2019, well below the
government-imposed ceiling of 5.5%, said Ning. The rate in 31 major cities also
rose 0.1 percentage point to 5.2%.
--MNI Beijing Bureau; +86 (10) 8532-5998; email:
--MNI Sydney Bureau; +61 405322399; email:

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